May 21 (Saturday)

Latest Morning Briefing Executive Summary: Retailers, Materials & Fintech
First the good news: Retail sales rose solidly in both March and April. Now the bad news: Two retail giants missed their Q1 earnings marks, causing recession-fearing investors to jettison their stocks. Jackie recaps what their management teams had to say about the quarter. … Also: With recession fears running high among investors, why is the S&P 500 Materials sector in their good graces? It has outperformed the market and most other sectors ytd. Within Materials, we focus on one industry with a shiny outlook, Steel, and a single member, Nucor. … Also: A look at Walmart’s foray into fintech.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 16.

Markets
Nasdaq records first seven week losing streak since 2002 | C
Big Tech Is Getting Clobbered on Wall Street. It’s a Good Time for Them. | N
Stocks close flat in wild session Friday that saw the S&P 500 briefly fall into a bear market | C
Recession Trade Is On as Market Pain Spreads Beyond Tech | W
Oil settles up as supply risks outweigh economic worries | R

Central banks
China’s Central Bank Makes Unexpected Rate Cut as Growth Crumbles | W
 
US
Recession is ‘likely,’ former SEC chief economist says | C

Europe
Germany Warns Falling Euro Could Push Inflation Even Higher | W

Geopolitics & trade
Siege ends at Ukraine’s Mariupol steelworks, Russia seeks control of Donbas | R
Biden and S.Korea’s Yoon set to discuss nuclear cooperation, N.Korea | R

Industries & companies
Autos: Hyundai to invest $5.5 billion to build EVs and batteries in Georgia | C
Consumer: Does Your Mayo Need a Mission Statement? | W
Retail: Old Navy Made Clothing Sizes for Everyone. It Backfired. | W

Corporate finance
You bought. They sold. Meet some of the insiders who unloaded $35 billion in stock amid the tech IPO bonanza before it tanked. | MW

Beyond markets
Covid: CDC urges older Americans to get booster shots as hospitalizations soar | C
WHO confirms 80 cases of monkeypox with outbreaks in 11 countries | C
Mysterious Hepatitis Outbreak in Children Spurs Global Race for Answers | W
Why the Baby-Formula Market Is a Mess: Low Competition, High Regulation | W