Daily Scoop 22-8-18

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Today's Scoop:Drifting

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Big Picture

1. Not many people are buying homes right now.

2. Fewer people were laid off last week than expected.

3. Corporate profits have been stronger than anticipated.

The Market: 

⬆️

+0.2%

S&P 500: 4,283.74

1Mo:

+9%

| 1Yr:

-3%

| 5Yr:

+75%

Markets continued wavering while investors enjoyed the summer slowdown.

America's biggest corporations have been doing better than expected.

We're roughly 90% of the way through earnings season, and over 80% of companies have reported more robust profits than investors expected.

Fewer people got laid off last week.

The Labor Department reported initial jobless claims totaled 250,000, down from the previous week. Layoffs have been inching up over the summer but still sit at a reasonably low level historically.

More data today confirmed

high mortgage rates and record home prices forced a slowdown in the housing market.

The National Association of Realtors reported that

home sales hit the lowest level since June 2020

last month. Besides the pandemic crash, there haven't been this few homes sold in a month since 2015.

Company Scoops ❤🌎💰

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

Airbnb

installs party detectors

-

Procter & Gamble's

under pressure for its deforestation

-

Bank of America

loses billions on overdraft fee cutback

-

Kohl's

is losing shoppers

-

Moderna

names its 4th CFO in two years

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

🤓 Inside Scoop...

Monitoring banks'

overdraft fee

policies has become a top priority for the

Consumer Financial Protection Bureau

(CFPB). Banks charge overdraft fees when customers spend more money than they have in their account and

non-sufficient funds fees

when customers write checks or send wires without the balance to cover it. The CFPB has started focusing on this banking revenue stream because it can be a

hidden and exploitative cost

. Overdraft fees have a negative compounding effect on the financial distress of the most economically vulnerable. Getting charged money for not having enough money is a bad structure. Banks also don't publicize or compete against each other openly for the amount of these fees.

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