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- Daily Scoop 22-12-6
Daily Scoop 22-12-6
👋 Your Tuesday Scoops - Nike cuts Kyrie & Hertz arrests customers
Today's Scoop:Tired
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Big Picture
Layoffs are spreading beyond the tech industry.
Big banks are warning of a downturn.
The US is exporting less as international economies slow.
The Market:
⬇️
-1.4%
S&P 500: 3,941.26
1Mo:
+4%
| 1Yr:
-16%
| 5Yr:
+49%
The market continued lower today without any significant drivers.
Banks are warning of a slowdown.
Bank of America warned of a significant increase in unemployment in 2023. JP Morgan is expecting at least a mild recession. Remember, recession just means a less-strong economy with higher unemployment and less spending. It doesn't mean global financial collapse. We just got unlucky that the last two recessions were also global crises.
Layoffs are spreading beyond tech.
Many companies, from Pepsi to Walmart and Ford, have announced pragmatic cost reductions as sales slow. Employees are usually companies' most significant expense.
US exports are falling.
The Commerce Department today reported a widening trade deficit as exports fell to a seven-month low. The US dollar has been very strong, making US goods expensive while other economies slow.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Nike
-
Live Nation's
-
Hertz
-
PepsiCo
-
TSMC
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
Federal
antitrust
laws are designed to increase economic competition by limiting the market power of any one company or small group of companies (aka a trust). The Federal Trade Commission, and sometimes the Justice Department, are tasked with monitoring pricing practices and collusion between major corporations to break up monopolies and other anti-competitive power structures. Regulators review all corporate mergers and acquisitions to ensure newly-formed companies won't limit competition in a way that harms consumers with less choice or higher prices.
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