Daily Scoop 22-7-7

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Today's Scoop:Cruising

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Big Picture

1. More people got laid off last week.

2. More layoffs are coming.

3. US exports were still strong in May.

The Market: 

⬆️

+1.5%

S&P 500: 3,902.62

1Mo:

-5% 

| 1Yr:

-10%

| 5Yr: 

+59%

Markets continued the positive momentum for the fourth day as investors found confidence in Samsung's pulse on the tech sector.

Layoffs are trending higher.

The Labor Department reported that initial unemployment claims rose last week to the highest level since January. 

Layoffs are likely to keep increasing as companies look to cut costs in the face of slower growth.

A job placement firm Challenger, Gray & Christmas survey reported that US companies announced 32,517 job cuts last month, a 57% jump from May and the highest level since February 2021. The auto sector is responsible for a third of it.

The US trade deficit declined in May. 

The Census Bureau and Bureau of Economic Analysis reported a more significant increase in exports than imports, affected by lockdowns in China. The deficit between exports and imports is still up significantly in the past year as the US leaned heavily on imports.

Company Scoops ❤🌎💰

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

Peloton

tries cash and stock incentives

-

Shell's

building Europe's biggest green hydrogen plant

- 

Unilever

sued by Ben & Jerry's for sale to Israel

- 

Walmart's

raising costs for suppliers

- 

Samsung's

slowing from a record pace

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

🤓 Inside Scoop...

Green hydrogen,

also called

renewable hydrogen,

is one of the most exciting potential 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

. The entire process is emission-free when hydrogen producers power electrolysis with electricity from renewable sources. Currently, producing green hydrogen is expensive but presents a massive opportunity for

sustainable energy

.

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