June 14 (Tuesday)
Latest Morning Briefing Executive Summary: Bull Market, R.I.P.
The S&P 500 breached bear market territory yesterday, and this week’s economic releases could drive the index deeper into bear terrain by highlighting the persistence of the inflation problem. … Bear markets nearly always are accompanied by recessions. But while we did recently raise our odds of recession to 45%, we’re still not in the recession camp; notably, analysts’ earnings expectations are still rising to record-high levels. Our higher recession odds combined with the unfolding bear market have lowered our sights for the S&P 500’s valuation multiple and price index for the rest of 2022 and for 2023.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.
Markets
Dow Drops Over 800 Points; S&P 500 Falls Into Bear-Market Territory | W
When You’re Forced to Cash Out in a Bearlike Market | N
How Inflation Is Affecting Money Market Funds | N
Soybean Prices Hit Record as Inflation Stays Hot | W
Credit
10-year Treasury yield rockets above 3.39% in biggest move since March 2020 | C
Inflation Fears Send U.S. Bond Yields Surging Ahead of Fed Meeting | W
Explainer: U.S. yield curve inverts again: What is it telling us? | R
Central banks
Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week | W
Inflation Reports Raise Chances for Surprise 0.75-Percentage-Point Rate Rise This Week | W
Another big Fed rate hike is coming. But how many more after that? | NN
Higher Unemployment Rate Looms as the Fed Fights Inflation | W
US
Morgan Stanley CEO James Gorman sees 50-50 odds of recession ahead | C
Joe Biden says ‘Exxon made more money than God this year’ | Daily Mail Online
Biden Plan for EV Chargers on Highways Meets Skepticism in Rural West | W
Europe
U.K. Unveils Brexit Bill to Change Northern Ireland’s Trade Status | W
Industries & companies
Airlines: American Airlines regional carriers hike pilot pay as shortage persists | C
Consumer Discretionary: Amazon to Make Deliveries by Drone in California Later This Year | W
Tech: FTC Chair Lina Khan’s plan to take on Big Tech | Vox
Geopolitics & trade
Latest Shanghai quarantines add more pressure to global supply chain | C
Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down | W
U.S. holds ‘candid’ and ‘productive’ talks with China in nearly 5-hour meeting | C
Corporate finance
Prologis to Buy Duke Realty in $26 Billion Deal, Including Debt | W
Beyond markets
Why We Still Haven’t Solved the Unpaid Internship Problem | N
How Covid Did Away With the Sick Day | N
