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  • Daily Scoop 22-12-7

Daily Scoop 22-12-7

👋 Your Wednesday Scoops - BlackRock's ESG blowup & NY Times might shut down

Today's Scoop:Drought

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Big Picture

  1. Mortgage rates are coming down from their peaks.

  2. China's relaxing covid restrictions and stimulating its economy.

  3. Union workers across industries are demanding better conditions.

The Market: 

⬇️

-0.2%

S&P 500: 3,933.92

1Mo:

 

+3%

 

| 1Yr:

-16%

 

| 5Yr:

+48%

The market drifted lower today without much major news

. Investors have given up hope on the year-end recovery

and have started stewing on signs of an economic slowdown in 2023.

Mortgage rates are finally coming down from their two-decade high

of 7.16% in October. The Mortgage Bankers Association reported the fourth straight week of falling rates. An average 30-year mortgage costs 6.41% now.

China announced its most sweeping reduction of covid restrictions

since the start of the pandemic today. The country's zero-tolerance policies effectively curbed deaths nationally but hobbled the country's economy and sparked extraordinary protests last month.

Company Scoops ❤🌎💰

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

NY Times

-

BlackRock

-

Moderna

-

Southwest

-

Robinhood

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

🤓 Inside Scoop...

Companies with extra cash can reward shareholders for their support in two ways. First, they can distribute money directly out to investors, literally giving them a share of the profits by paying them a

dividend

. Companies will declare that every investor gets $X for each share they own. Second, companies can buy back their own shares from public investors.

Buybacks

allow companies to reduce the number of outstanding shares in the market, making each remaining share more valuable. They're slicing their company ownership into fewer pieces, allowing each shareholder to own a greater percentage of the company. If companies pause or slow either of these activities, it can mean they're preparing for trouble.

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