Friday, June 30, 2023

Rob, we need your attention on these important actions

MomsRising presents: 5Actions

Top #5Actions
of the Past Week
Friday, June 30, 2023

Immigrant_heritage_month_2023

How can we celebrate Immigrant Heritage Month? Find out here!

Your Action Status: NOT YET SIGNED -> Sign Now

This Immigrant Heritage Month we must speak up for our immigrant family members, co-workers, friends, and neighbors! Right now, immigrants are under attack across the nation. Moms know how important our immigrant community members are in keeping our families and kids healthy. Immigrants make up 17% of the nation's healthcare workers, 18% of childcare workers, 38% of home health aides and 12% of the education workforce – caregivers in every sense of the word! So how do we thank our amazing caregivers and the entire immigrant community this Immigrant Heritage Month? We get Congress to support permanent protections for immigrant parents and children!

SIGN ON! Celebrate Immigrant Heritage Month with permanent protections!


GOPTaxScam2023

SIGN NOW: No to the Republican Tax Scam 2.0!

Your Action Status: NOT YET SIGNED -> Sign Now

The House of Representatives Republicans are at it again! In the same month they cut SNAP (food stamps) for older adults and limited funding for childcare and WIC, they also introduced a new tax bill that would give massive tax cuts to wealthy corporations and the super rich! We will not stand quietly by as more tax breaks are given to Big Business while our families suffer!

SIGN OUR LETTER NOW calling on Congress to make the wealthy and mega-corporations pay their fair share, not give them more tax cuts!


PoliceFreeSchools_Storybook_2022

Share Your Story of Police in Schools!

Your Action Status: NOT YET SUBMITTED -> Submit Now

Learning is a tender thing, worthy of protecting, and the physical, social, and emotional health of children in schools is critical to success and safety. Yet many states reported two to three times as many police officers in schools as social workers, and five states reported more police officers in schools than nurses. There are also measurable ways to increase school safety that don't promote the school-to-prison pipeline and have been proven to be successful. We are collecting stories to create materials to educate school districts, legislators and lawmakers about school safety and student support.

Our Children Deserve to Learn in Police-Free Environments! Share Your Story About Police in Schools!


2023Pride

Celebrate Pride by taking action for LGBTQ+ rights

Your Action Status: NOT YET SIGNED -> Sign Now

We are in the final week of Pride Month. Pride Month is a celebration of the LGBTQ+ community and all of the people past and present who have fought to make our country and lives safer and stronger. This Pride Month MomsRising is calling on Congress to pass several important pieces of legislation that will strengthen and protect the lives and rights of the LGBTQ+ community.

Add your name now to our letter urging Congress to pass these important and long overdue pieces of legislation!


Immigration_family_story_2023

We need your immigration story to show our policymakers why immigrants are important to our nation!

Your Action Status: NOT YET SUBMITTED -> Submit Now

Immigrants are a core piece of the nation's history and so many of us have an immigration story from our own family's voyage to the U.S. Do you know your own family's immigration story, if you have one? Maybe there is an immigrant currently in your family or among your friends and community that is having a positive impact on your life? Please share your immigration story or the story of immigrants in your community who are critical to the strength of your community!

SHARE YOUR STORY! Tell us your family's immigration story or the story of an immigrant critical to your community!




 
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Thursday, June 29, 2023

Wall Street Breakfast: Don't Stress

All 23 banks have met minimum capital requirements under the Federal Reserve's 2023 bank stress tests and would still be able to lend in a hypothetical "severe global recession." The variables under this year's exam included losses of up to $541B stemming from items like mortgages, credit cards and trading activities, as well as a 40% decline in commercial real estate prices and the unemployment rate rising to a high of 10%. While the largest U.S. banks passed the test, it was only a few months ago that three mid-sized regional banks failed. Higher interest rates led to lower asset values and higher deposit funding costs, at the same time that customers rushed to exits by pulling their deposits. Quote: "Today's results confirm that the banking system remains strong and resilient," said Fed Vice Chair for Supervision Michael S. Barr. "At the same time, this stress test is only one way to measure that strength. We should remain humble about how risks can arise and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses." The annual health checks dictate the required size of each bank's "capital buffer," which refers to the extra cushion of capital that's set aside on top of the regulatory minimum needed to support daily business. They're important for stockholders because the results determine the level of dividends and amount of stock buybacks the banks will be permitted to do. Lenders will be allowed to disclose their plans after the market closes on Friday, but some have indicated that they'll wait to announce their returns until they get a clearer picture of new capital requirements. SA commentary: "The bigger changes for banks are likely to come later, as the Fed contemplates new rules tied to Basel III Endgame (also called "Basel IV") and the failures of Silicon Valley Bank and First Republic," writes SA analyst Stephen Simpson. "The largest banks seem less vulnerable, but capital requirement changes could meaningfully impact the profitability of regional banks," like Fifth Third (FITB), Key (KEY), Regions (RF) and others. (151 comments)
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Top News
Don't stress
Getty Images
All 23 banks have met minimum capital requirements under the Federal Reserve's 2023 bank stress tests and would still be able to lend in a hypothetical "severe global recession." The variables under this year's exam included losses of up to $541B stemming from items like mortgages, credit cards and trading activities, as well as a 40% decline in commercial real estate prices and the unemployment rate rising to a high of 10%. While the largest U.S. banks passed the test, it was only a few months ago that three mid-sized regional banks failed. Higher interest rates led to lower asset values and higher deposit funding costs, at the same time that customers rushed to exits by pulling their deposits.

