Watch For:

N.Y. Fed Empire State Manufacturing Survey for May; Canada Housing Starts for April; Canada Manufacturing Survey for March; Canada Wholesale Trade for March; Joe Biden meets with Greek Prime Minister Kyriakos Mitsotakis

Opening Call:

Stock futures edged down Monday, suggesting major indexes will extend the selloff that has pushed the S&P 500 down for six consecutive weeks.

Investors, worried that the Federal Reserve has been too late to spot the risks from soaring inflation, fear the central bank will move too aggressively to fight it, a mistake that could tip the economy into a recession.

The resulting selloff, which has been compounded by the war in Ukraine and Covid-19 lockdowns in China, has been broad, affecting most assets from cryptocurrencies and stocks to government bonds, leaving investors unsure of where to seek safety.

After weeks of losses, some investors are holding on to stocks, or buying more, hoping declines are reaching their nadir. Others are settling in for a protracted period of volatility.

"We are moving into a more challenging time for markets. We need to see signs that inflation is not just peaking but actually decelerating before you find a sustainable bottom in the market. That is going to take at least a couple of months," said David Donabedian, chief investment officer at CIBC Private Wealth.

"That doesn't mean we won't have counter-rallies higher from day to day, but I think this is a long drawn-out process and it is largely data-driven," he said.

Overseas, European indexes weakened with the pan-continental Stoxx Europe 600 edging down 0.4%.

In mainland China, major stock indexes fell after weaker-than-expected data showed the economic cost of strict lockdowns imposed to control Covid-19 outbreaks. Retail sales fell about 11% year-over-year in April and industrial production contracted 2.9% on the same basis, while growth in fixed-asset investment slowed.

Mainland property stocks outperformed, however, after Chinese authorities lowered the minimum interest rate for mortgages extended to first-time home buyers.

"The April economic numbers have confirmed investors' concerns about a China slowdown," said Tai Hui, chief market strategist for Asia at J.P. Morgan Asset Management in Hong Kong. Although Shanghai has laid out a reopening plan and domestic Covid-19 cases have been declining, investors only expect a gradual recovery over the coming weeks and months, he said.

Still, U.S. markets have already sold off markedly in recent weeks, partly on concerns about Chinese supply-chain disruptions, so the weak data were unlikely to have much impact on broader global markets, Mr. Hui said.

Stocks to Watch:

Tesla has delayed by at least a week returning production at its plant in Shanghai to levels before the city's strict Covid-19 lockdowns, Reuters reported.

It plans to stick to one shift at the plant for the current week, with output per day of about 1,200 units, Reuters reported, citing an internal memo. The aim for Tesla now is to boost output to 2,600 units per day from May 23.

Tesla didn't immediately respond to a request for comment early Monday.


If risk aversion continues to pick up, sending equity markets lower, the DXY Dollar Index could rise well above 105.00, said ING.

The dollar "has remained firmly in demand" as concerns grow about risks related to Russia's invasion of Ukraine and China lockdowns. "We doubt we are going to see a rapid and material unwinding of defensive dollar positions in the week ahead."

ING has raised its forecasts for U.S. interest rates and now expects three 50-basis point rate rises in June, July and September before a return to quarter-point increases in November.


Barclays said the dollar has strengthened more than it had expected and sees room for further gains, lifting it to $1.02 per euro in three months' time, before weakening to $1.06 and $1.10 in six and 12 months. Barclays doesn't expect the euro to drop to parity, however.

"Expensive valuations, market expectations of European fiscal support, a partial and gradual reopening in Shanghai and moderating U.S. data are some of the key reasons why we are not calling for EUR/USD parity, and why we expect dollar strength to fade over time."


Commonwealth Bank expects EUR/USD to consolidate this week after last week's tumble.

European Central Bank officials have made it clear in their speeches that an interest rate tightening cycle will come sooner rather than later and around 20 basis points of tightening is priced for July. However, the ECB is in a similar situation to the Bank of England, with inflation rising in large part due to the current energy price shock and continued supply constraints at the same time that there are a number of strong headwinds for economic growth.

Meantime, LBBW said the dollar "will remain strong against the euro for the time being" and EUR/USD could drop to 1.03 by the end of June.

