Daily Scoop 22-10-3

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Today's Scoop:Relief

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Big Picture

1. Home prices are falling at the fastest rate in over a decade.

2. Shipping costs are down as transportation jams have cleared up.

3. It's October, somehow. So corporate quarterly financial reports will start soon, aka earnings season.

The Market: 

⬆️

+2.6%

S&P 500: 3,678.43

1Mo:

-6%

| 1Yr:

-14%

| 5Yr:

+44%

Markets started the month on a positive note after an ugly September where the S&P 500 fell 9%.

The mood is very negative,

so any signs of cooling inflation are welcomed.

Home prices are sinking as high mortgage rates deter would-be buyers.

Mortgage-data provider Black Knight Inc. said home prices fell 1% in both July and August, representing the largest monthly declines since January 2009.

Shipping costs have fallen nearly 75% from the sky-high peaks of the pandemic

. With many retailers sitting on too much inventory and inflation eating into shoppers' budgets, the demand for shipping has fallen significantly, bringing the cost down with it. During the pandemic, there weren't enough ships. Now, transporters are cutting back their schedules.

Company Scoops ❤🌎💰

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

Credit Suisse

tries to calm fears of crisis

-

Moderna

won't share secrets with China

-

Peloton

gives up on its brand of exclusivity

-

Walgreens

turns to robot drug dealers

-

Ford

expands in China

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

🤓 Inside Scoop...

The

Federal Reserve

, aka the

Central Bank

, aka

The Fed

, is in charge of our whole money system. The Fed's job is to keep the economy running at a solid pace by

stimulating

business activity when the economy needs support and

restricting

it when it starts to overheat.

Inflation

is the economic heat gauge because when there's too much money trying to buy too little stuff, prices rise. The Fed wants some inflation (~2%), but not high inflation (now). So the Fed will continue shifting from supportive policy to restrictive policy until it sees prices stop rising so quickly or even decline.

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