Daily Scoop 22-8-17

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Today's Scoop:Fading

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Big Picture

1. There's a major slowdown happening in the housing market.

2. Consumer spending habits are shifting amidst all the price changes.

3. Retailers are heavily discounting to offload mismatched inventory.

The Market: 

⬇️

-0.7%

S&P 500: 4,274.04

1Mo:

+12%

| 1Yr:

-3%

| 5Yr:

+76%

Markets drifted lower today on mixed news about the US consumer.

The Commerce Department reported retail spending was flat for the month, as lower gas prices meant

people spent less at the pump

. People also bought fewer cars.

Otherwise, spending increased in July

.

The housing market is hitting a serious slowdown.

High mortgage rates and record listing prices have sapped demand from home buyers. The Mortgage Bankers Association reported the

lowest level of mortgage demand in 22 years,

despite rates falling slightly from peaks. A 30-year fixed rate mortgage still sits near 5.5%.

Earlier this week, we noted sentiment from homebuilders has turned negative, and new home construction fell to its lowest level in over a year. Redfin said 1 in 6 home sales were canceled in July.

Company Scoops ❤🌎💰

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

Meta

readies for election controversy

-

Kraft Heinz

recalls 230,000 Capri Suns

-

Berkshire's

PacifiCorp sued for causing CA's biggest wildfire

-

TJX's

Marshalls, TJ Maxx, & HomeGoods cool off

-

Target

slashes prices in a hard reset

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

🤓 Inside Scoop...

The stock market works in anticipation of what's going to happen. Investors choose to own, or not own, a piece of a company to earn a share of its future growth and profits. Investors often sell stocks when

worried about inflation

because it can negatively affect corporate profits. As the costs of materials, labor and other supplies increase,

corporations

can pass those higher costs on to the

consumer

by raising the price of their goods or services. Eventually, the consumer can't handle the price increases and stops buying as much.

Corporate profits

start to decline as costs keep increasing, but revenue slows. We see some of that play out as consumers shift their shopping preferences. Investors are watching to see if overall

consumer spending

declines.

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