The fight has been just as bitter among companies. They are split between businesses that believe climate disclosure can boost profits and those that see it as costly, complicated and useless, a Wall Street Journal analysis of hundreds of comment letters on the proposed rules shows.
Life Insurance Is Profitable Again, but Too Late for Many Insurers
The past 15 years has been a lousy time to sell life insurance. Higher interest rates driven by the Federal Reserve's inflation-fighting campaign have given the industry a new chance to profit.
But many of the big U.S. publicly traded insurers will miss the party.
Fed Pause Wouldn't Necessarily Refresh Stock Market
Stocks have historically rallied after the Federal Reserve has finished raising interest rates. Markets might not get the same boost this time around, some investors and analysts warn.
Going back to 1982, the S&P 500 returned an average of 19% in the 12 months after the federal-funds rate peaked, according to a Goldman Sachs team led by chief U.S. equity strategist David Kostin. Goldman studied six Fed tightening cycles over that time period. Stocks rose after all but one of them.
The Markets Don't Heed the Fed's Warnings. That Could Be Costly for Them.
Who are you going to believe, me or your own eyes? The ghost of Chico Marx seems to live on among bond traders, who continue to doubt the Federal Reserve's resolve to continue its inflation fight into 2024.
While the odds of one more quarter-point increase in the federal-funds target at the Fed's policy meeting on May 2-3 have become a near lock, markets keep pricing in rate reductions in 2023's second half. That's contrary to the best guesses of Fed Chairman Jerome Powell and his colleagues that the key policy rate will end the year at 5.1%, which implies no cuts after the May hike.
Why the stock market is still at risk after upbeat earnings from U.S. big banks
The U.S. corporate earnings reporting season got off to a good start this week with large U.S. banks reporting robust first quarterly performance despite the collapse of Silicon Valley Bank and Signature Bank last month, but regional banks could still provoke some market volatility given their capital and liquidity issues when they report in coming weeks.
JPMorgan Chase JPM, Wells Fargo WFC, Citi C and BlackRock BLK all beat Wall Street's estimates for their first-quarter profit, easing some of the markets' concern that the sudden meltdown of two regional banks could send shockwaves across the U.S. banking sector and trigger additional financial problems to the economy that is already teetering on a cliff's edge.
Pentagon, Intelligence Agencies Face Calls for Details on Leak Probe
WASHINGTON-U.S. Defense Department and intelligence agencies face growing calls from lawmakers for details about how a 21-year-old Air National Guardsman was allegedly able to access and post online classified information.
Senior lawmakers with oversight of intelligence and defense on Sunday said they don't yet understand how a low-level information technician was allowed access to the classified documents and allegedly to sneak state secrets out of secured facilities. Some lawmakers also called for officials to be held accountable for the breach.
Chip Roy, Pivotal in House Speaker Talks, Braces for Fight on Debt Ceiling
KERRVILLE, Texas-Rep. Chip Roy is preparing for battle.
"The fight's just begun-the speaker's fight was a preview," he said at a fundraiser this past week for the Kerr County Republicans. Of his time in Washington, he said: "I'm not there to get second place. I'm there to win."
Senate Republicans Target Biden Regulations With Disapproval Resolutions
WASHINGTON-Republicans don't control the Senate. But on some days, they have controlled the Senate's agenda on issues including crime and the environment.
While Democrats run the Senate floor on account of their 51-49 majority, Republicans are using various tools to force votes on issues dear to the GOP, over the opposition of Senate Democratic leaders and President Biden. They have employed the Congressional Review Act and other provisions of federal law to target rules written by administration agencies and hold votes on hot-button issues, sometimes peeling off centrist Democrats positioning themselves ahead of the 2024 elections.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
PrairieSky Royalty 1Q
Economic Calendar (ET):
0830 Feb Wholesale Trade
0830 Feb International transactions in securities
Expected Major Events for Monday
04:30/JPN: Feb Revised Retail Sales
08:00/ITA: Mar CPI
12:30/CAN: Feb Wholesale trade
12:30/US: Apr Empire State Manufacturing Survey
12:30/CAN: Feb International transactions in securities
14:00/US: Apr NAHB Housing Market Index
20:00/US: Feb Treasury International Capital Data
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Autoscope Technologies Corp (AATC) is expected to report for 4Q.
Bank First Corp (BFC) is expected to report $1.44 for 1Q.
BitNile Holdings Inc (AULT) is expected to report for 4Q.
Charles Schwab (SCHW) is expected to report $0.81 for 1Q.
CrossFirst Bankshares Inc (CFB) is expected to report for 1Q.
DATATRAK International Inc (DTRK) is expected to report for 4Q.
Equity Lifestyle Properties Inc (ELS) is expected to report for 1Q.
F45 Training Holdings Inc (FXLV) is expected to report for 4Q.
FB Financial Corp (FBK) is expected to report $0.72 for 1Q.
Guaranty Bancshares Inc (GNTY) is expected to report $0.69 for 1Q.
HMN Financial Inc (HMNF) is expected to report for 1Q.
J.B. Hunt Transport Services Inc (JBHT) is expected to report $2.07 for 1Q.
Ledyard Financial Group (LFGP) is expected to report for 1Q.
M&T Bank Corp (MTB) is expected to report $3.94 for 1Q.
MainStreet Bancshares Inc (MNSB) is expected to report $0.94 for 1Q.
Marten Transport (MRTN) is expected to report $0.27 for 1Q.
Nicolet Bankshares Inc (NIC) is expected to report $1.67 for 1Q.
Norwood Financial Corp (NWFL) is expected to report for 1Q.
Orrstown Financial Services Inc (ORRF) is expected to report $0.84 for 1Q.
PAM Transportation (PTSI) is expected to report $0.42 for 1Q.
Parke Bancorp Inc (PKBK) is expected to report for 1Q.
Party City Holdco Inc (PRTYQ) is expected to report $-0.02 for 4Q.
Perma-Pipe International Holdings Inc (PPIH) is expected to report for 4Q.
Pinnacle Financial Partners Inc (PNFP) is expected to report $1.72 for 1Q.
PrairieSky Royalty Ltd (PSK.T) is expected to report for 1Q.
ReShape Lifesciences Inc (RSLS) is expected to report for 4Q.
Remark Holdings Inc (MARK) is expected to report for 4Q.
ServisFirst Bancshares Inc (SFBS) is expected to report $1.05 for 1Q.
Sigmatron International Inc (SGMA) is expected to report for 3Q.
State Street Corp (STT) is expected to report $1.64 for 1Q.
Wayne Savings Bancshares Inc (WAYN) is expected to report for 1Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
Biocept Cut to Hold From Buy by Maxim Group
Catalent Cut to Market Perform From Outperform by William Blair
Hecla Mining Cut to Neutral From Buy by Roth MKM
Mosaic Raised to Equal-Weight From Underweight by Barclays
National Instruments Cut to Hold From Buy by Jefferies
Rivian Automotive Cut to Neutral From Overweight by Piper Sandler
Sallie Mae Raised to Buy From Neutral by Compass Point
VF Corp Raised to Buy From Sell by Goldman Sachs
ViewRay Cut to Hold From Buy by Stifel
ViewRay Cut to Neutral From Buy by BTIG
ViewRay Cut to Perform From Outperform by Oppenheimer
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-17-23 0614ET
