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- Daily Scoop 22-6-8
Daily Scoop 22-6-8
👋 Your Wednesday Scoops - Burger King LGBTQ flop & Meta's reality
Today's Scoop:Flip flop
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Big Picture
High mortgage rates are deterring borrowers.
Home prices are at all-time highs.
More homes are coming to market.
The Market:
⬇️
-1.1%
S&P 500: 4,115.77
1Mo: +3
%
| 1Yr:
-2%
| 5Yr:
+69%
Markets turned lower today as investors kept debating whether the economy is headed into a recession. Friday's inflation report will be essential to confirm whether inflation has peaked.
Higher rates and high prices are starting to slow the housing market.
With 30-year fixed mortgage rates back up above 5.4%, the Mortgage Bankers Association reported
mortgage demand hitting its lowest level in 22 years
. New home mortgage applications are 21% lower than a year ago.
Realtor.com reported that median
home listing prices hit an all-time high in April
of $447,000, a 35% increase in two years.
There might be hope for prices to come down, as
home supply actually increased last month
for the first time in a while.
This cooling of home buying activity is a perfect example of what's happening in the broader economy.
The cost of everything we buy has been surging, so the Federal Reserve is starting to raise baseline interest rates to make borrowing more expensive across the board. When borrowing gets more expensive, people spend less, and prices stop rising so quickly.
Company Scoops ❤🌎💰
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Kohl's
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🤓 Inside Scoop...
Summer
typically means more
market volatility
. This is because there can actually be a tangible impact on the amount of trading happening in the market over the summer and during holiday periods. As much as it seems like the stock market is a big machine, it's still run by people. As portfolio managers and analysts head to the Hamptons and more people take a moment to unplug,
trading volumes
can decline. There can be wider swings in prices in a market with fewer participants. If you had a thousand people guess what they think a toaster costs, you would likely see many of the same guesses or slight differences in the middle of the range of price guesses. But, the more people you take away, the fewer overlapping opinions and wider the gaps in price estimates. That's what happens in the stock market.
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