Morning Reads

Morning Reads

• Next Stage of Inflation Fight
• Jerome Powell’s Inflation Whisperer: Paul Volcker
• Climbing Housing Costs Could Prop Up Inflation for a While
• Overstretched U.S. Companies
• Wall Street’s Mysterious 2,200% IPOs Come From Tiny N.J. Broker
• Tycoon’s Wild $3 Billion Gamble on ‘China’s LVMH’ Crashes
• World Will Get More Millionaires After 2022’s Wealth Loss
• Mining Giant Fortescue to Spend Billions
• Why The Current Oil Boom For Arab States May Be Their Last
• Porsche Investor Demand Exceeds $9.4 Billion Offering in Hours
• How a Quebec Lithium Mine
• Why GM Is Taking the Slow Lane in the Great EV Race
• Ford Says It Will Spend $1 Billion More
• An Anti-E.S.G. Activist Takes on Apple and Disney
• Judge Rejects Antitrust Challenge
• Morgan Stanley to Pay $35 Million
• Beyond Meat COO Arrested

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Real Quick

• S&P 500 futures are 0.4% below fair value; the Nasdaq 100 futures are 0.5% below fair value; and the DJIA futures are 0.3% below fair value
• Key factors driving the futures market:
  • Rising Treasury yields
  • Q3 adjusted EBIT warning from Ford (F), which was blamed on higher supplier costs
  • Rate-hike worries after Sweden's Riksbank surprises with a 100 basis point increase in policy rate to 1.75%
  • Technical resistance at 3,900 for S&P 500
• China aiming to ease entry requirements for foreign tourists, according to CNN
• Germany's August PPI +7.9% month-over-month versus 1.6% expected and prior month's 5.3% increase
• Japan's August National CPI +3.0% yr/yr versus prior month's 2.6% yr/yr increase
• Judge has rejected antitrust challenges to UnitedHealth Group's (UNH) deal to acquire Change Healthcare (CHNG), according to The Wall Street Journal
• The Fed's September FOMC meeting starts today. Rate-hike decision and release of Summary of Economic Projections at 2:00 p.m. ET Wednesday.
• Brokerage research calls of note:
  • Upgrades: AMX, HUM, MLM, MORN, NCLH
  • Downgrades: WDC, WY, CX, CHNG, HUN, NKE, PYPL
• WTI crude futures +0.2% to $85.87/bbl; nat gas futures +1.1% to $7.84/mmbtu; copper futures -0.3% to $3.50/lb
• 2-yr note yield +3 bps to 3.97% and 10-yr note yield +5 bps to 3.54%
• Today's economic data: August Housing Starts and Building Permits Report at 8:30 a.m. ET