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- Daily Scoop 22-5-24
Daily Scoop 22-5-24
👋 Your Tuesday Scoops - Snapchat craters & Airbnb gives up on China
Today's Scoop:Gloom
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Big Picture
Retail companies are warning of a consumer spending slowdown.
Far fewer homes were sold in April than expected.
Business activity continued to slow in May.
The Market:
⬇️
-0.8%
S&P 500: 3,941.48
1Mo:
-8%
| 1Yr:
-6%
| 5Yr:
+63%
Markets lost yesterday's optimism after an
unexpected warning of slowing ad revenue
from Snapchat. Marketing budgets can be the first to go when businesses cut expenses. Retail companies like Abercrombie and Best Buy signaled
slower consumer spending.
High mortgage rates and rising home prices are eating into housing demand.
The US Census reported sales of newly built homes tumbled to the lowest level since April 2020 last month. The rate for a 30-year fixed mortgage ended April at 5.41%, while the median price of a new home was $450,600, nearly 20% higher than a year before.
Business activity across services and manufacturing slowed in May,
according to the S&P Purchasing Managers Index. Supply bottlenecks and rising costs have continued to discourage business.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Airbnb
-
Zoom
-
Starbucks
-
Snapchat
-
Best Buy
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
Earnings season
is full of "
beats
" and "
misses
." The news reports refer to whether the company reported more or less profit/revenue/whatever for the quarter than investors expected. Wall Street Analysts make projections, and then media outlets will compare the reported financial figures to the average of the Analysts' expectations. Having a tiny bit more or less revenue or profit than the average of a range of expectations isn't typically something to worry about, especially when it's only three months of a company's lifetime. The important stuff is the report's context and whether the company feels confident about the future.
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