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- Daily Scoop 22-6-16
Daily Scoop 22-6-16
👋 Your Thursday Scoops - Abbott baby food crisis extended & Twitter cancels Disney
Today's Scoop:Frazzled
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Big Picture
Fewer people got laid off last week.
Home construction is slowing.
Consumer confidence is low.
The Market:
⬇️
-3.3%
S&P 500: 3,666.77
1Mo:
-10%
| 1Yr:
-13%
| 5Yr:
+50%
Markets reversed yesterday's gains after deciding the Federal Reserve's policy update wasn't enough to inspire confidence in the economy. Investors worry the Fed can't calm inflation without sending the economy into recession. There are a lot of
mixed messages in the economic data.
Layoffs have been trending higher but declined last week.
The Labor Department reported initial unemployment claims of 229,000 - higher than the record lows earlier this year but still at very low levels.
Home construction is slowing.
The Commerce Department reported that new home construction starts dropped more than 14% from April, the steepest decline in activity over two years. Higher materials prices and slowing homebuyer demand have affected builder sentiment.
The University of Michigan's index of
consumer confidence hit a record low
this week as inflation weighed on budgets.
Company Scoops ❤🌎💰
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Abbott's
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Alphabet's
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BP
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Ford
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🤓 Inside Scoop...
Green hydrogen
, also called
renewable hydrogen
, is one of the most exciting 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 the gas requires electricity to split water (H2O) into hydrogen and oxygen atoms, called
electrolysis
. When hydrogen producers source that electricity from renewable energy, the entire process is emission-free. Currently, producing green hydrogen is expensive, but it presents a massive opportunity for
sustainable energy.
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