Get ready for the new week
(Bloomberg) — Hello from a soggy Los Angeles. Here’s a few ideas to ease you into the new week, as one of the day’s bigger stories is shaping up to be a report that the US Energy Department concluded the Covid pandemic probably came from a lab leak.
The big market thought: Renewed anxiety over how far the Fed will hike rates drove the S&P 500 to its worst week since early December. Growth and value stocks are moving in lockstep by the most in nearly two decades, leaving even those who successfully navigated 2022’s bear market floundering. Still, look hard enough and you’ll find some optimists who believe a second-half rebound is still possible.
The big earnings: Walmart was one of the losers last week after issuing a profit outlook that disappointed. This week’s crop of earnings reports will provide more insight into the health of the US consumer. Target, Macy’s, Kroger, Dollar Tree and Costco are among retailers set to release their results.
The big meets: Goldman Sachs will hold only its second-ever investor day on Tuesday. The meeting comes as the Wall Street giant confronts slowdowns in various businesses and pulled back on an expensive consumer-banking foray, forcing it to slash headcount. Also holding its investor day next week: Tesla, whose CEO Elon Musk has teased a new edition of his “master plan.” The jury’s out on whether he mentions Dilbert.
The big visit: As Russia’s invasion of Ukraine enters its second year, German Chancellor Olaf Scholz will visit Washington and meet President Joe Biden on Friday and discuss efforts to bolster support for Kiev.
ICYM our Big Take: While Ukrainians welcome the support from the US, Germany and other international allies, ordinary citizens are also doing their part to pay for training and equipment. Marc Champion and Daryna Krasnolutska report on how businesses, civic groups and individuals across the country are digging into their own pockets to fund everything from drones to mortars.
The big shock: Clara Ferreira Marques and David Fickling explain how Russia’s invasion of Ukraine has redrawn the global energy map, hastening a global transformation that will surpass the 1970s oil shocks — and it isn’t over yet.
The big warming: Thinking about squeezing in one last ski trip before the end of winter? Read this story about how resorts are surviving climate change with more money and less snow.
And finally, the latest Merryn Talks Money podcast takes a look at the 300-year history of the industry of providing people with investment advice. Pro tip: don’t bother with the actual investing — just write a best-selling book telling others how to do it.
Have a profitable week. See you on the other side.
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