"Forward contracts on currencies traded by speculators on the Chicago Stock Exchange still do not indicate any dollar euphoria crying out for a correction," said LBBW. Its technical analysis suggests the trend towards dollar appreciation remains fully intact.


RBC has advised selling GBP/SEK, targeting 12.07, with a stop loss at 12.45, compared with a current level of 12.3158.

This is "primarily a bearish GBP trade" while the Swedish krona is the only G-10 currency against the pound that is neutral to general risk appetite, said RBC.

Reports that the U.K. government may start legislating to override aspects of the Northern Ireland Protocol agreed as part of the Brexit agreement take the U.K. "a step closer to a trade war with the EU," RBC said.

Sterling faces a heavy week for U.K. data while there is little on the calendar in Sweden and krona positioning is "close to neutral."


Ten-year Treasury and German Bund yields are likely to move sideways in the short term, around 3% for USTs and 1% for Bunds, said LBBW, adding for the next 12 months, it expect yields will continue to rise.

"Unlike the prior months, however, the balance between inflation and growth risks may improve," said LBBW, adding that the yield increase should be less extreme than in past months.


Oil futures extended losses in Europe, after weak Chinese data that pointed to an economic hit from strict Covid-19 lockdowns, had dragged crude prices into the red in Asian trading.

China's strict Covid lockdowns have raised fears over economic activity, reducing demand for crude oil and the weaker-than-expected figures Monday suggested the hit to demand could also be worse than thought.

While concerns that the global economy is weakening are keeping a lid on oil prices, crude is still up more than 40% this year after Russia invaded Ukraine in February, raising questions about energy supplies. German officials announced over the weekend that Europe's biggest economy will stop importing oil from Russia by the end of the year even if the European Union cannot agree on a ban for all members.


Gold and copper prices slipped as the bearish Chinese data and expected weakness from Europe continued to weigh on sentiment.

In addition, the worsening economic data continues to hit gold's place as an inflation hedge, said ANZ Research, adding that "a stronger dollar amid expectations of an aggressive rate hike cycle continues to weigh on investor demand."




Behind Fake-Account Issue That Elon Musk Cited in Calling Twitter Deal 'On Hold'

Elon Musk's tweet saying his planned Twitter Inc. acquisition was on hold put the spotlight on questions about fake accounts, which have vexed social-media platforms for years.

Mr. Musk, the chief executive officer of Tesla Inc., said in a tweet early Friday that his $44 billion deal to buy Twitter was "temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."


Ford Unloads Further 7 Million Shares of Electric-Vehicle Startup Rivian

Ford Motor Co. said it unloaded more shares of Rivian Automotive Inc., further pressuring the electric-truck maker's battered stock price.

Ford sold 7 million Rivian shares at a price of $26.88, the company said in a regulatory filing late Friday. That followed an 8-million-share sale earlier in the week at about the same price.


CVC Capital in Deal Talks With Australia's Brambles as Logistics Assets Stay Hot

SYDNEY-One of the world's biggest suppliers of wooden pallets for moving goods around the supply chain is in the takeover sights of European private-equity firm CVC Capital Partners.

Brambles Ltd., which has a market value of around $11.4 billion, said on Monday that it is in early talks with CVC about a deal that would represent the latest push by private-equity firms to own logistics companies and repair supply chains frayed by the Covid-19 pandemic. The Australia-listed company has a sizable business in North America where it supplies pallets to more than 24,000 retailers.


JetBlue to Launch Tender Offer for Spirit, Urge Shareholders to Vote Against Frontier Deal, Sources Say

JetBlue Airways Corp. plans to launch a hostile takeover attempt for discount carrier Spirit Airlines Inc., according to people familiar with the matter, after Spirit rejected JetBlue's $3.6 billion offer in favor of an existing deal with Frontier Airlines.

JetBlue plans to appeal directly to Spirit's shareholders by launching a tender offer for their shares, in hopes of pressuring Spirit's management to re-engage in negotiations, the people said. At the same time, JetBlue plans to urge Spirit shareholders to vote against Spirit's planned merger with Frontier Group Holdings Inc. on June 10 in a further effort to sway the company's leaders, the people said.


