December 13 (Wednesday)
Latest Morning Briefing Executive Summary: Earnings: Yesterday, Today & Tomorrow
S&P 500 companies collectively outperformed industry analysts’ Q3 expectations, posting record-high revenues and earnings per share. The profit margin was the highest in four quarters, suggesting that the cost-push inflation pressures that had weighed on margins are easing. … Analysts’ consensus estimates for 2024 and 2025 suggest accelerating growth for both revenues and earnings and rising profit margins. … The earnings outlook together with our projected valuation ranges result in our price targets for the S&P 500 of 4600 by the end of this year, 5400 by the end of next, and 6000 by year-end 2025.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on December 11.
Markets
S&P 500 Rises to Highest Level Since January 2022 | W
Stock Buybacks Are Getting Aggressive | W
Stock Investors Unprepared for Shocks, Wells Fargo’s Chris Harvey Warns | B
U.S. crude oil falls 4% as traders worry inflation affects demand | C
Inflation Expectations Cool as Oil Tumbles Ahead of Fed Decision | B
China Turns the Tables on Wall Street | W
Central banks
Here’s everything the Fed is expected to do Wednesday | C
Fed to start cutting rates midyear in 2024 with high chance of soft landing, CNBC Fed survey finds
Traders Trim Bets on 2024 Fed-Rate Cuts After Inflation Report | B
Why Fed rate hikes take so long to affect the economy | C
The Fed Doesn’t Need to Cut. Financial Conditions Are Already Loosening. | Manhattan Institute
Fed Inflation Fight Enters Last Leg Without ‘Pain’ It Feared | B
US
Yellen Says U.S. Economy on Path to Soft Landing | W
Inflation Edges Lower, but Still Too High for the Fed | W
Stubbornly high rental costs lift US consumer inflation in November | R
CPI inflation report November 2023 | C
Here’s the inflation breakdown for November 2023 — in one chart | C
Yes, Trump can win the 2024 election. Here are four reasons why | R
Europe
Europe’s top economies slash carbon intensity of electricity | R
Geopolitics & trade
U.S. Companies Are Finding It Hard to Avoid China | W
United Nations demands humanitarian ceasefire in Gaza | R
Industries & companies
Autos: Tesla to Recall More Than Two Million Vehicles Over Autopilot Safety Concerns | W
Media: Netflix Releases Full Viewership Data for First Time | W
Pharma: Pfizer gets OK for $43-billion Seagen deal after donating cancer drug rights | R
Pharma: Pfizer Warns 2024 Revenue Could Fall, Weighed Down by Soft Demand for Covid Products | W
Retail: The retail theft problem has been greatly exaggerated | Creditnews
Corporate finance
Bankrupt trucking co Yellow approved for $1.88 bln real estate sale | R
Climate
New COP28 Draft Demands Swifter Fossil Fuel Transition | B
President Biden just pledged to shut down 60% of America’s electric power | P
Artificial Intelligence
OpenAI nonprofit arm $45,000 in 2022 revenue, company worth billions | C
Why creating an international body for AI is a bad idea | FO
Beyond markets
BlackRock, Other Investment Firms Next Target in House ESG Probe | B
