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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: Overturned? - In a rare breach of tradition and secrecy, the U.S. Supreme Court has voted to strike down the landmark Roe v. Wade decision, according to an initial draft majority opinion leaked to PO Content analysis details: (5.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 3.0 RCVD_IN_BL_SPAMCOP_NET RBL: Received via a relay in bl.spamcop.net [Blocked - see ] -0.8 RCVD_IN_MSPIKE_H3 RBL: Good reputation (+3) [209.85.210.54 listed in wl.mailspike.net] -0.5 SPF_PASS SPF: sender matches SPF record 0.2 HEADER_FROM_DIFFERENT_DOMAINS From and EnvelopeFrom 2nd level mail domains are different 0.0 SPF_HELO_NONE SPF: HELO does not publish an SPF Record 0.7 MPART_ALT_DIFF BODY: HTML and text parts are different 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 2.5 DCC_CHECK No description available. -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature -0.0 T_SCC_BODY_TEXT_LINE No description available. 0.0 MIME_HTML_ONLY_MULTI Multipart message only has text/html MIME parts 1.0 LOTS_OF_MONEY Huge... sums of money -0.8 RCVD_IN_MSPIKE_WL Mailspike good senders X-Spam-Flag: YES Subject: [SPAM] Wall Street Breakfast: Overturned? ------=_Part_6711151_452214439.1651577207129 Content-Type: text/html; charset=utf-8 Content-Transfer-Encoding: quoted-printable
Overturned? - In a rare breach of tradition and secrecy, the U.S. Supreme C= ourt has voted to strike down the landmark Roe v. Wade decision, according = to an initial draft majority opinion leaked to POLITICO. Once a public ruli= ng is released, federal protection of abortion rights would come to an end,= allowing each state to decide on the legality of abortion and procedures (= at least 22 states already have laws on the books in the event the case is = overturned). The high court is expected to announce its final decision with= in the next two months, though deliberations on controversial cases have be= en fluid in the past and multiple drafts or vote-trading could occur before= then.Some history: Roe v. Wade effectively legalized abortion across the U= nited States in 1973 by striking down a Texas law that only permitted abort= ion for the purpose of saving a woman's life. The majority opinion at the t= ime declared that a woman's right to privacy under the 14th Amendment super= seded a state's right to ban abortion and the court set different rules for= each trimester. In the years since, Roe has been modified but not overturn= ed, like in the 1992 case of Planned Parenthood v. Casey. In that decision,= the court said that restrictions are "unconstitutional" if they place an "= undue burden" on a woman, and quickly became the new standard by which new = abortion cases were judged."Roe was egregiously wrong from the start. Its r= easoning was exceptionally weak, and the decision has had damaging conseque= nces. And far from bringing about a national settlement of the abortion iss= ue, Roe and Casey have enflamed debate and deepened division," Justice Samu= el Alito wrote in the initial draft majority opinion. "Roe expressed the 'f= eel[ing]' that the Fourteenth Amendment was the provision that did the work= , but its message seemed to be that the abortion right could be found somew= here in the Constitution and that specifying its exact location was not of = paramount importance. The Constitution makes no reference to abortion, and = no such right is implicitly protected by any constitutional provision."Is C= orporate America getting involved? You bet, and it has the potential to mak= e bigger waves than the "Don't Say Gay" tussle between Disney (DIS) and Flo= rida's legislature. In 2019, Netflix (NFLX) threatened to pull projects fro= m film and TV hub Georgia over its court-challenged law that would ban abor= tions as early as six weeks into pregnancy, while Amazon (AMZN) just promis= ed to reimburse employees with $4,000 if they have to travel for procedures= like abortions. Other companies also put up money after Texas's Heartbeat = Act went into effect last year, with Match Group (MTCH), Yelp (YELP) and Ap= ple (AAPL) promising to help pay for out-of-state abortions, and Lyft (LYFT= ) and Uber (UBER) pledging legal defense funds for drivers sued under the n= ew law. (117 comments)
3D""
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Ov= erturned?
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In a rare breach of tradition and secrecy= , the U.S. Supreme Court has voted to strike down the landmark Roe v. Wade = decision, according to an initial draft majority opinion leaked to POLITICO= . Once a public ruling is released, fe= deral protection of abortion rights would come to an end, allowing each sta= te to decide on the legality of abortion and procedures (at least 22 states= already have laws on the books in the event the case is overturned). The h= igh court is expected to announce its final decision within the next two mo= nths, though deliberations on controversial cases have been fluid in the pa= st and multiple drafts or vote-trading could occur before then.

