October 06 (Thursday)

Latest Morning Briefing Executive Summary: On Earnings, JOLTS & Housing
While S&P 500 forward revenues has hit successive record highs lately, the forward profit margin and forward earnings both peaked in June. Since then, forward earnings has been flat. We see more of the same for earnings given our expectation that economic growth will be close to zero in our growth recession scenario. … Also: One in three workers quit their jobs over the past year! But their ex-employers quickly rehired. We examine the reasons for the labor market’s mind-boggling pace of job churn. … And: Home affordability challenges have sent the recently hot housing market into a deep freeze. Melissa traces the causes and the effects on homebuilders.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 3.

Markets
Stocks Close Lower After Two-Day Rally | W
Traders Pile Into Boom-or-Bust Options to Play Stock Market Volatility | W

Currencies & commodities
A Strong Dollar Is Wreaking Havoc on Emerging Markets. A Debt Crisis Could Be Next. | N
What a Strong U.S. Dollar Means for Investors | Morningstar
OPEC+ agrees deep oil production cuts, Biden calls it shortsighted | R

Central banks
Fed’s Rate Increases Defy All the Rules | W
Fed’s Bostic says inflation fight “still in early days” | R

Geopolitics & trade
Ukraine recovers more territory in region Russia claims to have annexed | R
U.S. Looks to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil | W
North Korea fires a ballistic missile into the Sea of Japan | C

Industries & companies
Autos: Ford ups starting price of electric F-150 Lightning pickup to $51,974 | C
Retail: How Macy’s Has Avoided—So Far—the Inventory Pileup Plaguing Other Apparel Chains | W

Corporate finance
Elon Musk and Twitter Discussed Price Cut to $44 Billion Takeover in Recent Weeks | W

Beyond markets
Colleges struggle with enrollment declines, underfunding post-Covid | C