June 11 (Saturday)

Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Stock Market Valuation Trauma Is Refusing to End for S&P 500 in Free Fall | B
June’s Looking Like a Game Changer for Beleaguered China Stocks | B
Oil falls as U.S. inflation data surges, China imposes lockdowns | R
U.S. Bonds: Treasury yields in focus amid key inflation data | C

Central banks
Soaring inflation fuels bets on sharper Fed rate hikes | R
Inflation Pickup Complicates Fed Outlook Beyond June Meeting | W
Fed will raise rates next week, but Powell remarks may matter most | C
Larry Summers Says Fed Forecasts Look Ridiculous, Warns on Rate Delay | B
ECB Fuels Market Jitters Over Italy’s Debt | W
Column: ECB sowing messy ‘some of what it takes’ signal | R

US
U.S. Inflation Hit 8.6% in May | W
Gasoline, Groceries and Housing Drove Inflation in May | W
Gasoline Prices Reach $5 a Gallon Nationwide for the First Time | W
Joe Biden jabs Exxon Mobil over gas prices after May CPI inflation report | C
Inflation, consumer woe add to worries that recession is already here | C

Emerging
Business Losses From Russia Top $59 Billion as Sanctions Hit | W

Geopolitics & trade
Ukraine pleads for more weapons, cholera spreads in Mariupol | R
U.S., China Defense Chiefs Dial Down Tensions Over Taiwan | W

Industries & companies
Airlines: U.S. drops Covid testing requirement for international travelers | C
Communications Services: Meta Scrutinizing Sheryl Sandberg’s Use of Facebook Resources Over Several Years | W
Homebuilding: Big landlords jump into the homebuilding as demand for single-family rentals surges | C
Technology: Chip Shortage Threatens Cutting-Edge Tech Needed for Next-Generation Smartphones | W

Corporate finance
JetBlue CEO ‘optimistic’ airline can acquire Spirit | R

Virus
Moderna’s Covid-19 Vaccine Works Safely in Kids, Including Those Under Age 5, FDA Says | W