Some history: Roe v. Wade effectively legalized abortion ac= ross the United States in 1973 by striking down a Texas law that only permi= tted abortion for the purpose of saving a woman's life. The majority opinio= n at the time declared that a woman's right to privacy under the 14th Amend= ment superseded a state's right to ban abortion and the court set different= rules for each trimester. In the years since, Roe has been modified but no= t overturned, like in the 1992 case of Planned Parenthood v. Casey. In that= decision, the court said that restrictions are "unconstitutional" if they = place an "undue burden" on a woman, and quickly became the new standard by = which new abortion cases were judged.

"Roe was egregiously wrong= from the start. Its reasoning was exceptionally weak, and the decision has= had damaging consequences. And far from bringing about a national settleme= nt of the abortion issue, Roe and Casey have enflamed debate and deepened d= ivision," Justice Samuel Alito wrote in the initial draft majority opinion.= "Roe expressed the 'feel[ing]' that the Fourteenth Amendment was the provi= sion that did the work, but its message seemed to be that the abortion righ= t could be found somewhere in the Constitution and that specifying its exac= t location was not of paramount importance. The Constitution makes no refer= ence to abortion, and no such right is implicitly protected by any constitu= tional provision."

Is Corporate America getting involved= ? You bet, and it has the potential to make bigger waves than the = "Don't Say Gay" tuss= le between Disney (DIS<= /a>) and Florida's legislature. In 2019, Netflix (NFLX) threatened = to pull projects from film and TV hub Georgia over its court-challenged law= that would ban abortions as early as six weeks into pregnancy, while Amazo= n (AMZN) just promised to rei= mburse employees with $4,000 if they have to travel for procedures like abo= rtions. Other companies also put up money after Texas's Heartbeat Act went = into effect last year, with Match Group (MTCH), Yelp (YELP) and = Apple (AAPL) promising to = help pay for out-of-state abortions, and Lyft (LYFT) and Uber (
The Federal Open Market Committee convenes t= oday for its May policy meeting, with expectations of a 50 basis point hike= coming tomorrow afternoon. Investors will be carefully parsing the languag= e of the central bank's statement for any change in its outlook, though the= dip in Q1 GDP is not likely to prompt the Fed to ease up on tightening. Ch= air Jerome Powell is also set to lay out plans of reducing Treasury and MBS= holdings as soon as next month, with the bank only willing to let the asse= ts mature (i.e. "run off") thus far.

Strategies? While rising yields have crushed tr= easury-related ETFs, there are ways investors can exploit a rising-rate env= ironment. Market participants that are betting on higher yields can invest = in inverse ETFs that are designed to bet against bond prices. Four examples= and their YTD prices include the ProShares Short 20+ Year Treasury ETF (TBF) +21%, ProShares UltraShort= 20+ Year Treasury ETF (TBT) +4= 6%, ProShares UltraPro Short 20+ Year Treasury (TTT) = +71%, and the Direxi= on Daily 20+ Year Treasury Bear 3x Shares ETF (TMV) +71%. (42 comments)

     
Featured
How to succeed when stocks are falling
In a volatile market= , like we=E2=80=99re in right now, the inability to block out background noise can be devastating= to your portfolio performance.

Our primary goal at Seek= ing Alpha is to empower investors by delivering breaking news, high-quality= analysis and real-time alerts= about stocks at = risk of underperforming.

But it=E2=80=99s not just about= at-risk stocks. The Quant Ratings also pinpoint under-the-radar winners, w= ith our =E2=80=98Strong Buy=E2= =80=99 stock picks beating the market by more than 4-to-1.
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On The Move
Flash crash=
A flash crash on Monday morning that saw the OMX Stockholm 30 Index plunge as much as 8% in just five minutes s= pilled over into European stock markets, wiping as much as =E2=82=AC315B in= market capitalization off bourses stretching from France to Poland. Tradin= g was halted momentarily in several locations, though things quickly recove= red before finger-pointing ensued. Citigroup's (C) London trading desk eventually claimed responsibility for t= he knee-jerk selloff and is currently in talks with regulators about the in= cident.

