Today's Scoop:

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1. Home construction has been picking up.

2. High mortgage rates are deterring homebuyers.

3. China’s economy isn’t rebounding as expected.

S&P 500: 4,565.72
1Mo: +4% | 1Yr: +15% | 5Yr: +63%

The market floated to another 2023 high today as investors sorted through corporate financial reports. Earnings season has been off to a pretty good start.

The housing shortage might have some relief on the way. The Commerce Department reported permits to build new single-family homes hit a 12-month high in June. New home construction starts fell slightly following an explosion in May, but have been trending higher. There are more new multi-family units under construction than there have been in over fifty years.

Expensive mortgage rates have home buyers on the sideline. The Mortgage Bankers Association reported applications to purchase a home fell 1% last week, down 21% from a year ago. The average 30-year fixed-rate mortgage sits at about 6.9%.

China’s economy hasn’t rebounded from its covid lockdowns as much as people expected. The second-largest economy slowed in the second quarter, with weak consumer spending growth of only 3.1% and lower property investments. Youth unemployment keeps rising, now over 20%.

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• AT&T challenges the severity of its lead contamination

• American Airlines may need to restart union negotiations

• Carvana gets a shot to turn things around

• Amazon improves its emissions and focuses on Scope 3 [🤓]

• Goldman Sach deals with a market drought

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Scope Emissions

As companies set target dates to achieve net-zero greenhouse gas 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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