Daily Scoop 22-5-17

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Today's Scoop:Relief

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Big Picture

1. Consumer spending hasn't slowed.

2. Industrial production is still strong.

3. High wheat prices are going to be a problem.

The Market: 

⬆️

+2.0%

S&P 500: 4,088.85

1Mo:

-7%

| 1Yr:

-1%

| 5Yr:

+72%

Markets surged higher today as investors found optimism in the health of the US consumer.

Overall consumer spending increased through March and April

. The Commerce Department reported retail sales grew 0.9% in April and significantly revised its March growth number to 1.4% from 0.5% initially.

The Federal Reserve reported a

surprisingly significant increase in industrial production and manufacturing

in April.

Wheat prices are soaring,

up 60% this year, and will likely affect prices across various food products. The war between Ukraine and Russia has disrupted supply, as the two countries account for nearly a third of the world's wheat exports. Yesterday, India, the world's second-largest wheat producer, imposed a ban on wheat exports to control their domestic inflation. That pushed prices up even further.

Company Scoops ❤🌎💰

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

Intel

shareholders reject exec pay package

-

Abbott

gets OK for baby formula

-

Walmart's

costs are eating into profits

-

Marriott

uses guest data to launch targeted ads

-

Home Depot

notches a record quarter

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

🤓 Inside Scoop...

Shareholders

have the power to pressure corporate executives to change policy through

proxy voting.

Any investor with at least $2,000 of value in a public company can submit a proposal for other shareholders to vote on. Typically, these proposals are non-binding, acting more as suggestions to the company that it takes under consideration. If you own a fund, your vote goes to the asset manager running the fund, like BlackRock or Vanguard. Those financial institutions tend to be deciding factors in these voting processes.

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