Where Is the U.S. Economy Headed? Follow the Money
The stock market is near a one-year high, giving many investors comfort. But down below, debt markets are creaking under the strain of rising interest rates.
Lending conditions for companies, consumers and real-estate developers tightened this spring to levels not seen since the height of the Covid pandemic, an analysis of public and private lending data by The Wall Street Journal shows.
Ron DeSantis Kicks Off Early-State Swing as Policy Fights With Trump Intensify
CLIVE, Iowa-Florida Gov. Ron DeSantis kicked off his first in-person campaigning as a presidential candidate Tuesday evening by highlighting his biography and conservative record while seeking to draw a contrast with former President Donald Trump.
The appearance, in front of about 500 people in a suburban church auditorium, came as DeSantis has ratcheted up criticism of the Republican nomination front-runner since the governor's glitch-filled campaign launch on Twitter last week. While much of his criticism was directed at President Biden and liberals, there were also several veiled shots at Trump.
North Korean Spy Satellite Fails to Reach Space
SEOUL-North Korea's first military satellite crashed into the Yellow Sea and failed to launch into space, Pyongyang's state media said, a test that triggered emergency alerts in South Korea and Japan.
North Korea launched a rocket carrying a military satellite around 6:27 a.m. local time from the Sohae Satellite Launching Station, the country's state media said hours later. But the second stage of the rocket malfunctioned, causing it to crash into the waters between China and the Korean Peninsula. Pyongyang will conduct another launch in the near future, the report said.
Chinese Jet Fighter Buzzed U.S. Spy Plane, Pentagon Says
A Chinese jet fighter flew within 400 feet of the nose of a U.S. reconnaissance aircraft last week, the U.S. military said Tuesday, in what it described as an "unnecessarily aggressive maneuver."
The May 26 incident over the South China Sea created wake turbulence for the U.S. aircraft, which was conducting "safe and routine operations over the South China Sea in international airspace," the Pentagon said. The U.S. wouldn't say where precisely its RC-135, a large survey reconnaissance aircraft, was flying at the time of the encounter.
Debt-Ceiling Deal Raises Age of Americans Who Must Work for Food Aid
WASHINGTON-Some older adults would be required to work to get food aid under the federal debt-limit deal set for congressional votes this week, while others would be newly exempt from having to find a job, in one of the more controversial provisions of the compromise agreement.
The deal struck by President Biden and House GOP negotiators over the weekend would raise the age to 54, up from 49, for able-bodied, low-income adults without dependents who would be required to work at least 80 hours a month to receive food aid.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
CAE 4Q
Canaccord Genuity 4Q
Champion Iron 4Q
Descartes Syss 1Q
Laurentian Bank of Canada 2Q
National Bank of Canada 2Q
Economic Calendar (ET):
0830 March GDP
Stocks to Watch:
InPlay Oil: All of the Company's 3,400 Boe/d of Previously Reported Production Down in Pembina Area Close to Drayton Valley, Alberta, Is Back on Production; No Infrastructure Incurred Any Damage as a Result of Fires
Expected Major Events for Wednesday
01:00/JPN: Apr Steel Imports & Exports Statistics
04:30/JPN: Apr Preliminary Report on Petroleum Statistics
05:00/JPN: May Consumer Confidence Survey
05:00/JPN: Apr Housing Starts
05:00/JPN: Apr Construction Orders
05:30/GER: May North Rhine Westphalia CPI
06:00/GER: Apr Foreign trade price indices
06:45/FRA: Apr Household consumption expenditure in manufactured goods
06:45/FRA: Apr PPI
06:45/FRA: May Provisional CPI
06:45/FRA: 1Q GDP - detailed figures
06:45/FRA: Apr Housing starts
07:55/GER: May Labour market statistics (incl unemployment)
08:00/GER: May Bavaria CPI
08:00/GER: May Hesse CPI
08:00/GER: May Baden-Wuerttemberg CPI
08:00/GER: May Brandenburg CPI
08:00/ITA: 1Q GDP
09:00/GER: May Saxony CPI
09:00/ITA: May Provisional CPI
09:00/ITA: May Cities CPI
11:00/US: 05/26 MBA Weekly Mortgage Applications Survey
12:00/GER: May Provisional CPI
12:30/CAN: Mar GDP
12:30/CAN: 1Q Quarterly GDP
12:55/US: 05/27 Johnson Redbook Retail Sales Index
13:45/US: May Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
14:00/US: Apr Metropolitan Area Employment and Unemployment
14:00/US: Apr Job Openings & Labor Turnover Survey
18:00/US: U.S. Federal Reserve Beige Book
19:00/US: Apr Agricultural Prices
20:30/US: 05/26 API Weekly Statistical Bulletin
23:01/UK: May CBI Growth Indicator Survey
23:50/JPN: 1Q Quarterly Financial Statements Statistics of Corporations
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
Aceragen Inc (ACGN) is expected to report for 1Q.
