May 17 (Wednesday)
Latest Morning Briefing Executive Summary: Earnings & The Economy
While the stock market’s technical measures of breadth have been disappointing, two fundamental measures have been staging impressive V-shaped rebounds typical of early bull markets: the breadth of analysts’ consensus expectations for S&P 500 companies’ revenues and operating earnings. … Their message is confirmed by recent strength in S&P 500 forward revenues, earnings, and profit margins. … Joe provides a deeper look into what forward profit margins have been doing in recent weeks on S&P 500 sector and industry levels. … All these developments jibe with our soft-landing economic forecast. … So do the latest economic indicator releases.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 15.
Markets
Stocks Slip, Growth Shares Shrug Off Index Losses | W
Debt-Ceiling Talks Are Already Doing Damage, Wall Street Bosses Warn | B
Asia-Beating Japan Stocks Seen Rising 10% More on Earnings Boost | B
OPEC Cut Failed To Lift Oil Prices, But The Year Isn’t Over Yet | OilPrice.com
Column: Low US fuel stocks support prices and cracks | R
Central banks
Fed Officials Reveal Debate Over June Pause or Need to Hike More | B
Podcast: Central Banks Are At Risk of Breaking Economies, Dario Perkins Warns | B
Fed’s Jobs Mandate Under Fire as Mike Pence Wants Bank to Fight Inflation Only | B
The Fed’s Long-Tail Housing Market | W
US I
Biden’s economic strategy is based on a failed model | Washington Examiner
Debt ceiling: Biden hosts White House meeting to try to prevent default | C
Yellen warns US default could trigger recession, ‘break’ financial markets | R
For Biden, negotiating the debt ceiling may be the safest option | The Hill
What Everyone—Except the U.S.—Has Learned About Immigration | W
US II
US Retail Sales Increase in Sign of Steady Consumer Spending | B
Shoppers Boosted Retail Sales in April, Reversing Two Months of Declines | W
Home Depot just forecast weak consumer demand — here’s what that could mean for the rest of the economy | C
Homebuilder sentiment in May pulls out of negative territory | C
America’s Biggest Source of Jobs Is Cooling Off | W
Connecticut Baby Bond Deal to Give $3200 to Qualifying Kids Born After July 1 | B
China
Two Trading Apps That Allowed Chinese Citizens to Invest Overseas Get Pulled From China | W
Geopolitics & trade
Can the World Make an Electric Car Battery Without China? | N
Biden Team to Counter Tech Espionage Unveils Cases Involving China and Russia | N
Corporate finance
Pfizer Gets $85 Billion in Orders for Bond Sale to Buy Seagen | B
Corporate Investors Cut Bigger Checks for AI Startups | W
Technology
ChatGPT’s Sam Altman Warns Congress That AI ‘Can Go Quite Wrong’ | W
Google’s PaLM 2 uses nearly five times more text data than predecessor | C
Beyond markets
Remote work is just one of many problems for office buildings | Vox
Americans Have Never Been So Unwilling to Relocate for a New Job | B
The Return to the Office Has Stalled | W
