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- Daily Scoop 22-12-8
Daily Scoop 22-12-8
👋 Your Thursday Scoops - Morgan Stanley cuts staff & Exxon rewards workers
Today's Scoop:Bounce
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Big Picture
Gas prices are back down to where they were a year ago.
Used car prices are dropping too.
Weekly layoff rates are still low.
The Market:
⬆️
+0.8%
S&P 500: 3,963.51
1Mo:
+6%
| 1Yr:
-15%
| 5Yr:
+48%
The market floated higher today after several days of negativity.
Investors are worried about a slowing economy
and waiting for next week's inflation data and a new economic policy announcement from the Federal Reserve.
Prices at the pump are returning to normal.
Travel site AAA reported the national average price per gallon is $3.33, one cent lower than the price a year ago and well below the record high of $5.01 in June. Oil prices surged earlier in the year due to the same over-demand / limited supply effects pushing all prices up, and then Russia's war made it worse.
Used car prices are tumbling from their peaks as well.
The Manheim Used Vehicle Value Index is down 16% from record highs earlier this year. The pandemic disrupted supply chains, creating production delays and backlogs for automakers. Consumers went for used cars instead. Now supply chains are clear, and new vehicles are more available.
Layoffs are still at low levels.
The Department of Labor reported initial jobless claims of 230,000 last week, in line with pre-pandemic conditions.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Uber
-
Morgan Stanley
-
Exxon Mobil
-
GameStop
-
Air Products
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
Green hydrogen
, also called renewable hydrogen, is one of the most exciting potential alternatives to fossil fuels for energy production. Hydrogen, a colorless gas, is the most abundant element in the universe. It can be cleanly burned in place of natural gas or converted into fuel cells used like batteries for electric vehicles. The fuel cells react with oxygen to produce energy, with water as the only byproduct. Producing hydrogen fuel requires electricity to split water (H2O) into hydrogen and oxygen atoms, called
electrolysis
. The entire process is emission-free when hydrogen producers power the electrolyzers with renewable energy. Currently, producing green hydrogen is expensive but presents a massive opportunity for
sustainable energy.
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