March 29 (Wednesday)
Latest Morning Briefing Executive Summary: Churning Earnings
The SVB debacle has depressed the S&P 500 Financials sector’s market-cap share further below its earnings share. And the S&P 500 Bank Composite hasn’t ever been this cheap relative to the S&P 500 (i.e., since the mid-1980s start of the data). We liked the Financials sector before SVB imploded and like it even more since, as the fallout we expect doesn’t include systemic contagion and does include more M&A activity. … Also: While analysts have been cutting their 2023 earnings estimates for S&P 500 companies, the index’s forward earnings increasingly reflects the higher 2024 estimates and has stopped falling. … Also: Joe discusses some impacts of Standard & Poor’s sector and industry reclassifications.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 27.
Markets
How To Beat The Market With Boring Stocks | FO
SVB Collapse Shows US Treasuries Aren’t a Risk-Free Asset | B
Retail Traders Explain Why They Risk it With Zero-Day Options | B
Oil firms halt or cut output in Iraqi Kurdistan after pipeline closure | R
Central bankers
SVB Collapse: Federal Reserve Blame Game Stretches From DC to California | B
Shifting monetary policy lags confuse markets and central bankers | The Hill
US
Why the US banking crisis is like winter in Europe | P
US Pending Home Sales Jump in February, 3rd Month of Gains | B
Pending home sales rose in February, mortgage rates jumped | C
How the Bank Mess Can Hit Home Buyers | W
Dumb phones are on the rise in the U.S. as Gen Z limits screen time | C
Remote working: Is the trend over? | The Week
Geopolitics & trade
China Threatens Retaliation if Kevin McCarthy Meets Taiwan’s Tsai Ing-wen | W
Factbox: EU keeps on doing business with Russia despite sanctions | R
Ukraine hits Russian-held city deep behind front as talk of counteroffensive grows | R
Industries & companies
Financials: As Interest Rates Rose, Banks Did a Balance-Sheet Switcheroo | W
Financials: Credit Suisse whistleblowers say bank has been helping Americans dodge U.S. taxes | C
Financials: Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover | R
Pharma: J&J bows out of RSV vaccine race after scrapping trial | R
Technology
AI ChatGPT Chatbot Related Prompt Engineer Jobs Pay Up to $335,000 | B
Elon Musk, other tech leaders: Pause training A.I. beyond GPT-4 | C
Amid manufacturing loss and ‘woke’ universities, America still benefits from technology | WT
