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- Daily Scoop 22-9-28
Daily Scoop 22-9-28
👋 Your Wednesday Scoops - GM's wfh revolt & Raytheon's hypersonic bomb
Today's Scoop:Bounce
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Big Picture
Mortgage rates keep rising.
Fewer people are buying homes.
The US dollar is the strongest it's been in decades.
The Market:
⬆️
+2.0%
S&P 500: 3,719.04
1Mo:
-8%
| 1Yr:
-15%
| 5Yr:
+48%
Markets rebounded slightly today after relentless negativity.
The housing market continues to slow
as mortgage rates climb. The National Association of Realtors reported pending home sales decreased 2.0% in August from a month earlier. That's 24% fewer homes sold than a year ago.
Mortgage costs have made homes much less affordable.
The Mortgage Bankers Association reported another week of declining mortgage demand, with new-home applications down 30% from last year. The average 30-year fixed rate mortgage has risen above 6.5%.
The US dollar is stronger than it has been in decades.
Higher interest rates and relatively better economic conditions have driven up the US dollar to 20-year highs against most major currencies. The Chinese yuan and British pound both hit record lows against the dollar this week. Much of the world's economy is tied to the US dollar, so rapid value changes can destabilize financial conditions.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Warner Bros
-
General Motors
-
Amazon
-
Raytheon
-
Hertz
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The talk of the town these days is the
bear market
.
Bears
and
bulls
are Wall Street's favorite animals.
Bearish
means pessimistic.
Bullish
means optimistic. Someone can be bearish on a particular stock or broader market, while another investor can be bullish on the same thing. The market is made up of bulls and bears buying and selling to each other. When CNBC talks about being in a bear market right now, it means that we're in a prolonged period of pessimism, usually marked by a market decline of more than 20% from the recent peak. People will keep talking about a bear market until the market recovers its losses.
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