- Today's Scoop:
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Here’s what you need to know today…
Shoppers took advantage of Black Friday deals with record spending.
High mortgage rates deterred home buyers last month.
US manufacturing is still struggling.
The Market: ⬇️ -0.2%
S&P 500: 4,550.43
1Mo: +9% | 1Yr: +15% | 5Yr: +65%
The market drifted sideways as traders returned from the holiday weekend to a slow economic news cycle.
Americans are still spending heavily for the holidays but doing it more online. According to a report by Mastercard, in-store sales for Black Friday were up by just 1%, while online sales grew by over 8% compared to the previous year. A report from Adobe Analytics showed that overall sales were also up 7.5% from last year and reached a record high of $9.8 billion. Shoppers are searching for better deals via websites and apps, given rising costs and waning savings.
A spike in mortgage rates stalled home buying last month. According to the Commerce Department, sales of new houses dropped 5.6% in October following a downward revision to the prior month. Before October, new home sales had been trending upward as rising mortgage rates discouraged homeowners from selling and left new homes as the main option. Existing home sales, which comprise most of the market, hit a 13-year low in October as mortgage rates hit multi-decade highs.
The US manufacturing sector is still struggling but shows some signs of strength. The Dallas Federal Reserve’s Manufacturing Survey reported decreased factory activity in November and fewer new orders. This is the 19th consecutive month of contracting business activity. Other key manufacturing regions like New York and Philadelphia increased activity, but most regions are still slowing.
How are you feeling about the economy?
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What should I know about carbon neutral vs. net zero?
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.