Today's Scoop:

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Here’s what you need to know today…

1. Home prices hit new records in May.

2. Russia might make food more expensive for everyone.

3. High interest rates have stalled borrowing.

S&P 500: 4,439.26
1Mo: +2% | 1Yr: +16% | 5Yr: +58%

The market drifted higher today without any significant headlines. Tomorrow's inflation report, if surprisingly good or bad, could decide the fate of the market. Fingers crossed for good news. Earnings season starts this week. [🤓]

Home prices are still hitting new highs. The Home Price Index from market analytics provider Black Knight rose 0.7% in May to new record levels. High mortgage costs dried up buyer demand at the end of the year, but extremely low home supply has kept prices from falling much.

Russia’s threatening to make food more expensive for everyone by not renewing a grain export agreement with Ukraine. Before the Russian invasion, Ukraine produced nearly a fifth of the world’s wheat exports, but the interruption of trade pushed global food prices to record highs. The agreement set to expire next week allowed shipments to continue and resolved a global food crisis.

Expensive loan rates have consumers cutting back on borrowing. The Federal Reserve reported the first decline since April 2020 in non-revolving credit like education and auto loans. Credit card debt rose, but at a much slower pace than expected. The average credit card rate from commercial banks hit 21% in May, the most expensive rate in over 50 years.

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• Disney World traffic is down

• Google’s Augmented Reality vision keeps getting derailed

• BP invests more in biofuels for lower-carbon shipping fuel

• Apple’s main supplier unexpectedly bails on a $20B partnership

• Novavax gets a $350M lifeline from Canada

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