Renault Sells Russia Business to State-Backed Entity for One Ruble

PARIS-French auto maker Renault SA has reached a deal to cede its 68% stake in Russia's biggest car maker to a state-backed entity for one ruble and a six-year option to buy back its shares, according to people familiar with the matter, an illustration of the limited options Western firms face in leaving Russia.

Renault said Monday that it was handing over its stake in AvtoVAZ to NAMI, a state-backed automotive research and development center. Renault said it was also transferring ownership of a factory in the center of Moscow, which makes vehicles under the Renault and Nissan brands, to the city's government.


Plains All American to Settle Class-Action Lawsuit Over 2015 California Oil Pipeline Spill

The owner of an oil pipeline that caused a 4-mile-long spill along a California beach in 2015 has agreed to pay $230 million to settle a class-action lawsuit brought by fishermen and property owners, according to attorneys and court documents.

Plains All American Pipeline LP will pay $184 million to those affected within the fishing industry and $46 million to property owners, according to court documents, if the settlement reached Friday is approved by a federal court.


Walmart Anticipates a Store Manager Shortage Despite $200,000-a-Year Pay

Walmart Inc. wants to avoid a big problem: having too few store managers.

It is a key position for the retail giant, one that requires long hours and in big stores overseeing an operation with roughly $100 million in annual sales and a team of 300.


Emirates Telecommunications Buys $4 Bln Stake in Vodafone

Emirates Telecommunications Group Co. said Monday it has purchased a 9.8% stake in Vodafone Group PLC, worth around 3.26 billion pounds ($4.0 billion).

The multinational telecommunications services provider didn't disclose how much it paid for the stake, but said it had acquired around 2.77 billion shares in Vodafone, a telecoms company. As Vodafone's shares closed Friday at a price of 117.82 pence, the stake is likely worth around GBP3.26 billion.


Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices

DUBAI-Saudi Arabia's national oil company said Sunday that its net income rose more than 80% to record highs in the first quarter of the year, a surge that shows how some of the world's biggest state-owned energy producers are benefitting from a price boom accelerated by Russia's invasion of Ukraine.

Saudi Arabian Oil Co., known as Aramco, said its quarterly profit swelled to $39.5 billion in the quarter, a period during which Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices, instead sticking by an agreement with Russia to only marginally increase output.


Pay Packages for CEOs Rise to Record Level

The median pay package for chief executives of the biggest U.S. companies reached $14.7 million in 2021, setting a sixth-straight annual record as strong profits and robust markets boosted performance measures.

Total compensation rose by at least 12% for most of the executives, and most companies recorded annual shareholder returns of nearly 30%, according to a Wall Street Journal analysis of data for more than 400 companies from MyLogIQ LLC.


Chinese Wind-Turbine Companies Seek Global Growth as Western Rivals Struggle

TARANTO, Italy-Chinese wind-turbine makers have grown big on the back of their rapidly growing home market. Now they want to expand abroad, putting further pressure on Western wind-turbine makers, which have been struggling to profit from a renewable-energy boom.

The ambitions are visible near this coastal city on the heel of the Italian boot, where Renexia SpA, the renewable-energy arm of Italian infrastructure company Toto Holding SpA, recently inaugurated Beleolico, a 30-megawatt offshore wind farm using Ming Yang Smart Energy Group Ltd. turbines, last month.


China's Economic Activity Cooled Sharply in April

BEIJING-China's economic activity cooled sharply in April, official data showed Monday, as the stringent Covid-19 control measures locked down cities and disrupted businesses.

Retail sales, a gauge of China's consumption, fell 11.1% on year in April, widening from a drop of 3.5% in March, the National Bureau of Statistics said. The result was also much lower than the 5.4% decline expected by economists polled by The Wall Street Journal.


China PBOC Cuts Mortgage Rate Lower Limit for First-Home Buyers

China's central bank cut the lower limit on mortgage rates for first-home buyers, a move that could revive the property market and support the cooling economy.

The People's Bank of China said Sunday that it would allow commercial banks to reduce their mortgage rates by up to 20 basis points from the current floors, while keeping the minimum mortgage rates for second-home buyers unchanged.


EU Lowers Growth Outlook, Raises Inflation Forecasts Due to Ukraine War

Russia's invasion of Ukraine has dashed hopes for a prolonged and robust expansion following the Covid-19 pandemic, the European Commission said Monday as it lowered growth expectations for the eurozone economy for 2022 and 2023.

