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Daily Scoop 10-28

Daily Scoop 10-28

👋 Your Thursday Scoops - Apple bites & Amazon stumbles

October 28, 2021

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Today's Scoop:Floating

Big Picture

Economic growth slowed last quarter as consumers spent less.
Layoffs continued to decline last week.
Corporations are passing high labor and supply costs on to the consumer with higher product prices.

The Market

⬆️

+1.0%

S&P 500: 4,596.42

1Mo:

+5%

| 1Yr:

+39%

| 5Yr:

+120%

Markets shook off the disappointing economic growth update this morning and continued the rally. Corporate profits are strong, and the labor market has improved week by week. Real Gross Domestic Product (GDP) growth slowed more than economists expected in the third quarter to a 2% annualized rate, down from 7% in the second quarter. Consumer spending, which makes up most of GDP, slowed significantly. Weekly initial unemployment claims continued improving last week to the lowest levels since the start of the pandemic, with 281,000 Americans laid off.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Apple

underwhelms for the first time in years

Amazon's

struggling with higher costs

Starbucks

keeps boosting wages

Ford

shocked everyone

McDonald's

keeps raising prices

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

Gross Domestic Product is how we track how much stuff the economy is producing. The actual number ($23 trillion) doesn't matter as much as the direction it's going. We track the GDP growth rate to know whether the economy is expanding or contracting from the previous quarter. You'll hear it quoted as an annualized number representing how much the GDP would increase if it hypothetically grew at that rate for a full year.