Daily Scoop 22-2-9

👋 Your Wednesday Scoops - BP shocks the oil world & Chipotle gets expensive

Today's Scoop:Cruising

Big Picture

  1. Consumers are holding record amounts of debt.

  2. But, mortgage volumes are slowing as rates rise.

  3. Corporate profits are strong for companies that can raise prices.

The Market 

⬆️

+1.5%

S&P 500: 4,587.18

1Mo:

-2%

| 1Yr:

+17%

| 5Yr:

+98%

Markets maintained positive momentum today on the back of more

solid corporate updates.

Fourth-quarter profits have been mainly stronger than investors expected.

Today, the Federal Reserve Bank of New York announced that

Americans took on more debt last quarter than ever

before. Consumers added $50B to their credit card balances during the holiday season, the most ever. With the spike in prices for homes and cars,

mortgage and auto loan amounts surged.

The mortgage flurry looks to be slowing down this month. The Mortgage Bankers Association reported a 10%

decline in mortgage applications last week

as long-term interest rates creep higher.

Company Scoops ❤🌎💰

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

BP

-

Chipotle

-

Yum!

-

Lyft's

-

CVS Health

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

🤓 Inside Scoop...

Addressing Scope 3 emissions is a big deal for energy companies. To achieve full net-zero emissions, corporations need to address Scope 1 (direct), Scope 2 (power-related), and Scope 3 (indirect) emissions. Scope 1 & 2 result from its core operations and its power to support those operations. Scope 3 will be important to address for most companies, but particularly for energy companies, because ~70-90% of oil and gas company's emissions come from the production, distribution, and use of their products (think burning gasoline for fuel). BP has become the first major oil and gas company to target net-zero Scope 3 emissions, addressing emissions from fuel production and emissions from fuel sold.

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