July 30 (Saturday)
Latest Morning Briefing Executive Summary: The Fed, Earnings, Chips & AI
Investors cheered the Fed’s no-surprises announcement of another 75bps hike in the federal funds rate yesterday. Moreover, Q2 earnings reports have been confirming our soft-landing scenario for the economy, and S&P 500 companies’ earnings are expected to hold up respectably this year and next. … But Q2 reports revealed pain points for certain industries—e.g., retailers that cater to lower-income consumers felt the brunt of inflation-strained consumer budgets. … Semiconductor makers on Q2 calls addressed worries about customers’ inventory buildups. … And: What won’t AI be transforming? Today, we look at how AI is facilitating new drug development.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 25.
Markets
Stocks rally for a third day to cap a winning week, major averages post best month since 2020 | C
Shock July Stock Rally Was a Monster the Fed May Regret Seeing | B
Fight Runaway Inflation With I Bonds | W
Central banks
Fed’s Bostic Says Economy Probably Isn’t in Recession, More Rate Rises Needed | W
US I
If the Economy Is Shaky, Why Are Company Profits Still Strong? | N
White House goes on offense to argue that the U.S. is not in a recession | C
U.S. Economy Transitions to Slower Growth as Inflation Weighs on Consumers | W
Consumer Spending Grew Much Faster in June | W
Inflation figure that the Fed follows closely hits highest level since January 1982 | C
‘Inflation Reduction Act’ Has Little Inflation Help, Study Says | B
Mortgage rates fall sharply after negative GDP report and Fed’s latest hike | C
US II
Yellen’s Global Tax Plan Gets No Love From Manchin-Schumer Deal | B
House Democrats push for Biden’s billionaire minimum income tax | C
U.S. Senate bill could be death blow for Biden anti-drilling pledge | R
China
China Evergrande Breaks Silence on Debt-Restructuring Plan | W
Europe
Eurozone Recovery Picks Up Speed but Ukraine War Threatens Deep Contractions | W
Europe’s Energy Policy Problems Are Self-Inflicted | reason.com
Geopolitics & trade
How HIMARS could change the Ukraine-Russia war | C
U.S., Japan to cooperate on semiconductors as part of new economic dialogue | R
Industries & companies
Airlines: Airplane-Parts Shortage Threatens More Disruptions to Air Travel | W
Energy: Exxon, Chevron, Shell Report Record Profits on High Energy Prices | W
Pharma: Senate reconciliation has ‘once in a generation’ prescription reform | C
Beyond markets
U.S. Reaches $1.74 Billion Deal With Moderna for Updated Covid-19 Shots | W
