February 24 (Friday)
Latest Morning Briefing Executive Summary: On Earnings & Fuel Efficiency
For the S&P 500 index and many of its sectors, forward revenues are at record highs but forward earnings are below their record highs of last year. The disparity indicates a profit-margin squeeze, with several labor-cost-related sources; those stemming from pandemic aftereffects should abate in time. … And: The fuel efficiency of automobiles has been climbing—with more miles traveled on fewer tanks of gasoline. Increasing use of electric vehicles may be driving this trend. Jackie collects the evidence from two places where EV adoption is ahead of the curve, California and Norway. It’s a nascent trend worth watching given the ramifications for global oil demand.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on February 21.
Markets
U.S. Stocks Rebound After Dayslong S&P 500 Selloff | W
USD: Dollar Strength Peaks, Bringing Relief for Global Inflation, Trade | B
Central banks
Jamie Dimon on Fed: It has ‘lost a little bit of control of inflation’ | C
US
Economy Showing Strength in Early 2023 After Last Quarter’s GDP Gain Revised Modestly Lower | W
Mortgage Rates Topping 6% Have Lenders Offering Free Home Refinancing | B
Gina Raimondo says U.S. to create semiconductor manufacturing clusters | C
J.B. Pritzker Takes on Griffin to Keep DeSantis, Trump From Presidency | B
Trump, Buttigieg and the East Palestine Train Derailment | W
Geopolitics & trade
U.S. to Expand Troop Presence in Taiwan for Training Against China Threat | W
U.S. Considers Release of Intelligence on China’s Potential Arms Transfer to Russia | W
Ukraine War Is Ron DeSantis’s Security Test | W
Ukraine Fatigue Is Not an Option | W
Ukraine prepares for the biggest reconstruction since World War II | C
How One Ukrainian Company Survived, and Thrived, Through a Year of War | NYT
Industries & companies
Aerospace: Boeing pauses delivery of 787 Dreamliners | C
Autos: Carvana (CVNA) Reports Wider Loss as Used-Car Prices Tumble | B
Media: Netflix Cuts Subscription Prices in Over 30 Countries | W
Retail: Target Investing $100 Million to Expand Next-Day Delivery | W
Beyond markets
FTX founder Sam Bankman-Fried faces new criminal charges | C