"Russia's invasion of Ukraine is causing untold suffering and destruction, but is also weighing on Europe's economic recovery," said Paolo Gentiloni, Commissioner for the Economy.

The war is exacerbating pre-existing headwinds to growth that were previously expected to subside, as it exerts further upward pressure on commodity prices, causing renewed supply disruptions and greater uncertainty, the European Commission said in its spring forecasts.


Investors Stay Put, Because They Can't Think of Better Options

Even the worst markets are supposed to have havens. Some unnerved investors are wondering if this one doesn't.

The S&P 500 is down 16%, its worst start to a year since 1970, according to Dow Jones Market Data. But assets of all kinds are also falling. Gold, typically considered a haven, has swung into the red. Bonds are typically another shelter, but this year they are falling alongside stocks, an unusual tandem that reflects investors' uncertainty.


Nations Aim to Secure Supply Chains by Turning Offshoring Into 'Friend-Shoring'

WASHINGTON-As war and the pandemic expose the fragility of supply chains, the U.S. and its allies are pursuing a new kind of global trade, one that confines commerce to a circle of trusted nations. Fans call the shift "friend-shoring."

The new strategy is a departure from economic globalization of recent decades, when businesses bought and made products where costs were low and free-trade policies made moving goods around the world cheaper and faster.


India Bans Wheat Exports, Putting More Pressure on Global Food Supplies

NEW DELHI-India said it would ban wheat exports, in a move that will add to global inflationary pressure and further strain global food supplies that have been disrupted by the war in Ukraine.

"The food security of India, neighboring and other vulnerable countries is at risk," India's Directorate General of Foreign Trade said in a notice on Friday explaining the ban.


Yellen Seeks to Win European Support for a Tax Deal Congress Hasn't Approved

WASHINGTON-Treasury Secretary Janet Yellen wants to clinch the European Union's approval of a global minimum tax on the profits of large corporations, hoping to smooth out Poland's objections to approving the plan in meetings next week.

But the larger threat to the agreement's future may rest closer to home, in Congress, which hasn't yet approved the plan Ms. Yellen negotiated.


Jeff Bezos Criticizes Joe Biden in Twitter Spat Over Inflation Inc. founder Jeff Bezos criticized the Biden administration in two tweets over the weekend for tying the corporate tax structure to rising inflation.

The tweets were spurred by one from President Biden on Friday, which said: "You want to bring down inflation? Let's make sure the wealthiest corporations pay their fair share."


Rising Food Prices Roil Developing World

Soaring food prices are triggering shortages and protests across the developing world as disruption from the Ukraine war adds to existing strains on global supplies of grains, meat and other foodstuffs.

India on Saturday invoked a rare ban on wheat exports to help tame domestic prices, a move likely to exacerbate global strains. The country is the world's second-largest wheat grower, behind China. Late last month, Indonesia halted the export of certain types of palm oil in an effort to lower soaring prices of cooking oil at home.


Individual Investors Step Back From Options Bets

Options trading by individual investors is fading, the latest sign that the stock market's speculative fever has broken.

Those individual investors had embraced options as a way of riding the stock market's momentum that drove shares of companies from Apple Inc. to Nvidia Corp. to new heights. Now, the Federal Reserve's move to raise interest rates to tame inflation has thrown that dynamic into reverse, sending the prices of stocks skidding.


Stocks Are Way Down. They're Still Expensive.

U.S. stocks are off to their worst start to a year in more than a half-century. By some measures, they still look expensive.

Wall Street often uses the ratio of a company's share price to its earnings as a measuring stick for whether a stock appears cheap or pricey. By that metric, the market as a whole had been unusually expensive for much of the past two years, a period when especially easy monetary policy turbocharged the popular view that low interest rates gave investors few alternatives to stocks.


Shanghai Lays Out Covid-19 Reopening Plan as China Cancels 2023 Soccer Tournament

HONG KONG-Shanghai officials outlined plans for a phased reopening of shopping malls, supermarkets and other businesses, even as many residents in China's financial hub remained confined to their locked-down homes.

Chen Tong, Shanghai's deputy mayor, said Sunday that the city would begin allowing businesses to open on a limited basis starting Monday as daily Covid-19 infection cases continue to decline nearly two months into a hard lockdown of the city of 25 million people.