Advance Auto Parts Inc (AAP) is expected to report $2.56 for 1Q.
American Superconductor Corp (AMSC) is expected to report $-0.27 for 4Q.
Amerityre Corp (AMTY) is expected to report for 2Q.
BeyondSpring Inc (BYSI) is expected to report $-0.67 for 1Q.
https://urldefense.com/v3/__http://C3.ai__;!!F0Stn7g!EkjDye3cRF5MB4mq6l88MQ8y8u3uFTw0smbDqyT_9O1zx-kaKi-OUH7yRNQ8qxzCOvuXq6xbRxjeMr3fmLkWjdXgnXehZpdFwGikdd-g3tc$ Inc (AI) is expected to report for 4Q.
CAE Inc (CAE,CAE.T) is expected to report $0.32 for 4Q.
Capri Holdings Ltd (CPRI) is expected to report $0.95 for 4Q.
Chewy Inc (CHWY) is expected to report for 1Q.
Credo Technology Group Holding Ltd (CRDO) is expected to report for 4Q.
CrowdStrike Holdings Inc (CRWD) is expected to report for 1Q.
D-Box Technologies (DBO.T,DBOXF) is expected to report for 4Q.
DXI Capital Corp (DXI.H.V) is expected to report for 1Q.
Descartes Systems Group Inc (DSG.T,DSGX) is expected to report $0.45 for 1Q.
Donaldson Co (DCI) is expected to report $0.73 for 3Q.
GameStop Corp (GME,GMEB) is expected to report $-0.15 for 1Q.
Hovnanian Enterprises Inc (HOV) is expected to report for 2Q.
Ideanomics Inc (IDEX) is expected to report for 1Q.
Lifecore Biomedical Inc (LFCR) is expected to report $-0.18 for 3Q.
National Bank of Canada (NA.T,NTIOF) is expected to report $2.39 for 2Q.
NetApp Inc (NTAP) is expected to report $0.92 for 4Q.
Nordstrom Inc (JWN) is expected to report $-0.61 for 1Q.
North European Oil Royalty Trust (NRT) is expected to report for 2Q.
Okta Inc (OKTA) is expected to report $-0.96 for 1Q.
PVH Corp (PVH) is expected to report $1.95 for 1Q.
Phreesia Inc (PHR) is expected to report for 1Q.
Pure Storage Inc (PSTG) is expected to report $-0.24 for 1Q.
Reservoir Media Inc (RSVR) is expected to report for 4Q.
Royale Energy (ROYL) is expected to report for 1Q.
Salesforce Inc (CRM) is expected to report $0.30 for 1Q.
TVI Pacific Inc (TVI.V,TVIPF) is expected to report for 1Q.
Tupperware Brands Corp (TUP) is expected to report $0.92 for 1Q.
Veeva Systems (VEEV) is expected to report $0.38 for 1Q.
Victoria's Secret & Co (VSCO) is expected to report for 1Q.
nCino Inc (NCNO) is expected to report for 1Q.
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ANALYST RATINGS ACTIONS
Advaxis Raised to Buy From Neutral by Ladenburg Thalmann
Alliant Energy Raised to Outperform From Market Perform by BMO Capital
Boston Beer Raised to Buy From Neutral by Roth MKM
ChargePoint Raised to Buy From Neutral by B of A Securities
Coinbase Raised to Overweight From Neutral by Atlantic Equities
Constellation Brands Raised to Buy From Neutral by Roth MKM
Elevation Oncology Raised to Outperform From Market Perform by SVB Securities
Equitrans Midstream Raised to Outperform From Sector Perform by RBC Capital
Ford Motor Raised to Buy From Hold by Jefferies
Heico Raised to Buy From Hold by Vertical Research
Iovance Biotherapeutics Raised to Overweight From Equal-Weight by Wells Fargo
Rain Therapeutics Cut to Neutral From Buy by Roth MKM
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-31-23 0558ET
