Today's Scoop:

Hey friends - hope you had an awesome long weekend. Don’t miss our Weekly Scoop from last week.

Here’s what you need to know today…

1. The government has a preliminary debt ceiling deal.

2. Home prices are rising again.

3. Living costs are still growing.

S&P 500: 4,205.52
1Mo: +1% | 1Yr: +2% | 5Yr: +54%

The market didn't go anywhere today with a fairly uneventful news day.

Over the weekend, President Biden and Speaker McCarthy drafted a deal to raise the debt ceiling. The House and Senate still need to review and approve the bill in time to raise the government spending limit by Monday, June 5th, the date Treasury Secretary Yellen said we won’t be able to pay our bills. The deal caps all discretionary spending, except defense and veteran funding, for two years and increases work requirements for food stamp recipients.

Living costs are still rising. Policymakers’ preferred inflation gauge, the Commerce Department’s core Personal Consumption Expenditures (PCE) Price Index, climbed 0.4% in April from spiking energy costs and higher services costs. Core living costs are still 4.7% higher than a year ago.

Home prices trended higher in March. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index climbed 0.5% in March from February, the second straight month of gains. The Commerce Department last week signaled a drop in prices for brand-new homes in April, so it might be short-lived.

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• TotalEnergies battles protests to reject Scope 3 accountability [🤓]

• Walmart moves into pet telehealth

• Walgreens cuts 10% of its corporate staff

• Meta sheds more non-engineering roles

• Ford teams up with Tesla

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

Scope Emissions

As companies set target dates to achieve net-zero emissions, they'll be setting emission reduction targets for their Scope 1 (direct), Scope 2 (power-related), and Scope 3 (indirect) emissions. Scope 1 & 2 result from its core operations and the power it purchases to support those operations.

Scope 3 will be much bigger and more important but harder to tackle. It includes the Scope 1 & 2 emissions from all of their suppliers, the emissions from the use of their products, and even things like employee commutes. It's the complete evaluation of how much greenhouse gas is emitted each year because the company exists.

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Here’s something to consider for today’s challenges:

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