The Woke Street Journal
Did Biden just endorse Donald Trump? Community Notes doesn’t think so.
Market
The two main areas I have been focused on for a while were both in play yesterday, Fed/rates and semiconductors. First the Fed minutes came out and spooked the market, but didn’t do a ton to rates. After hours NVDA announced earnings, and gave the market what it wanted, a 10 for 1 stock split. Bottom line on the Fed, they seem to be done raising rates, so while we will probably have higher for longer, the next move is down and the market seems to be good with that. It seems like they have moved the goalposts in inflation, but perhaps everyone doesn’t agree. Fed Officials Saw Longer Wait for Rate Cuts After Inflation Setbacks Minutes of their last meeting revealed some officials were open to raising rates if inflation reaccelerated-WSJ
Retail sales also came in below consensus, further showing consumer weakness.
Bottom line, NVDA gave the market what it needed and while higher for longer is a problem, it seems like the market is fine with 0-1 cuts this year. Just keep your head on a swivel as signs of stagflation changes the dynamic. JPMorgan CEO Jamie Dimon says can’t rule out ‘hard landing’ for the U.S., stagflation will be ‘worst outcome’-CNBC.com
Woke Companies
Stop being woke. Target Needs to Win Back Shoppers. Here’s How.-Barron’s
I think I mentioned yesterday it looked like a short. Sitting on some support so probably wouldn’t short it right here. Maybe a break of the 200 day, or a retest and failure around $155
No real reference for a short position yet..
ESG
House Democrats Initiate Probe of Anti-ESG Investment Guidelines Issued by Conservative States-National Law Review
In short, this letter represents an escalation in the ongoing dispute concerning the proper use of ESG factors when making investments, and a further politicization of ESG between the Republican (anti) and Democratic (pro) parties. These developments in Congress, and any consequent impacts in state politics and corporate America, should be monitored closely.
Woke
I’m fine with all of this, until you sacrifice the storyline to push a narrative. 'Doctor Who' sheds even more viewers after gay dance club scenes and drag queen character lead to record-low ratings-Blaze Media
Ted Cruz Asks Biden Judicial Nom To Explain Why She Ordered Male ‘Serial Child Rapist’ To Be Housed In Women’s Prison-Daily Caller
Nothing more pressing to focus on?…..
Climate Change
Slowing EV Sales Are Upending Banker Climate Strategies-Bloomberg
A slowdown in EV adoption has potentially huge implications for the energy transition. It also has ramifications for the many financial institutions that have pledged to decarbonize the loans and investments they make.
For lenders such as Bank of America Corp., HSBC Holdings Plc and JPMorgan Chase & Co. that have committed to reduce emissions associated with their financing activities in high-carbon sectors, the auto industry seemed to have a relatively clear path. Unlike certain hard-to-abate industries where getting to net zero relies on scaling up nascent technologies, a widely held assumption was that government incentives and consumer demand for EVs could be counted upon for a smooth transition.
FERC’s actions are “what we need to see the clean energy revolution we catalyzed with the Inflation Reduction Act come to fruition,” Mr. Schumer crowed. What he means is that renewable developers will now capitalize on more taxpayer largesse while states and businesses socialize the costs of their climate policies.
We already knew climate change was racist, it is now homophobic as well…..
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