May 14 (Saturday)
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
Stocks Trim Weekly Losses With Friday Gains | W
Investors Face a World Where Stocks No Longer Reign | W
What to Know if You Want to Buy the Stock Market Dip | W
Nasdaq pops 3%, Dow jumps 400 points in comeback rally following steep losses earlier in the week | C
Energy
Oil jumps 4% as U.S. gasoline prices hit record high | R
Record Diesel Prices Pressure European Drivers, U.S. Deliveries | W
Biden Administration Cancels Oil-and-Gas Drilling Leases in Gulf of Mexico, Alaska Coast | W
Exxon challenges California county’s denial of oil trucking permit | R
Central banks
Loretta Mester Says Fed Is On Track for Aggressive Rate Rises | W
US I
‘U.S. consumer is alive and well’ — Affirm CEO says market turbulence has no impact on business | C
Here’s why inflation may be less costly for some retirees | C
Where Did People From the Great Resignation Go? Back to Work. | N
US II
California Gov. Newsom unveils historic $97.5 billion budget surplus | C
Joe Biden asked to replace IRS chief Charles Rettig over tax document destruction | C
BARR: Biden’s ‘Infrastructure’ Bill Contains Backdoor ‘Kill Switch’ For Cars | The Daily Caller
China
China’s Covid Lockdowns Drive Middle-Class Citizens to Go Abroad | W
Geopolitics & trade
Ukrainian forces thwart Russians at river as fight shifts to Donbas | R
How Putin Drove Finland Into NATO’s Arms | W
Simon Schama: when history is weaponised for war | FT
A Ukrainian Boy’s War Diary Tells of Grief: ‘I Cannot Imagine My Life Without Parents.’ | W
Industries & companies
Airlines: Airlines press U.S. to lift pre-departure testing requirements | R
Media: Netflix to Employees: If You Don’t Like Our Content, You Can Quit | W
Tech: Is this another tech bubble bursting? | Vox
Technology
Unilever to offer robotic direct-to-consumer ice cream sales | Chain Store Age
Crypto
How More Than $1 Trillion of Crypto Vanished in Just Six Months | W
Regulators anxious about stablecoins like tether after UST collapse | C
Corporate finance
Elon Musk says Twitter deal on hold pending details on fake accounts | C
Elon Musk can’t just walk away from Twitter deal by paying $1 billion | C
Beyond markets
U.S. Baby Formula Shortage Leaves Parents Scouring for Supplies | W
Exclusive: Maker of Walmart, Amazon store-brand baby formulas sees shortages through rest of 2022 | R
House to Vote on Easing WIC Rules to Address Baby-Formula Shortage | W
Graduation Is Chaotic This Season. Blame the Supply Chain. | W
