Daily Scoop 22-10-20

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Today's Scoop:Shaken

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Big Picture

1. Interest rates keep rising.

2. Home sales have tanked.

3. The new UK Prime Minister resigned after just 45 days.

The Market: 

⬇️

-0.8%

S&P 500: 3,665.78

1Mo:

-3%

| 1Yr:

-19%

| 5Yr:

+42%

The market wavered today. Investors are very pessimistic, and corporate financial reports have been more mixed this week.

Interest rates keep rising as investors worry the restrictive policy measures will push the economy into a recession.

The interest rate on a 10-year US Treasury note, considered the "risk-free" baseline rate that other loans like mortgages are priced off of, hit the highest level since 2008 today.

High mortgage rates have cratered home sales.

The National Association of Realtors reported existing home sales dropped to the lowest level in a decade last month.

UK Prime Minister Liz Truss resigned from her post after just 45 days in office.

Her economic policy to reduce taxes on the wealthiest citizens amidst an inflation crisis sent the British pound to record lows. The administration reversed the policy in the face of such a catastrophe.

Company Scoops ❤🌎💰

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

Amazon

sued for not protecting workers from covid

-

Moderna's

new booster beats the OG

-

American Airlines

keeps pumping prices

-

Tesla

faces a need for speed

-

AT&T

hasn't been affected by inflation

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

🤓 Inside Scoop...

Earnings season

is full of "

beats

" and "

misses

." The news reports refer to whether the company reported more or less profit/revenue/whatever for the quarter than investors expected. Wall Street Analysts make projections, and then media outlets will compare the reported financial figures to the average of the Analysts' expectations. Having a tiny bit more or less revenue (sales) or earnings (profit) than the average of a range of expectations isn't typically something to worry about, especially when it's only three months of a company's lifetime. The important stuff is the report's context and whether the company feels confident about the future.

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