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- Daily Scoop 22-3-8
Daily Scoop 22-3-8
đź‘‹ Your Tuesday Scoops - Levi's and H&M make a statement
Today's Scoop:Shaken
Big Picture
Gas prices are still rising.
The US cut off Russian oil imports.
Small businesses are feeling the costs of inflation.
The Market:
⬇️
-0.7%
S&P 500: 4,170.70
1Mo:
-9%
| 1Yr:
+8%
| 5Yr:
+76%
Markets whipped today as investors tried to digest the impacts of the escalating crisis in Ukraine.
Prices for raw materials like nickel and oil are skyrocketing.
Today, President Biden announced a
ban on all oil imports from Russia
to attack the “main artery of Russia’s economy.” Russia supplies 8% of America's oil. AAA reported that the average
price at the pump hit a new record
$4.17 per gallon.
The war in Ukraine has pressured prices for a wide range of raw materials, from wheat and corn to nickel and copper, to new highs. But, inflation was already a problem in the US. The National Federation of Independent Business reported
a decline in small business optimism, driven primarily by inflation concerns.
Company Scoops ❤🌎💰
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Levi's
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H&M
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Boeing's
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American Express
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🤓 Inside Scoop...
Inflation isn't just about higher prices at the pump. As prices for raw materials rise, it costs more for corporations to make their products. So, they tend to raise their prices to compensate for those costs. They’ll typically do that until the prices reach some point that consumers aren’t willing to pay that price for that product or service. Then, rising costs start eating into corporate profits and can lead to layoffs or other cutbacks in expanding their business. Less consumer spending, less business spending, and more unemployment are critical signs of a troubled economy.
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