The Morning Call
6/2/22
The
Market
Technical
Wednesday in the charts.
https://www.zerohedge.com/markets/stocks-bonds-bitcoin-dumped-dimon-doubles-down-dour-outlook
If you think that
this will become more than a bear market rally.
https://www.zerohedge.com/the-market-ear/cosfrasppv
More analysis of
insider buying/buybacks.
https://www.ft.com/content/2118d608-214a-475a-afcb-1882c23b6f50
Fundamental
Headlines
The
Economy
US
Final Q1 nonfarm
productivity fell 7.3% versus expectations of -7.5%; unit labor costs rose
12.6% versus +11.6%.
Weekly initial jobless
claims totaled 200,000 versus projections of 210,000.
Month to date
retail chain store sales grew more rapidly than in the prior week.
April job openings
(JOLTS) totaled 11.4 million, in line.
April construction
spending was up 0.2% versus consensus of +0.5%.
https://www.calculatedriskblog.com/2022/06/construction-spending-increased-02-in.html
The final May
manufacturing PMI was 57.0 versus estimates of 57.5.
https://www.advisorperspectives.com/dshort/updates/2022/06/01/may-markit-manufacturing-growth-slows
The May ISM manufacturing
index was 56.1 versus predictions of 54.5.
The May ADP
private payroll report showed an increase of 128,000 jobs versus forecasts of
300,000 jobs.
International
April EU PPI was up 1.2% versus expectations
of +2.3%.
Other
US economy is bending not breaking
https://www.tker.co/p/decelerating-growth-supply-chain-improves?s=r
April median household income.
Worst housing affordability since 1991.
https://www.calculatedriskblog.com/2022/06/worst-housing-affordability-since-1991.html
The
Fed
Quantitative tightening (QT) began yesterday.
The latest Beige Book
report was somewhat less positive than the prior. Details below.
Bank of Canada
hikes rates another 50 basis points.
https://www.zerohedge.com/markets/bank-canada-preview-another-50bps-rate-hike-15
Inflation
JP Morgen sees oil at $136/barrel.
Recession
Are we in a recession? No, at least not yet.
https://ritholtz.com/2022/06/recession-no/
Atlanta Fed reduces Q2 GDP forecast.
https://www.zerohedge.com/economics/atlanta-fed-slahses-q2-gdp-forecast-stagflation-looms
Geopolitics
Congratulations to the EU.
https://www.adamsmith.org/blog/congratulations-to-the-eu-sanctions-on-the-most-fungible-oil
Bottom line
Is the bear market
over?
https://alhambrapartners.com/2022/05/30/weekly-market-pulse-is-the-bear-market-over/
Uncertainty
lingers.
https://www.nytimes.com/2022/05/31/business/stocks-bear-market.html
News on Stocks in Our Portfolios
General
Dynamics (NYSE:GD) declares $1.26/share quarterly dividend, in line with previous.
Hormel
Foods press release (NYSE:HRL): FQ2 GAAP EPS of $0.48 beats by $0.01.
Revenue
of $3.1B (+18.8% Y/Y) beats by $30M.
What
I am reading today
Quote
of the day.
https://cafehayek.com/2022/06/quotation-of-the-day-3914.html?utm_source=feedburner&utm_medium=email
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