Mass Covid Testing, Already a Familiar Ritual, Becomes China's New Normal

China is doubling down on mass testing as a key weapon against Covid-19 even as costs mount and the highly infectious Omicron variant exposes challenges with the strategy.

Mass testing has become a part of daily life across the country. Similar to how many people in the West have had to show a vaccine pass to dine out, enter the office or get on a plane, in China, the thing not to leave home without is a negative Covid test.


Finland Plans Next Step in NATO Bid as Ukraine Mounts Counteroffensive Near Key Eastern City

KYIV, Ukraine-Finland said Sunday it would seek parliamentary approval to join NATO as Kyiv's forces began a counteroffensive toward the eastern city of Izyum, which Ukrainian officials said was aimed at disrupting Russian supply lines into the Donbas region.

Finnish President Sauli Niinistö said the government would apply for membership in the North Atlantic Treaty Organization subject to approval by parliament, which is widely expected, in the coming days.


Ukraine Launches Counteroffensive to Disrupt Russian Supply Lines

KYIV, Ukraine-Ukraine began a counteroffensive toward the eastern city of Izyum aimed at disrupting Russian supply lines into the Donbas region, officials said, as Ukrainian forces continued clearing villages north of Kharkiv and Russian President Vladimir Putin warned his Finnish counterpart that joining NATO would risk damaging relations with Moscow.


Kathy Barnette Scrambles Pennsylvania GOP Senate Primary, Drawing Trump Ire

In the closing days of Pennsylvania's Republican primary for U.S. Senate, a candidate who has had a tiny fraction of the resources of the two front-runners is suddenly a contender, triggering attacks against her from different directions.

Kathy Barnette, an Army Reserve veteran and commentator, is surging in part because of a rise from poverty that includes being the product of sexual assault, something she has said helped forge her fierce opposition to abortion. She is also benefiting from endorsements in the final week of the primary campaign from two powerful conservative groups.


Election Officials Steel Themselves for Threats as Midterm Season Gears Up

Forrest Lehman, the elections director in Pennsylvania's Lycoming County, was brought up short earlier this year by a poll worker's question: What should I do if I get a death threat?

"I never would have had a question like that before 2020," said Mr. Lehman, expressing relief that he knew of no such threats in his largely rural county. "I don't expect that to happen," he added, "but it's illustrative that it's on their mind now."




1Q unless stated otherwise

Charlotte's Web

Enthusiast Gaming

K92 Mining

Marathon Gold

MediPharm Labs

NanoXplore 3Q

Voyager Digital 3Q

Economic Indicators (ET):

0815 Apr Housing Starts

0830 Mar Monthly Survey of Manufacturing

0830 Mar Wholesale Trade


Expected Major Events for Monday

06:00/GER: Apr WPI

06:00/JPN: Apr Preliminary Machine Tool Orders

12:15/CAN: Apr Housing Starts

12:30/CAN: Mar Monthly Survey of Manufacturing

12:30/CAN: Mar Wholesale trade

12:30/US: May Empire State Manufacturing Survey

20:00/US: Mar Treasury International Capital Data

All times in GMT. Powered by Kantar Media and Dow Jones.


Expected Earnings for Monday

AIkido Pharma Inc (AIKI) is expected to report for 1Q.

AcelRx Pharmaceuticals Inc (ACRX) is expected to report $-0.06 for 1Q.

Alaunos Therapeutics Inc (TCRT) is expected to report $-0.05 for 1Q.

Altus Power Inc (AMPS) is expected to report for 1Q.

Angion Biomedica Corp (ANGN) is expected to report for 1Q.

Avenue Therapeutics Inc (ATXI) is expected to report $-0.49 for 1Q.

Brainstorm Cell Therapeutics Inc (BCLI) is expected to report $-0.13 for 1Q.

CEL-SCI Corp (CVM) is expected to report $-0.16 for 2Q.

Celsion Corp (CLSN) is expected to report for 1Q.

Chimerix (CMRX) is expected to report $-0.33 for 1Q.

Clear Secure Inc (YOU) is expected to report for 1Q.

Dynacor Gold Mines (DNG.T) is expected to report for 1Q.

Galectin Therapeutics (GALT) is expected to report for 1Q.

