August 17 (Wednesday)
Latest Morning Briefing Executive Summary: More On The Bulls Vs Bears Debate
Is the stock market rally since June 16 a rally within the bear market or the start of a new bull market? The answer hinges on the economic outlook. We’re in the bull camp, believing that inflation is peaking, Fed tightening is nearly over, and a recession won’t result; bears may believe the opposite. … Analysts have been cutting their estimates for earnings but not revenues, so expected profit margins have been falling. That suggests they see no recession, just more difficulty passing fast-rising costs on to customers. … Also: Peeks at the MegaCap-8’s rally impacts on the S&P 500, Senator Schumer’s wrong-headed anti-buyback stance, and alternative measures of inflation.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 15.
Markets
Dow closes 200 points higher on Tuesday for fifth day of gains, buoyed by Walmart and Home Depot | C
Stocks End Mostly Higher With Retail Earnings in Focus | W
Five Not-Quite-Impossible Things the Market Believes | W
As Oil Falls Below $90, Where Do Prices Go From Here? | N
Flush With Oil Profits, Saudi Arabia Pours $7.5 Billion Into U.S. Stocks From Amazon to Microsoft | W
Central banks
Fed Warns Banks Jumping Into Crypto to Do Legal Homework First | B
US politics
US Inflation Reduction Act Is a Climate Bill by Another Name | B
Bill Gates, Joe Manchin, and How Biden’s Inflation Reduction Act Almost Failed | B
Biden signs inflation act, hands pen to Manchin | R
Biden Signs $437B Tax-Climate Law In Win for Democrats Ahead of Midterms | B
Biden signs Inflation Reduction Act into law, setting 15% minimum corporate tax rate | C
Inflation Reduction Act to cap costs for Medicare patients on insulin | C
Five Things That Biden’s Climate Bill Will Change for Automakers | B
US
Homebuyers are backing out of more deals as recession fears linger | C
Home Building Fell Sharply in July as Costs Increased | W
Consumers Pay More for Less, Boosting Walmart and Home Depot | W
If the Job Market Is So Good, Why Is Gig Work Thriving? | N
Opinion | Gen X Is Kind of, Sort of, Not Really the Boss | N
Schools Are Looking in Unusual Places to Deal With Teacher Shortage | W
States Expand Sales-Tax Holidays as Americans Feel Price Increases | W
Europe
Heat Wave Intensifies Energy Crisis in Europe | W
Germany to Keep Last Three Nuclear-Power Plants Running in Policy U-Turn | W
Geopolitics & trade
U.S. Approves Nearly All Tech Exports to China, Data Shows | W
Industries & companies
Airlines: American Airlines agrees to purchase 20 supersonic jets – CNN
Retail: Walmart.com drew higher-income shoppers looking to buy food | R
Tech: Cloud hangs over U.S. chipmakers on worries data center growth could slow | R
Tech: Apple and Meta headsets could face a big challenge: Sticker shock | C
Corporate finance
Why the 1 Percent Buyback Tax Doesn’t Scare Investors | N
Beyond markets
WHO vows nothing ‘ridiculous’ as public submits ideas to rename monkeypox | R
Polio circulating locally in NYC area, poses risk to unvaccinated, CDC says | C
