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  • Daily Scoop 22-8-31

Daily Scoop 22-8-31

👋 Your Wednesday Scoops - Snapchat and Bed Bath & Beyond hit crisis mode

Today's Scoop:Stalled

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Big Picture

  1. Hiring slowed in August.

  2. Fewer people are buying homes.

  3. Inflation is high in Europe.

The Market: 

⬇️

-0.8%

S&P 500: 3,955.00

1Mo:

-4%

| 1Yr:

-13%

 

| 5Yr:

+60%

Markets drifted lower to end the month down about -4%. It's a slow time of year for investors until after Labor Day.

An initial employment report from payroll provider ADP showed

hiring slowed in August.

This month, the economy added only 132,000 jobs, well below the 300,000 economists expected.

Fewer people are taking out mortgages and buying homes.

The Mortgage Bankers Association reported a 3.7% decline in mortgage applications last week, now 63% fewer applications than this time last year. Applications to buy new homes have declined for eight of the last nine weeks as high mortgage rates and record home prices eat into buyer demand. An average 30-year fixed rate mortgage is now 5.80%, well above the average of 3.11% a year ago.

Inflation is high in Europe

. The Eurozone Consumer Price Index rose more than economists expected this month, with prices 9.1% higher than a year ago. Energy prices have soared amidst extreme heat and conflict with Russia.

Company Scoops ❤🌎💰

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

Snapchat

-

Netflix

-

Goldman

-

Shell

-

Bed Bath & Beyond

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

🤓 Inside Scoop...

Companies often need extra cash to help fund their business if their sales aren't covering it. They can take out regular

loans

from banks, open

revolving credit facilities

like a corporate credit card, or borrow from investors with

bonds

. If they don't want debt, companies can also sell an ownership stake in their business for cash, aka

stock

or

equity

. The first time they sell shares to public investors is called an

Initial Public Offering (IPO)

, where they raise money from public investors like us. Anytime they sell new shares after that is called a

secondary offering

or

issuance

. Companies only get money from selling new portions of their company for the first time. Once the stock is out there, we're all just buying and selling from each other.

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