Evening Headlines
Bloomberg:
- Crippling Energy Crisis Set to Worsen for Debt-Ridden South Asia.
- Inflation Reckoning Arrives for Turkey While Credibility Is Shot.
- China-US Deal Needed Very Soon to Avoid Delistings, SEC’s Gensler Says.
- Tech Roars in Post-Fed Rally as Bond Yields Slump: Markets Wrap.
- Record US Oil Exports Set to Grow as WTI Discount Deepens.
- Fed Hike Leads Gulf to Follow, But Rate Paths Diverge Again.
- Powell Signals More Fed Hikes Coming, Leaves Out Details This Time.
- Fed Watchers Say Markets Got It All Wrong on Powell ‘Pivot’.
- Dudley Says Fed Will Hike Rates Much Further Than What Markets Expect.
- Manchin Backs $369 Billion Energy-Climate Plan, Rejects SALT.
- What’s in the Manchin-Schumer Deal on Taxes, Climate and Energy.
- Rivian Plans to Cut 6% of Its Workforce as CEO Cites Volatile Economy.
- Ron DeSantis Takes Aim at ‘Woke CEOs’.
- Coinbase SEC Probe Into Listed Tokens Has Crypto Traders Rattled.
- Specter of Next-Day Losses Haunts Stock Bulls’ Post-Fed Rally.
Wall Street Journal:
- Ford’s Profit Rises on Higher Sales, More Inventory.
- Fed Signals More Increases Coming.
- Spirit, Frontier End Merger Agreement.
- Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast.
- Senate Approves $280 Billion Bill to Boost Chip Making, Technology.
- The Worst Flight Delays at the World’s Busiest Airports: See the List.
- ‘Make Instagram Instagram Again’: The App’s Evolution Is Causing Users to Question Its Future.
- Container Ship Backlog Grows Again at the Port of Savannah.
Fox News:
- Manchin surrenders to Democrats' revised social spending bill after more than a year of negotiations.
- Expert warns US not to give notorious criminal back to Russia in prisoner swap.
- Court hands Republican governor big win in battle over mask mandates.
CNBC.com:
- Fed hikes interest rates by 0.75 percentage point for second consecutive time to fight inflation.
- Schumer, Manchin announce deal on reconciliation bill with tax, climate, energy provisions.
- Mark Zuckerberg says economic downturn is here, so Meta must do more with less.
- Stocks making the biggest moves after hours: Meta Platforms, Ford, Qualcomm, Teladoc and more.
- Qualcomm sales rise 37% despite ‘challenging macroeconomic environment’.
MarketWatch:
- ServiceNow’s stock is down after it announced revenue slightly shy of estimates.
- Ford stock rallies more than 6% after auto maker’s Q2 sales rise 50%.
- Traders are talking about chance of between-meetings rate hike by Fed in August, if inflation fails to ease.
- Best Buy adds to retailer woes, cutting outlook as end of PC boom takes its toll.
- The top 10 cities where home prices are being slashed amid cooling real estate market.
- Teladoc loses $3 billion in three months, stock plummets.
Zero Hedge:
- Wall Street Reacts To The Fed's Stagflationary Statement.
- Watch: Fed Chair Powell Desperately Avoid Saying The 'R-Word'.
- Manchin And Dems Reach Deal On Reconciliation Package, Call It "Inflation Reduction Act".
- Why Do South American Drug Runners Keep Getting Caught With Uranium?
- Doctor Announces $25 Million Defamation Lawsuit Against Houston Methodist Following Suspension.
- Ghislaine Maxwell Transferred To Low-Security Prison In Florida.
- Trump Files 'Notice Of Intent' To Sue CNN Over 'False Statements'.
- WHO Recommends Gay And Bisexual Men Limit Sexual Partners, Anonymous Sex, To Reduce Monkeypox Spread.
- Watch: Iraqi Protesters Storm Parliament Amid Record Run Without Government.
- Fed Hikes 75bps: Remains "Highly Attentive" To Inflation But Cautions Economy "Softening".
- Academy Of Breastfeeding Medicine Advising Hospitals To Use Term "Father's Milk".
- US Carrier Group Heads Towards Taiwan Ahead Of Potential Pelosi Trip After China Warns Of 'Forceful Response'.
- Stocks rise and DXY tumbles in the wake of a dovishly-received FOMC - Newsquawk Asia-Pac Market Open.
- "Rebalance The Bench": Turley Opines On Democrat Push For 'Sweeping' Supreme Court Changes.
- VOX Media Cuts Staff Due To "Current Economic Conditions".
- Facebook Slides After Miss On Top And Bottom Line, Atrocious Guidance Amid "Weak Ad Demand".
- Stocks rally as Powell tilts dovish - Newsquawk US Market Wrap.
- Stocks, Bonds, Gold, & Crypto Soar As Fed Confirms 'Bad News Is Great News' Again.
Newsmax:
TheGatewayPundit.com:
- Peter Doocy Humiliates Karine Jean-Pierre by Reading Biden Econ Advisor Brian Deese’s 2008 Definition of a Recession (VIDEO).
- Florida Files Lawsuit Against Bar That Hosts Obscene Drag Shows For Children.
- MUST SEE: Biden’s Behavior Abruptly Changes in Spliced Video Speech Released by The White House; From Sleepy-Eyed to Bug-Eyed and Not Blinking.
