October 08 (Saturday)
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
Dow drops 600 points, Nasdaq closes 3% lower as rates pop after September jobs report | C
Treasury Yields Rise After Jobs Data | W
Energy
OPEC+ oil output cut shows widening rift between Biden and Saudi royals | R
EXCLUSIVE U.S. Navy jet flew across Baltic hours after Nord Stream burst | R
Central banks
Fed to deliver another big rate hike as job market fails to cool | R
Fed on Track for Another Large Interest-Rate Hike After Jobs Report | W
Fed Officials Say Stubborn Inflation Justifies Continued Rate Increases | W
September job gains affirm that the Fed has a long way to go in inflation fight | C
Global Fallout From Rate Moves Won’t Stop the Fed | N
US
U.S. Economy Added 263,000 Jobs in September, Labor Market Shows Signs of Cooling | W
Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong | C
Here’s where the jobs are for September 2022 – in one chart | C
Europe
German Production Falls as Higher Energy Prices Hit Manufacturing | W
China
In China, a European executive becomes an increasingly rare critical voice | R
Geopolitics & trade
Biden Warns of Growing Nuclear Risk as Ukraine Slams Russia for Drone Use | W
U.S. buys radiation sickness drug as part of long-standing program | R
U.S. aims to hobble China’s chip industry with sweeping new export rules | R
U.S. Restricts Semiconductor Exports in Bid to Slow China’s Military Advance | W
Industries & companies
Autos: New cars are finally back in stock, but they come at a steep price | C
Autos: Tesla stock had its worst week since March 2020 amid wild week for Musk | C
Autos: Rivian Recalling Nearly All of Its Vehicles | W
Retail: Amazon’s Prime Early Access Sale 2022: Here are the best deals | C
Media: You Hated Your Cable Package. Your Streaming Services Are Bringing It Back. | W
Pharma: FDA clears whooping cough vaccine for use during pregnancy to protect newborns | C
Beyond markets
Covid vaccines prevented at least 330,000 deaths among U.S. seniors in 2021 | C
New York City Declares Emergency Over Migrant Influx | W