HOOKIPA Pharma Inc (HOOK) is expected to report for 1Q.

Impel Pharmaceuticals Inc (IMPL) is expected to report for 1Q.

InnSuites Hospitality Trust (IHT) is expected to report for 4Q.

K92 Mining Inc (KNT.T) is expected to report for 1Q.

Kala Pharmaceuticals Inc (KALA) is expected to report $-0.34 for 1Q.

Lifeway Foods (LWAY) is expected to report for 1Q.

LogicBio Therapeutics Inc (LOGC) is expected to report for 1Q.

Luna Innovations (LUNA) is expected to report $-0.03 for 1Q.

Milestone Scientific Inc (MLSS) is expected to report $-0.03 for 1Q.

Mind Medicine (MindMed) Inc (MMED.GR) is expected to report for 1Q.

Mullen Automotive Inc (MULN) is expected to report for 2Q.

Nuvo Pharmaceuticals Inc (NRIFF) is expected to report for 1Q.

Orbital Energy Group Inc (OEG) is expected to report for 1Q.

Passage Bio Inc (PASG) is expected to report for 1Q.

PolarityTE Inc (PTE) is expected to report $-0.99 for 1Q.

Professional Diversity Network Inc (IPDN) is expected to report for 1Q.

S&W Seed (SANW) is expected to report $-0.10 for 3Q.

SPAR Group (SGRP) is expected to report for 1Q.

Siebert Financial Corp (SIEB) is expected to report for 1Q.

StageZero Life Sciences Ltd (SZLS.T) is expected to report for 1Q.

Stratus Properties (STRS) is expected to report for 1Q.

Synthetic Biologics Inc (SYN) is expected to report $-0.23 for 1Q.

Syros Pharmaceuticals Inc (SYRS) is expected to report $-0.46 for 1Q.

US Well Services Inc (USWS) is expected to report for 1Q.

Vidler Water Resources Inc (VWTR) is expected to report for 1Q.

Warby Parker Inc (WRBY) is expected to report for 1Q.

Weber Inc (WEBR) is expected to report for 2Q.

Powered by Kantar Media and Dow Jones.



Atmos Energy Cut to Neutral From Buy by Goldman Sachs

Avaya Holdings Cut to Market Perform From Outperform by Cowen & Co.

Blackstone Sec Lending Fd Raised to Outperform From Market Perform by Raymond James

Brickell Biotech Cut to Hold From Buy by Lake Street

Carvana Cut to Hold From Buy by Jefferies

Constellation Energy Raised to Buy From Neutral by Guggenheim

Duolingo Raised to Outperform From Market Perform by Raymond James

Endeavor Group Holdings Raised to Buy From Neutral by UBS

Endeavor Group Holdings Raised to Overweight From Equal-Weight by Barclays

Evolus Raised to Equal-Weight From Underweight by Barclays

First Solar Raised to Overweight From Neutral by Piper Sandler

Fluence Energy Cut to Neutral From Buy by Goldman Sachs

Ford Motor Raised to Equal-Weight From Underweight by Morgan Stanley

Krispy Kreme Raised to Buy From Hold by HSBC

Mercury Systems Raised to Buy From Hold by Truist Securities

Meritage Cut to Peer Perform From Outperform by Wolfe Research

New Relic Cut to Hold From Buy by Needham

Oshkosh Cut to Underperform From Neutral by B of A Securities

Outbrain Cut to In-Line From Outperform by Evercore ISI Group

Paysign Raised to Outperform From Market Perform by Barrington Research

Proterra Cut to Underperform From Buy by B of A Securities

Pulse Biosciences Cut to Neutral From Buy by HC Wainwright & Co.

Redbox Entertainment Cut to Neutral From Buy by B. Riley Securities

Republic Services Raised to Buy From Neutral by B of A Securities

Squarespace Raised to Outperform From Neutral by Wedbush

Switch Cut to Equal-Weight From Overweight by Barclays

TuSimple Cut to Sector Perform From Outperform by RBC Capital

United Parcel Service Cut to Neutral From Overweight by JP Morgan

Waste Management Raised to Neutral From Underperform by B of A Securities

WEC Energy Group Raised to Buy From Neutral by B of A Securities

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

May 16, 2022 05:39 ET (09:39 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.