May 24 (Tuesday)

Latest Morning Briefing Executive Summary: Bear Anatomy
History and data offer perspective into what a prospective bear market in the S&P 500 may mean for investors. Today, we examine the past two bear markets’ longevity, quantify the index’s valuation slide to date from its peak, compare component indexes’ performances, and see how much better global stock markets have been faring. … Also: Rapidly rising rent inflation will offset some of the improvement we expect in several other categories of consumer prices. Perversely, the Fed is putting upward pressure on rents by reducing the affordability of buying homes.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 23.

Markets
Stock Market Ends Higher After Flirting With Bear Market | W
S&P 500 rises more than 1%, Dow adds 600 points as stocks try to recover from sharp sell-off | C

Central banks
Lagarde Signals End to ECB’s Negative Interest Rates Experiment | W
What Is the Federal Reserve’s Role in the Economy? Bernanke Knows. | N

Global & food
Egypt’s Bread Crisis Awakens Old Fears of Political Unrest | W

US
Biden Exploring Release of Diesel Fuel Reserves Amid High Prices | W
Americans Reported Strong Personal Finances Late Last Year, Fed Finds | W
Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says | C
JPMorgan Says U.S. Consumers Are Doing Just Fine | W
The Average Age of Vehicles on U.S. Roadways Hits a Record 12.2 Years | W

Geopolitics & trade
EU oil embargo ‘in days’ as Ukraine isolation drives Russia closer to China | R
U.S. still ‘a ways away’ from sending troops back into Ukraine -general | R
Analysis: Biden’s Taiwan remarks show conviction to defend island but carry risks | R
Biden Says U.S. Would Intervene Militarily if China Invaded Taiwan | W
Kissinger says Taiwan cannot be at the core of U.S.-China negotiations | C

Industries & companies
Communications Services: Hello? Hello? Is This Facebook? Anybody There? (Nope.) | W

Corporate finance
Broadcom in Talks to Pay About $60 Billion for VMware | W

Climate & viruses
A Shell contractor quits because of the oil giant’s hypocrisy on climate change | Vox
Pfizer/BioNTech say 3 COVID shots elicit good response in children under 5 | R
Monkeypox explainer: Spread, symptoms, risk—how is this happening?! | Slate
Photos: Bangladesh and India endure catastrophic floods | C