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Daily Scoop 7-29

Daily Scoop 7-29

👋 Your Thursday Scoops - Free college @ Walmart & Amazon underdelivers

July 29, 2021

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Today's Scoop:Robust

Big Picture

The economy didn't grow as quickly as expected this spring.
More people got laid off last week than expected.
Corporations pulled in huge profits last quarter.

The Market

⬆️

+0.4%

S&P 500: 4,419.15

1Mo:

+3%

| 1Yr:

+36%

| 5Yr:

+102%

Markets floated to new record highs today on mixed economic data. We're about halfway through corporate updates & profits are well-exceeding expectations. But the Gross Domestic Product report underwhelmed. The economy is back to producing above pre-pandemic levels, but economists expected a bigger surge. The economy grew 1.6% from last quarter, or 6.5% annualized. That's only slightly better than the growth in the first quarter. Initial unemployment claims came in higher than expected, meaning more people were laid off last week than economists thought there would be.

Company Scoops ❤🌎💰

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

Walmart's

free college

Facebook's

making billions

Target's

losing Black employees

PayPal

fell short

Amazon

under delivers

🤓 Inside Scoop...

Gross Domestic Product is how we track how much stuff the economy is producing. The actual number ($19.4 trillion) doesn't matter as much as the direction it's going. We track the GDP growth rate to know whether the economy is expanding or contracting. You'll hear it quoted in different percentages. One (1.6%) is how much more we produced than the previous three months, and the annualized number (6.5%) represents how much the GDP would increase if it hypothetically grew at that 1.6% for a full year.