August 02 (Tuesday)
Latest Morning Briefing Executive Summary: Valuation, M-PMI & Consumers
Yesterday’s M-PMI report jibed with our view that the US economy is in a growth recession with some sources of inflation abating—which is bullish for stocks. … Since we think the S&P 500 might have bottomed on June 16, we’re raising our target ranges for its price index and forward P/E multiple while keeping our earnings expectations unchanged. … Also: The recent consumer spending and saving data paint a challenging picture: The “inflation tax” has sapped consumers’ purchasing power, causing less saving and more borrowing to support essential spending. Consumer sentiment hasn’t been so negative in nine years. Nevertheless, consumers should continue to pivot from buying goods to buying services.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 1.
Markets
Stocks Edge Lower to Start Month | W
Commodities
Oil prices slip as weak manufacturing data stokes recession fears | R
Coal consumption is expected to return to 2013′s record levels: IEA | C
US I
Number of Americans employed and hours worked falls in July, data show | R
U.S. Factory Growth Slowed in July on Decline in Orders | W
Home prices cooled at record pace in June, according to housing data firm | C
Dollar-Store Dinners and Vats of Shampoo Help Families Cope With Inflation | W
US II
The answer to high energy prices isn’t new taxes, but new supplies | The Hill
Gen Z Knows What It Wants From Employers. And Employers Want Them. | N
Fleeing families will leave New York without a future | P
Geopolitics & trade
Biden says drone strike killed al-Qaeda leader al-Zawahiri, warns terrorists we will ‘take you out’ | C
‘Glimmer of hope’ as Ukraine grain ship leaves Odesa port | R
Biden, Putin strike conciliatory tones as nuclear arms talks start at U.N. | R
Industries & companies
Autos: Ford stock posts best month since the Great Recession | C
Consumer Discretionary: Amazon says carbon emissions rose 18% in 2021 as Covid drove upsurge | C
Biotech: Amgen Fights IRS Over $10.7 Billion Tax Bill | W
Corporate finance
Estée Lauder in Talks to Buy Luxury Brand Tom Ford | W
Technology
S.Korea develops nanotech tattoo as health monitoring device | R
Beyond markets
Monkeypox: California, New York, Illinois declare outbreak an emergency | C
