Bloomberg - Evening Briefing - The coming correction?

Bloomberg Evening Briefing

The bigger they come, the harder they fall—and perhaps sooner rather than later. The stock market these days is looking pretty big, so it should come as no surprise that yet another wise voice has been lent to the choir singing the notes of correction. Morgan Stanley’s Mike Wilson is warning that traders should brace for a significant pullback in the stock market as uncertainty swirls around the US presidential campaign, corporate earnings and Federal Reserve policy. “I think the chance of a 10% correction is highly likely sometime between now and the election,” Wilson said in an interview with Bloomberg Television Monday. The third quarter is “going to be choppy.” 

Here are today’s top stories

Russia attacked a children’s hospital in Ukraine, part of a range of strikes across the country that local authorities said killed at least 36 people. In the capital, images emerged of crowds outside the Okhmatdyt pediatric hospital trying to remove rubble from the scene. The missile struck a building where children were undergoing dialysis, Ukrainian President Volodymyr Zelenskiy said. Ukraine’s Air Force said 30 of 38 missiles were intercepted in the attack, with damage caused by the remaining missiles and from falling debris. “We will restore everything that was destroyed by these terrorists,” Zelenskiy said in Warsaw as he made his way to a NATO summit in Washington. “Undoubtedly, we will respond.”

The scene of the Russian strike on Okhmatdyt children’s hospital. Photographer: Roman Pilipey/AFP/Getty Images

Just in case they didn’t hear him the first few times, US President Joe Biden effectively yelled at his fellow Democrats on Monday to move on. After more than a week of beltway talking heads analyzing whether he would step back, and a steady trickle of calls from his side of the aisle to do so, Biden had apparently had enough. “I am firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump,” he wrote in a two-page letter addressed to Democratic lawmakers. “Any of these guys who don’t think I should run, run against me. Go ahead. Run for president. Challenge me at the convention.”

Biden had some good news over the weekend. Despite the debate debacle, he registered his best showing yet in a Bloomberg News/Morning Consult tracking poll of battleground states afterwards. Meanwhile Illinois Governor J.B. Pritzker is stepping up his fight against Trump, with his abortion rights group buying billboard ads in the city that will host the Republican National Convention next week. Democrats have been focusing their fire on the US Supreme Court’s elimination of a federal right to abortion and how it was made possible by three Trump appointees. Meanwhile, the Biden campaign is seeking to draw voters by highlighting state Republican efforts since then to further restrict women’s reproductive rights.

A billboard purchased by Think Big America in Milwaukee. Source: Think Big America

Halfway into President Javier Milei’s first calendar year in office, Argentina is mired in a deep recession after the far-right economist devalued the country’s currency and eroded shoppers’ purchasing power. Pork and poultry cost roughly half as much as beef, which has translated into a 110-year-low when it comes to consumption of the latter in the usually beef-crazy country.

In a deal they say was hatched without their assent, the families of 346 people killed in two Boeing 737 Max crashes slammed a Justice Department plea deal for the embattled planemaker. While the agreement makes the once-widely admired company a convicted felon, it does eliminate a major crisis it faced. Boeing could have paid a criminal fine of as much as $487.2 million, but the DOJ asked the judge to credit Boeing for a prior fine it paid, which would bring the new penalty down to $243.6 million. The judge still has to approve. “We are extremely disappointed that DOJ is moving forward with this wholly inadequate plea deal despite the families’ strong opposition to its terms,” lawyer Erin Applebaum said, calling it “nothing more than a slap on the wrist.” 

The site of the crash of an Ethiopian Airlines Boeing 737 Max in the Oromia region of Ethiopia. The Nairobi-bound Boeing crashed minutes after takeoff from Addis Ababa on March 10, 2019, killing all 157 people on board. Five months earlier, 189 people were killed when a Lion Air-operated 737 Max crashed into the Java Sea. Photographer: Tony Karumba/AFP

France’s political class is drawing breath as officials prepare to begin  negotiations over the next government. President Emmanuel Macron’s decision to call a snap election after a crushing defeat to the far right in European elections last month cost him control of the French parliament. But with the far-right smarting after a dramatic second-round defeat and the lower house split between three antagonist blocs, it’s unclear who will be able to lead the next government.

Legions of retail investors flooded the stock market in 2021, eager to chase volatile “meme stocks” with strong social media followings and weak financials. This passion to own a piece of companies such as GameStop and AMC seemed like a fever that was sure to break. Fueled by pandemic rescue checks and pre-vaccine boredom, newbie traders had nothing better to do than funnel their cash into shares championed by internet investing gurus. Flash-forward three years, however, and it’s abundantly clear: meme-stock craziness isn’t going anywhere

What you’ll need to know tomorrow

Why Australia Is Experimenting With Psychedelics

Australia is a nation known for its conservative attitude toward drug regulation. So the approval of psychedelics for medical use in 2023 came as a shock. Maybe more shocking was who got it done: an opera singer and her former investment banker husband, who kicked up no shortage of controversy along the way. Watch this Bloomberg Originals mini-documentary on how they did it, and their—well—long strange trip.

Watch Why Australia Is Experimenting With Psychedelics

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Bloomberg Weekend Reading View in browser Bloomberg US President Joe Biden appeared to be in a corner. More than a week of constant media scrutiny of the 81-year-old Democrat's scattershot debate

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Bloomberg Evening Briefing View in browser Bloomberg US President Joe Biden forcefully reiterated Friday that he is staying in the presidential race and denounced efforts to push him out after more

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Bloomberg Evening Briefing View in browser Bloomberg For the first time in its history, the S&P 500 closed above 5500 on Tueday to extend a blistering 2024 rally that's left analysts scrambling

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