More selling, Estee Lauder, Meta

1. Federal Reserve-driven selling continues in stocks but the long bond does nothing. These moves say earnings must go lower. But the question is: which ones? Since the Fed outlined a more hawkish outlook Wednesday, the Dow Jones Industrial Average lost more than 900 points total in back-to-back declines.

2. Atlantic Equities expects growth at Club holding Estee Lauder (EL) to reaccelerate as China relaxes Covid restrictions. As we’ve been saying, analysts there say lifting Covid rules unlocks China’s potential. Atlantic put an overweight (buy) rating on EL, with a $302-per-share price target.