Here’s Your Daily Market Brief For March 22nd


📰 Top News

US stock futures pointed to a slightly higher opening in Tuesday morning trading as investors digested hawkish remarks from Federal Reserve Chairman Jerome Powell and the latest developments between Russia and Ukraine.

Prepare for Cyberwar! US President Joe Biden said his administration is reiterating warnings about cyberattacks from Russia, saying Russia is looking at options for possible attacks. The White House suggested that companies back up and encrypt data, refresh passwords and keep devices up to date with the latest security fixes.

Powell going after inflation US Federal Reserve Chairman Jerome Powell said he is prepared to take tough action on inflation, given its potential to jeopardize the US economic recovery. Powell said the Fed will continue to hike rates until inflation comes under control and could get even more aggressive than last week's increase which was the first in more than 3 years.

European Union mulls more Russian sanctions – European Union countries are accusing Russia of committing war crimes in Ukraine and are advancing talks for a fresh round of sanctions on Russia. EU nations have rallied since the invasion began on Feb 24th to slap sanctions on hundreds of people including Russian President Vladimir Putin, and pro-Kremlin oligarchs.

🎯 Price Target Updates

Truist Securities upgrades Procter & Gamble. PG upgraded to BUY from HOLD – PT $175 (from $165)

Loop Capital downgrades Wish. WISH downgraded to HOLD from BUY – PT $2 (from $4)

Goldman Sachs downgrades Phillip Morris International. PM downgraded to NEUTRAL from BUY – PT $100

📻 In Other News

UK Regulator lays down law on crypto ads – The UK's Advertising Standards Authority has issued an enforcement notice to over 50 companies that have advertised cryptocurrency services, advising them to review and ensure their ads are compliant with new guidance. Note: The new guidance mandates advertisers to clearly state that crypto is unregulated in the UK.

Google hit with discrimination lawsuit A former Google employee has sued the tech giant for racial discrimination, saying it engages in a "pattern and practice" of unfair treatment towards its black workers. Note: The lawsuit, which seeks class action status, echoes prior complaints from employees of color at the company.

US SEC to set climate reporting rules? – The US Securities and Exchange Commission has proposed rules that would require companies to report on how their operations affect the climate and formation of carbon emissions. Note: The rules would seek to measure and display big companies' direct greenhouse gas emissions as well as indirect emissions from partners.

📅 This Week's Key Economic Calendar

Tuesday: Richmond Fed Manufacturing Index (Mar)

Wednesday: New Home Sales (Feb)

Thursday: Initial Jobless Claims (wk end 19 Mar), Markit US Manufacturing PMI

Friday: Pending Home Sales MoM (Feb), U of Mich. Sentiment (Mar) F

📔 Snippet of the Day

Quote of the day: "Always keep your portfolio and your risk at your own individual comfort sleeping point" – Mario Gabelli

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