Today's Scoop:

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Hey friends, here's what you need to know today...

1. Small business owners are struggling.

2. Recent home buyers face declining values but high mortgages.

3. Earnings season starts this week.

S&P 500: 4,108.941Mo: +7% | 1Yr: -7% | 5Yr: +55%

The market didn't do much today as investors waited for tomorrow's inflation report and the start of earnings season [🤓] later this week.

Investors are pretty pessimistic about corporate profits, expecting earnings to be down -7% from last year, according to Factset. That's the most significant decline since the pandemic.

Small business owners are still struggling with higher costs and staffing issues. The National Federation of Independent Business' Small Business Optimism Index declined last month to the lowest level in years.

Recent home buyers face declining values but high mortgages. Data firm Black Knight reported that one in ten people who bought a home last year now owe more than their properties are worth.

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• Apple shifts 30% of its supply chain to clean energy

• Dollar General penalized again for unsafe conditions

• Alibaba enters the AI race with force

• Tyson Foods workers strike for better conditions

• Moderna suffers a flu vaccine setback

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

Earnings Season

Public companies are required to report on their financial health every quarter. We get a look at their sales, expenses, and profits (aka earnings). The end of the quarter, when most companies give their reports, is called earnings season. It's like gossip season on CNBC.