May 5 (Thursday)

Latest Morning Briefing Executive Summary: Powell, Travel, Forward Earnings & Quantum Sensors
Investors liked the middle-of-the-road approach Fed Chair Powell laid out after yesterday’s FOMC meeting. We did too. … Travel-related industries are booming! Their Q1 earnings calls were brimming with optimism. Yet investors seem to have missed the memo: The share price indexes of most travel-related S&P 500 industries have plunged ytd ..: And it’s not just a travel thing: Most industries are seeing disconnects between earnings prospects and share price performance. Someone’s wrong: Either industry analysts are too optimistic in their estimates or investors too pessimistic about valuations. … Also: A developing technology with diverse potential uses: quantum sensors.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 2.

Markets
Wall Street closes with sharp gains after Fed’s interest rate hike | R
U.S. Stocks Close Sharply Higher as Investors Digest Powell’s Comments | W
Why Surging Natural-Gas Prices Haven’t Sparked a Drilling Boom | W
Russian Oil Ban, Ukraine War Present Risks to Global Economy, Janet Yellen Says | W
Treasury Yields Fall After Powell Downplays Chance of 0.75 Percentage Point Rate Increase | W

Central banks
Fed raises rates by half a percentage point — the biggest hike in two decades — to fight inflation | C
 
Global
Shanghai Lockdown Reignites Supply-Chain Problems for U.S. Companies | W

US
American Consumers Are Shopping, Traveling and Working Out Like It’s 2019 | W
More Americans than ever say it’s not a good time to buy a home | C

Geopolitics & trade
EU Proposes Ban on Russian Oil Imports | W
Are sanctions against Russia working? | Vox
Prolonged truce needed for Mariupol evacuations, Ukraine’s president says | R

Climate
The Salton Sea could produce the world’s greenest lithium, if new extraction technologies work | C

Beyond markets
Everything’s a WeWork Now  | Wired