Daily Scoop 22-8-23

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Today's Scoop:Snooze

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Big Picture

1. Fewer people are buying homes at current prices.

2. The supply of unsold homes has reached 13-year highs.

3. Global economic activity slowed this past month.

The Market: 

⬇️

-0.2%

S&P 500: 4,128.73

1Mo:

+4%

| 1Yr:

-8%

| 5Yr: 

+69%

Markets drifted lower today without any significant drivers.

Global economic data continues to indicate a slowdown

. S&P Global’s purchasing managers index (PMI) hit a 27-month low of 45, showing declining economic activity across the services and manufacturing sectors.

The housing market is cooling rapidly

. Record home prices and high mortgage rates have deterred home buyers. The Commerce Department reported July saw the

fewest new home sales since 2016

. The supply of unsold homes reached a level not seen since 2009.

Company Scoops ❤🌎💰

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

Walmart

expands abortion, fertility, and adoption support

-

General Motors

brings back the dividend

- 

Starbucks

takes heat in the union war

- 

Ford

slashes jobs in major restructuring

- 

Zoom

loses its momentum

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

🤓 Inside Scoop...

Companies with extra cash can reward shareholders for their support in two ways. First, they can distribute money directly out to investors, literally giving them a share of the profits by paying them a

dividend

. Companies will declare that every investor gets $X for each share they own. Second, companies can buy back their own shares from public investors.

Buybacks

allow companies to reduce the number of outstanding shares in the market, making each remaining share more valuable. They're slicing their company ownership into fewer pieces, allowing each shareholder to own a greater percentage of the company. If companies pause or slow either of these activities, it can mean they're preparing for trouble.

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