Daily Scoop 22-6-8

👋 Your Wednesday Scoops - Burger King LGBTQ flop & Meta's reality

Today's Scoop:Flip flop

Love your daily scoops? Support the mission by recruiting a friend and unlocking premium content!  

Big Picture

  1. High mortgage rates are deterring borrowers.

  2. Home prices are at all-time highs.

  3. 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 ❤🌎💰

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

Burger King's

-

Apple

Meta

Microsoft

Kohl's

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

🤓 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. 

Make sure your inbox doesn't hide your Scoops

To prevent our emails from getting moved to your promotions or spam:

Gmail

: Move the Scoop to your "Primary" inbox:

  • On Mobile: Within this email, select the dots (...) in the top right of your screen. Select "Move to" & "Primary". If it's not there, then your mailbox isn't segmented.

  • On Desktop: Within your inbox, drag & drop this email into the "Primary" tab at the top left.

Apple

: Select the Scoops email at the top. Choose "Add to VIP"

You can find instructions here for all other email clients:

💙 Share the scoop!

1. Share your unique link with friends & coworkers (forward or copy)

2. When they sign up you unlock exclusive rewards

3. Keep on sharing to unlock more rewards

rewards

Forward your unique link:

You have made referrals

Reply

or to participate.