September 20 (Tuesday)
Latest Morning Briefing Executive Summary: How’s Business?
Today we focus on business sales, showing how it relates to the key economic indicators that feed into our economic outlook and how it correlates with S&P 500 companies’ aggregate and forward revenues, feeding into our stock market outlook. … For the economy, we forecast a “rolling recession”—a.k.a. “growth recession”—that depresses different industries at different times but avoids shrinking the overall economy. For the S&P 500, we estimate forward EPS of $215 this year, up 3.1% y/y, and $235 next year, up 9.3%.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 19.
Markets
Stocks Rise as Investors Await This Week’s Fed Meeting | W
Wall Street ends choppy session higher with focus firmly on Fed | R
Dow closes nearly 200 points higher, stocks snap two-day losing streak to start big Fed week | C
Need Your Money Now? The Markets Aren’t Helping. | N
Credit
10-year Treasury yield jumps to 3.51%, the highest level since 2011 | C
Rising Bond Yields Change the Calculus for Stocks | W
Central banks
Jerome Powell’s Inflation Whisperer: Paul Volcker | W
US
More homebuilders lower prices, sentiment falls for ninth straight month | C
Put Away the Smelling Salts, the Fed Doesn’t Threaten Washington’s ‘Solvency’ | FO
The Subprime Loans for College Hiding in Plain Sight | N
Geopolitics & trade
China Is Capable of Blockading Taiwan, U.S. Navy Commander Says | W
EU Seeks New Powers Over Supply Chains During Emergencies | W
Industries & companies
Airlines: FAA rejects proposal to halve pilots’ flight-time requirement amid shortage | C
Autos: Ford Warns Parts Shortages Will Lead to Higher-Than-Planned Number of Unfinished Vehicles | W
Materials: This Should Have Been a Great Year for Gold. Here’s Why It Isn’t. | W
Corporate finance
VW Sets Price Range for Porsche IPO | W
Technology
China’s Factories Accelerate Robotics Push as Workforce Shrinks | W
Beyond markets
Biden Draws Criticism for Saying Covid-19 Pandemic Is Over | W