Quote: "Today's results confirm that the banking system remains strong and resilient," said Fed Vice Chair for Supervision Michael S. Barr. "At the same time, this stress test is only one way to measure that strength. We should remain humble about how risks can arise and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses."

The annual health checks dictate the required size of each bank's "capital buffer," which refers to the extra cushion of capital that's set aside on top of the regulatory minimum needed to support daily business. They're important for stockholders because the results determine the level of dividends and amount of stock buybacks the banks will be permitted to do. Lenders will be allowed to disclose their plans after the market closes on Friday, but some have indicated that they'll wait to announce their returns until they get a clearer picture of new capital requirements.

SA commentary: "The bigger changes for banks are likely to come later, as the Fed contemplates new rules tied to Basel III Endgame (also called "Basel IV") and the failures of Silicon Valley Bank and First Republic," writes SA analyst Stephen Simpson. "The largest banks seem less vulnerable, but capital requirement changes could meaningfully impact the profitability of regional banks," like Fifth Third (FITB), Key (KEY), Regions (RF) and others. (151 comments)
     
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Media
Hollywood strike
U.S. production houses fear a looming shutdown as actors are preparing to join writers in a double strike this weekend. Actors are demanding higher pay, along with writers who have been on strike for almost nine weeks now. A walkout by the Writers Guild of America has already shut down the final season of Netflix's (NFLX) Stranger Things, an HBO (WBD) prequel of Game of Thrones, and paused production on Disney's (DIS) Thunderbolts and Blade. Other studios involved include Amazon (AMZN), Apple (AAPL), NBCUniversal (CMCSA), Paramount (PARA) and Sony (SONY). (3 comments)
     
Healthcare
Artificial sweeteners
Aspartame, an artificial sweetener commonly used in diet sodas and low-calorie packaged food, is expected to be declared a possible carcinogen next month by the World Health Organization's cancer research arm. A joint FAO/WHO panel on food additives is also reviewing aspartame use and will announce its findings around the same time. While the new ruling could have a major impact, the IARC has historically faced criticism for needlessly causing alarm. Also expect a response from beverage giants such as Coca-Cola (KO), PepsiCo (PEP) and Dr Pepper/Snapple (KDP). (17 comments)
     
Stocks
Most crowded shorts
With positioning having an increasing influence on stock prices, Citi is adding a new Short Stock Crowding Model to help investors identify opportunities. While not a signal to buy or sell any stocks, the list helps gauge risk for stocks to assist in adjusting positioning, with the "traditional longer-term, long-only investor" becoming "less dominant," Citi says. Some of the most crowded shorts include Schlumberger (SLB), McDonald's (MCD), Nvidia (NVDA) and Alphabet (GOOG) (GOOGL). See the full list of the most and least crowded short positions. (59 comments)
     
Today's Markets
In Asia, Japan +0.1%. Hong Kong -1.2%. China -0.2%. India closed. 
In Europe, at midday, London -0.2%. Paris +0.9%. Frankfurt +0.2%.
Futures at 7:00, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude +0.3% at $69.74. Gold -0.3% at $1,916.70. Bitcoin +1.1% to $30,695.
Ten-year Treasury Yield +3 bps to 3.75%.
Today's Economic Calendar
8:30 GDP Q1
8:30 Initial Jobless Claims
8:30 Corporate Profits
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet 

Companies reporting earnings today »
What else is happening...
Micron Technology (MU) pops as Q3 loss not as bad as feared.

Apple (AAPL) nears $3T, but Wedbush thinks it could be worth more.

Overstock (OSTK) starts integrating Bed Bath (OTCPK:BBBYQ) assets.

Office REIT stocks dip as vacancy rates rise, Fed poised to hike.

Virgin Galactic's (SPCE) first commercial spaceflight set for later today.

Why did Carvana (CVNA) jump? Shorts are getting put to the test.

Uranium can potentially provide shelter from an economic meltdown.

Microsoft (MSFT)-Activision (ATVI): Ruling on FTC suit next week.

Nvidia's (NVDA) revenue could be hit by new AI chip curb - analysts.

Consumer jolt: General Mills (GIS) CEO says no food disinflation yet.
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Good Morning, Pennsylvania: Erasing medical debt; hunting license sales; trooper update

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