- FBI Whistleblowers Reveal Bureau Leadership is Pressuring Agents to Artificially Pad Domestic Terrorism Data to Help Push Biden Narrative.
- BREAKING: President Trump Announces He Will Sue CNN for “Repeated Defamatory. Statements” Which Have “Defamed Me and Defrauded the Public Regarding the Overwhelming Evidence of Fraud Throughout the 2020 Election”.
- Tucker Carlson Exposes Big Pharma’s Murderous Antidepressant Scheme: Drugs For Depression Cause Birth Defects, Sexual Dysfunction And Suicide.
- More Lies: Joe Biden Claims Majority of People Dying From Covid “Are Not Up to Date on Their Shots” (VIDEO).
- UPDATE: ‘The View’ Apologizes To Turning Point USA Over Defamatory Statements After #SUETHEVIEW Trends Nationwide On Twitter (VIDEO).
- 81 Million Votes!… Breaking Poll: 75% of Democrats Want Different Candidate Selected and Installed in 2024.
- Joe Biden’s Cybersecurity Czar Says “Systemic Racism” Is the Major Threat – And US Is Intrinsically Racist Society.
Twitter:
- @TPostMillennial - Tucker Carlson takes a look at the effects the COVID vaccine is being shown to have on people. (video) Tucker Carlson: "It turns out the entire premise behind the most commonly antidepressant drugs appears to be completely wrong." (video)
- @VaxxedFox - Yuval Noah Harari of the World Economic Forum: "Very Soon, We Will Be Beyond the God of the Bible" "In the Bible, God is the Creator. His chief power is to create; it creates animals and plants and humans according to his wishes. Now we are gaining this power to create life, just like God." (video)
- @SpencerLndqst - Here is day 2 of my effort to highlight one member of the medical industry every day who has received money from puberty blocker companies while peddling the drugs to children.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 845,608 Reports(+3,035 from prior week) Through July 15th, 2022.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Covid-19(Data, Maps, Graphs):
- Our World in Data: New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
- FT.com: Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
- Bloomberg.com: International Travel Restrictions. Case Graphs by State.
- NYTimes.com: County Trends and Clusters. Local ICU Occupancy.
- Brown School of Public Health: Covid Severity by State/County(map). US Hospital Capacity(region).
- CovidActNow: Covid Severity/Infection Rate by Metro Area.
- KFF: US Vaccinations by Race/Ethnicity.
- Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits. Restaurant Visits. Wearing Masks. (graphs)
- Safegraph.com: Commerce Patterns(graphs).
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
- Asian equity indices are +.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 156.5 +4.0 basis points.
- China Sovereign CDS 81.25 -2.0 basis points.
- Bloomberg Emerging Markets Currency Index 48.92 +.02%.
- Bloomberg Global Risk-On/Risk Off Index 3,734.0 -9.0 points.
- Volatility Index(VIX) futures 25.0 unch.
- Euro Stoxx 50 futures n/a.
- S&P 500 futures -.12%.
- NASDAQ 100 futures -.31%.
Earnings of Note
Company/Estimate
Before the Open:
- (AGCO)/2.11
- (MO)/1.25
- (AMT)/2.46
- (BUD)/.75
- (MT)/4.30
- (ARCH)/21.79
- (BAX)/.87
- (BC)/2.70
- (CP)/.94
- (CMCSA)/.92
- (FCN)/1.67
- (HOG)/1.05
- (HSY)/1.68
- (HTZ)/1.20
- (HON)/2.03
- (IP)/1.08
- (KDP)/.39
- (LH)/4.68
- (MA)/2.36
- (MRK)/1.70
- (NOC)/6.10
- (BTU)/3.10
- (PFE)/1.78
- (PBI)/.03
- (RS)/9.01
- (RCL)/-2.30
- (SAH)/2.55
- (SO)/.84
- (LUV)/1.18
- (SWK)/2.13
- (TROW)/2.15
- (VLO)/9.19
- (WING)/.36
After the Close:
- (AMZN)/.12
- (AAPL)/1.15
- (BZH)/1.42
- (DECK)/1.24
- (EIX)/.90
- (EW)/.64
- (FSLR)/-.13
- (INTC)/.70
- (KLAC)/5.49
- (LHX)/3.18
- (MHK)/4.29
- (OLN)/2.53
- (ROKU)/-.68
- (SKYW)/.44
- (X)/3.86
- (VFC)/.14
- (YUMC)/.01
- (ZEN)/.12
Economic Releases
8:30 am EST:
- 2Q GDP is estimated to rise +.4% versus a -1.6% decline in 1Q.
- 2Q Personal Consumption is estimated to rise +1.2% versus a +1.8% gain in 1Q.
- 2Q GDP Price Index is estimated to rise +8.0% versus a +8.2% gain in 1Q.
- 2Q Core PCE QoQ is estimated to rise +4.4% versus a +5.2% gain in 1Q.
- Initial Jobless Claims for last week is estimated to fall to 250K versus 251K the prior week.
- Continuing Claims is estimated to rise to 1386K versus 1384K prior.
11:00 am EST
- The Kansas City Fed Manufacturing Activity Index for July is estimated to fall to 4.0 versus 12.0 in June.
Upcoming Splits
- None of note
Other Potential Market Movers
- The German retail sales, Japan Industrial Production, 7Y T-Note auction, weekly EIA natural gas inventory report and the (SCHW) business update could also impact global trading today.
- 9:30 am - 4:00 pm EST
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