May 13 (Friday)
Latest Morning Briefing Executive Summary: Tech Wreck, China Syndrome & Crypto Crash
Investors aren’t cutting tech stocks any slack these days. Jackie looks at how the mighty have fallen, with focus on two tech highfliers whose Q1 earnings didn’t make the grade. … The fallout from China’s Covid lockdowns is inflicting damage on sector after sector of the Chinese economy, with no end in sight. The government is stepping in with support programs for businesses and the unemployed. … Also: The innovation once hailed as an inflation hedge has proved to be anything but. Cryptocurrencies have shrunk in recent months to a shadow of their former value. The stocks of companies working in the crypto industry have been clobbered as well. TerraUSD breaks the buck, and investors flee the not-so-stablecoin.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 9.
Markets
Dow falls for a sixth straight day after another wild session | C
Big Investors Reconsider Oil and Gas Upside as Supplies Remain Tight | W
Oil climbs even as weaker demand concerns cap gains | R
Natural-Gas Prices Soar in Europe After Russia Sanctions Energy Companies | W
Global
China’s Economic Slowdown Is Rippling All Around the World | W
Central banks
Powell says he can’t guarantee a ‘soft landing’ as the Fed looks to control inflation | C
Senate Confirms Jerome Powell to Second Term Leading Federal Reserve | W
Federal Reserve Chair Jerome Powell confirmed by Senate for a second term | C
US I
U.S. labor market still tightening; producer price gains moderate | R
Producer Price Gains Slowed in April but Remain Elevated | W
U.S. Jobless Claims Rose to 203,000 Last Week | W
Is It Better to Rent or Buy? What to Do in a Hot Housing Market | W
US II
Inflation Is Headed Lower—but Maybe Not Low Enough | W
What’s more expensive as inflation costs families extra $311 a month | C
What Biden can do to lower inflation but refuses to (nypost.com)
Biden’s stagflation is another blow to millennials | The Week
Biden may need to ‘claw back’ funding for COVID, Jha says | R
Industries & companies
Autos: Electric vehicle stocks surge | C
Geopolitics & trade
Ukrainian Forces Hold the Line in Donbas as Western Heavy Weapons Join the Battle | W
Unvaccinated North Korea Locks Down After Reporting First Local Covid Infection | W
Crypto
Bitcoin (BTC) price falls below $26,000 as crypto sell-off intensifies | C
Crypto meltdown deepens as stablecoin Tether drops below dollar peg | R
Crash of TerraUSD Shakes Crypto. ‘There Was a Run on the Bank.’ | W
How bitcoin detectives at the IRS and FBI are catching crypto crimes | Vox
Corporate finance
SoftBank Lost $13.2 Billion on Tech Investments Amid Selloff | W
Beyond markets
Astronomers reveal 1st image of massive black hole at the center of Milky Way | C
Baby Formula Shortage Could Leave Parents Scrambling for Months | W
The Forgotten Stage of Human Progress | The Atlantic
