Daily Scoop 22-9-7

👋 Your Wednesday Scoops - Wells Fargo vs. Sex Workers & Toyota's EV ambitions

Today's Scoop:Relief

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Big Picture

  1. American exports are growing, and we're importing less.

  2. Fewer people are taking out mortgages with rates so high.

  3. Policymakers think inflation will continue to decline.

The Market: 

⬆️

+1.8%

S&P 500: 3,979.87

1Mo:

-4% 

| 1Yr:

-12%

 

| 5Yr: 

+62%

Markets rallied today after a long stretch of negativity.

American exports increased, and imports decreased, narrowing our trade deficit.

The Commerce Department said

US exports hit a record high

in July. 

Policymakers think inflation will keep falling.

Today, a report and speech from Federal Reserve officials highlighted expectations for prices to stop rising so quickly, potentially even coming back down. Energy and raw materials prices have declined in recent months, retail stores have started discounting, and supply chains are running more smoothly. The real estate market is also slowing down.

Fewer people are taking out mortgages at these rates.

The Mortgage Bankers Association reported new home applications are down 23% in the past year, and refinance applications are down 83%. The average 30-year fixed rate mortgage rose to 5.94% last week, the second-highest rate since November 2008.

Company Scoops ❤🌎💰

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

Wells Fargo

-

T-Mobile

Toyota

Nio's

Citi

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

🤓 Inside Scoop...

More companies are setting

net-zero emissions

and

carbon-neutral

targets to reduce their impact on

climate change

and minimize the volume of harmful

greenhouse gases

emitted into the atmosphere from their operations, supply chain, and products. While the terms are often colloquially interchangeable, they have slightly different meanings. Carbon neutral means the company removes as much carbon dioxide from the atmosphere as it emits yearly. Net-zero takes it a step further, broadening from just carbon to all greenhouse gases like methane or sulfur dioxide and restricting the use of

carbon offsets

. This means net-zero companies must reduce their emissions, not just counteract them by purchasing financial instruments that direct money to

carbon-negative

projects like tree planting.

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