June 22 (Thursday)
Latest Morning Briefing Executive Summary: Transports & Batteries
As consumers continue to celebrate their freedom from Covid with vacations and other experiences, spending less on tangible things, not only retailers have felt the sting—and not only last year. Transport companies continue to report less freight to haul, as FedEx’s recent earnings report illustrated. Jackie examines the S&P 500 Transportation industry’s demand problem. On the bright side, fuel costs have fallen, and analysts are optimistic about improved results next year. … And: When the solid-state batteries for EVs now being developed become commercialized, the much greater driving range they offer may be just the shove the EV market needs to take off.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 20.
Markets
Wall Street slips as Powell hints at further rate hikes | R
TIPS Ladder Funds Don’t Yet Exist, but They Should | Morningstar
Meta Platforms’ return to growth index highlights annual Russell refresh | R
Central banks
What a Fed Interest-Rate Pause Means for Your Money | W
Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go’ | C
Fed’s Powell Says Higher Interest Rates Needed to Curb US Inflation | B
Powell: Half-point of additional hikes a “good guess” of policy outcome | R
Fed’s Powell Testifies in US House on Monetary Policy: 5 Key Takeaways | B
Fed’s Raphael Bostic Says Bar to Justify Further Interest Rate Hikes Is Higher | B
US
Forget the Fed, and Focus on the Economy | W
Weekly mortgage demand flat, interest rates drop for the third straight week | C
Can I Buy a House? Listing Plummet as High Rates Tie Owners Down | B
Teenagers are in high demand as summer hiring surge gets under way | C
Chuck Schumer Joins Crowd Clamoring for AI Regulations | W
Taxpayer experience in 2023 ‘vastly improved’ compared with 2022: Report | C
Why Supreme Court hasn’t decided on Biden’s student loan forgiveness | C
Europe
German recession will be sharper than expected: Ifo | R
European Business Confidence in China Falls to Record Low, Poll Shows | W
India
Modi’s Vision for India Rests On Six Giant Companies | W
Geopolitics & trade
Biden labels Chinese President Xi a dictator | C
China Lashes Out at U.S. After Biden Calls Xi a Dictator | W
Inside China’s spy war on American corporations | C
U.S. Tracked Huawei, ZTE Workers at Suspected Chinese Spy Sites in Cuba | W
Western Countries Look for More Ways to Help Fund Ukraine’s Reconstruction | W
EU approves 11th sanctions package against Russia over Ukraine | R
Ukraine offensive ‘slower than desired’, Zelenskiy says; Putin sees ‘lull’ | R
Industries & companies
Consumer: What Costco’s Baskets Reveal About Consumer Finances | W
Consumer: FTC sues Amazon over ‘deceptive’ Prime sign-up and cancellation process | C
Consumer: Amazon Prime Day 2023 sale runs July 11 and 12 | C
Tech: Small tech companies are staying remote to attract workers, while Big Tech goes back to the office | Vox
Technology
ChatGPT Told Softbank’s Masayoshi Son His Ideas Are Great. Now He’s Investing Big in AI. | W
US Warns of China’s IP-Theft ‘Playbook’ for AI, Advanced Tech | B
Crypto
Bitcoin Bonanza on Tap if BlackRock ETF Is Approved | W
Beyond markets
Pandemic Learning Slide Continues for 13-Year-Olds, Making Full Recovery Unlikely | W
Supreme Court Justice Samuel Alito took ride on Paul Singer plane | C
Listen to the music play: Fed Chair Jerome Powell admits to being a Deadhead | C
Feds are buying your life with your tax dollars | P
