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Daily Scoop 9-28

Daily Scoop 9-28

👋 Your Tuesday Scoops - Crypto direct deposit & trouble in DC

September 28, 2021

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Today's Scoop:Undone

Big Picture

The Senate rejected a new budget, risking a government shutdown on Friday.
The Senate rejected a suspension of the debt ceiling, risking a government default in October.
Home prices continue to soar.

The Market

⬇️

-2.0%

S&P 500: 4,352.63

1Mo:

-4%

| 1Yr:

+31%

| 5Yr:

+101%

Markets took a tumble today as a government shutdown becomes more likely. Technology & high-growth stocks suffered in particular as the Federal Reserve hinted at a rollback of the emergency stimulus measures. Congress has to come to an agreement on the new budget by Friday, or the government will shut down. Senate Republicans blocked a House proposal on the budget and an extension of the debt ceiling. Extending the debt ceiling doesn't authorize new government spending. It just allows the Treasury to issue debt to pay for the spending already approved. Home prices rose 20% in July, the fourth record increase in a row.

Company Scoops ❤🌎💰

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

Coinbase

now accepts your paycheck

Activision Blizzard's

toxic work environment

Facebook

gives up on Kids

Ford's

big new vision

Mastercard's

new ways to go into debt

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

🤓 Inside Scoop...

In the short term, the stock market fluctuates based on the prevailing concern of investors. If investors are worried about higher interest rates, they tend to sell their high-growth stocks because higher interest rates make those stocks less attractive. Investors can earn more interest on safer things like bonds and don't feel like investing in riskier companies with promises of profit years down the line. If tomorrow investors stop worrying about rising interest rates, they might buy back the growth stocks. Near-term fluctuations and flows are very emotional.