Wh= at happened? "One of our traders made an error when inputting a tran= saction," a Citi spokeswoman said in a statement. "Within minutes, we ident= ified the error and corrected it."

The mistake could cause some= reputational damage to Citigroup, which has had some trouble with untimely= errors. In August 2020, Citigroup bankers accidentally<= /a> paid the bondholders of client Revlon (REV) nearly $900M, while it was ordered by regulators to clean up = its safeguards and fined $400M. Meanwhile, the U.S. Office of the Comptroll= er of the Currency just lifted a 10-year-old consent order that was tied to= the lender's compliance with anti-money laundering laws after CEO Jane Fra= ser pledged billions of dollars to transform its technology and internal sy= stems.

Nerves of= steel: "The reason was a sell event by a market participant," said = the exchange operator behind Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq C= openhagen. "After review, Nasdaq has not seen any reason to cancel trades t= hat were made during this event." (28 comments<= /a>)
     
Trade
Par= ing tariffs

U.S. tariff relief on China is now under = consideration at the White House as the Biden administration confronts the = strongest U.S. inflation readings since the early 1980s. At a basic level, = some economists have found that Chinese exporters generally didn't lower prices to keep their goods competitive, = meaning tariff duties were mostly paid by U.S. companies and consumers. Oth= ers say the move would not target inflation at its core (tariffs have been = around since 2018) and would do little while rewarding a "human rights-abus= ing, communist government."

Quote: "Are they on = the table or not? All tools are on the table," U.S. Trade Representative Ka= therine Tai said during an interview at the Milken Institute Global confere= nce in Los Angeles. "The question is 'What do you do with them?'"

Last week, Treasury Secretary Janet Yellen also proposed the phasing out = of Trump-era tariffs on merchandise imports from China to provide price rel= ief to Americans. "While they may have created negotiating leverage, they s= erve no strategic purpose," added Daleep Singh, deputy national security ad= viser for international economics. "From the beginning of the administratio= n, we talked about how some of the tariffs implemented by the previous admi= nistration were not strategic and, instead, raised costs on Americans," Whi= te House Press Secretary Jen Psaki further declared at a press briefing. "A= nd our effort - which has been ongoing, of course - has been to ensure curr= ent Section 301 tariffs align appropriately with our economic and trade pri= orities."

Commentary: "The trouble with China i= s that it continues to act like a small country. Its policies often have th= e desired effect at home - say, reducing input costs to industry or one set= of Chinese farmers or by increasing returns to another," wrote Chad Bown a= nd Yilin Wang, analysts at the Peterson Institute for International Economi= cs. "But they can also be beggar-thy-neighbor, with China selecting the pol= icy that solves a domestic problem by passing along its cost to people else= where."

     
Today's Markets
In Asia, Japan closed. Hong Kong +0.1%. China closed. India closed.
In E= urope, at midday, London = -0.7%. Paris +0.4%. Frankfurt +0.2%.
Futures at 6:20, Dow flat. S&P +0.1%. Nasdaq +0.1%. Crude -0.9% to $104.18. Gold -0.3% to $1859. Bitcoin -0.9% to $38,437.
Ten-year Treasury Yield -1= bps to 2.99%
Today's Economic Calendar
Auto Sale= s
10:00 Factory Orders
10:00 Job Openings and Labor Turnover Su= rvey

Companies reporting = earnings today =C2=BB
What else is happening...
Spirit Airlines (SAVE) r= ejects JetBlue (JBLU) takeover bid.

Stella= ntis (STLA) adds to huge elect= rification investment in Canada.

Des= pite Russia writedown, BP (BP) posts hi= ghest earnings in over a decade.
Amazon (AMZN) workers reje= ct union at second Staten Island warehouse.

Australian hikes interest rates for the first time in 11 years.

Reports suggest Musk is seeking e= xtra financing for (TWTR) buyout.

Trump's Truth So= cial (DWAC) av= ailable via web browser by end of May.<= br />
Did Beijing just flash a green light to buy Alibaba (BABA)?

Moderna (MRNA) expects COVID kids vaccine read= y for FDA June review.

Omega Healthcare (OHI) tops estimates, but some operators still struggle.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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