July 01 (Friday)

Latest Morning Briefing Executive Summary: Health Care, Finance & Batteries
The S&P 500’s Health Care sector is pumped: It has outperformed most other sectors ytd and is tied for first place (with Utilities) measured since the S&P 500’s recent low on June 16. Jackie parses the opportunity, examining the investment pros and cons of the sector overall and of specific industries and companies within it. … Also: Which fintechs deserve master accounts with access to the Fed’s payments system? A couple of recent controversies put that question front and center as the Fed works on rules to govern the process of granting master accounts. … And: A look at where Tesla is going with its battery technology.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 27.

Markets
Stocks fall, S&P 500 posts worst first half in decades | C
Markets Post Worst First Half of a Year in Decades | W
Treasury Bonds Rally at End of Second Quarter | W

Energy & climate
Natural gas drops 16%, posts worst month in more than three years | C
U.S. natgas plunge 17% as Freeport LNG outage leaves more fuel for storage | R
Supreme Court limits EPA authority to set power plant climate standards | C
Shiploads of Russian Grain and Good Weather Temper Wheat Crisis | W

Central banks
Fed’s preferred inflation measure rose 4.7% in May, around multi-decade highs | C
U.S. inflation data offer no quick relief to Fed, but hint at a peak | R
EXCLUSIVE ECB to channel cash from north to south in bid to cap spreads – sources | R

US
U.S. employers see signs of cooling job market | R
Cooling Consumer Spending Points to Further Economic Slowdown | W
New Fed Tracker Shows Rising Strains in Corporate Debt | W
Housing shortage starts easing as listings surge in June | C
Mortgage Rates Drop After Three Weeks of Increases | W
Economic Growth, Not Austerity, Is the Answer to Inflation | W

China
China’s Economy Returns to Growth Mode as Covid-19 Lockdowns Lift | W
Xi Jinping Visits Hong Kong to Mark Anniversary, Capping Crushing of Dissent | W

Geopolitics & trade
U.S. to Support Ukraine for ‘As Long as It Takes,’ Biden Says | W
Why Does China Own So Much of Ukraine? | W
Why blood makes up over 2.5% of all U.S. exports | C

Technology
FCC approves SpaceX Starlink service to vehicles, boats, planes | C

Virus
FDA backs changing Covid boosters to target recent omicron subvariants | C

Crypto
EU agrees to deal on landmark MiCA cryptocurrency regulation | C
FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale, source says | C