June 02 (Friday)

Latest Morning Briefing Executive Summary: Tech, AI & Irises
The stock price indexes of the S&P 500 Information Technology sector and its top-performing industry ytd, Semiconductors, have left their peers in the dust. Not only has the transformative potential of AI whetted investors’ appetite for tech; so have semiconductor companies’ rosier earnings outlooks now that they’re out from under their inventory glut. Does this tech rally have legs? We think so over the longer term, since earnings prospects are bound to rise as AI spending and the semiconductor cycle head north. … Also: Irises have caught our eye, specifically their potential for “authenticating humanity.” OpenAI CEO Sam Altman envisions that potential changing the world.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 30.

Markets
Here’s how to buy Treasury bills as yields top 5% | C
OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say | R

Central banks
Fed Prepares to Skip June Rate Rise but Hike Later | W
Fed’s new projections may fill the void on interest rate guidance | R
 
US
US job growth beats expectations in May | R
U.S. Job Openings Rose in April, Reversing Three Months of Decline | W
Main driver of inflation: Wage hikes | C
Debt ceiling: Senate passes debt ceiling bill, sends to Biden | C
 
Industries & companies
Aerospace: Boeing further delays first Starliner astronaut mission for NASA | C
Energy: Exxon, Chevron Near Deals to Drill in Gas-Rich Algeria | W
Financials: CFPB says money stored in payment apps is not federally insured | C
Healthcare: Medicare details plan to cover Alzheimer’s treatments | C
Manufacturing: As China Risks Grow, Manufacturers Seek Plan B—and C and D | W
Media: Meta says it will block news in California if bill becomes law | C
Restaurants: Consumers more likely to cut back on restaurant visits than trade down | C
Tech: Nowhere for Investors to Hide From AI Hype | W
Tech: Nvidia Is Still a ‘Buy’ on Wall Street as Analysts Race to Boost Price Targets | W
Travel: Fears of inflation and recession have not slowed consumer travel | C

Technology
Why Apple’s headset could become first VR success story | C

Climate
Corporate ESG Requirements Are About to Ramp Up. Here’s How CFOs Can Prepare. | W