Today's Scoop:

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Here’s what you need to know today…

1. Fewer people are buying homes.

2. Used car prices are finally coming down.

3. US exports shrank in April, pointing to some economic slowdown.

S&P 500: 4,267.52
1Mo: +3% | 1Yr: +4% | 5Yr: +54%

The market drifted lower today after hitting its highest point of the year yesterday. Corporate financial updates have started to signal that consumers aren't putting up with significant price hikes anymore.

Fewer people are buying homes amidst high mortgage costs and fewer homes on the market. The Mortgage Bankers Association said the number of applications to purchase a new home fell 2% last week and was 27% lower than a year ago. The average 30-year fixed-rate mortgage is around 6.8%.

Used car prices are finally coming down. The Manheim Used Vehicle Value Index declined 2.7% from April to May. The average listed price of a used vehicle was $27,000. Used car prices are down slightly from their peak last year but have surged 63% in the past three years.

The United States imported much more than it exported in April. The Commerce Department reported the most considerable increase in the US trade deficit since 2015. Imports of consumer goods like cell phones surged, while exports of fuel and industrial supplies shrank. The US dollar is expensive, and foreign economies are suffering.

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• Salesforce will donate $10/day to get you into the office

• Shell slammed by regulators for greenwashing [🤓]

• Coinbase battles back at regulators

• General Motors ramps up heavy-duty manufacturing

• Toyota leans harder into EV investments

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Greenwashing

Investors, consumers, and employees are demanding greater corporate sustainability. Many companies respond with action and communication, but not all accurately represent their impact.

Companies accused of greenwashing use deceptive marketing to exaggerate the sustainability of their products or intentionally deceive the public about their environmental impacts. With relatively limited regulation and standardization around environmental impact reporting, it's difficult for shareholders and stakeholders to validate marketing claims. The only cure for greenwashing is greater corporate transparency and public education.

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