Hey friends - it’s almost Friday.
Here’s what you need to know today…
Fewer people got laid off last week.
Home sales were down in April.
Bitcoin enthusiasm has faded this month.
The Market: ⬆️+0.9%
S&P 500: 4,198.05
1Mo: +1% | 1Yr: +8% | 5Yr: +54%
The market drifted higher today after Walmart’s quarterly update gave investors a little more confidence in the economy (scoop below). Government leaders are also signaling progress on debt ceiling negotiations.
Fewer people got laid off last week. The Labor Department reported initial jobless claims fell to 242,000 last week after jumping unexpectedly the week before. Layoffs have been inching up this year but are still roughly in line with average rates before the pandemic.
Fewer people are buying homes. The National Association of Realtors reported fewer existing homes sold in April for the second month in a row. Low home supply and low affordability have scared away buyers. The median home price rose to $388,800, the highest since November.
Bitcoin’s rally has lost enthusiasm over the past month after an 80% surge to start the year. US regulators have taken a relatively negative view of cryptocurrencies, causing many large financial institutions to pull back from operating in the space. Adding to that, recent technology updates enabling more functionality like NFTs on the Bitcoin blockchain have driven up transaction costs. Low liquidity in the market could turn into a positive if sentiment improves.
How are you feeling about the economy?
Company Scoops 🗣️🌎💰
Click to dig in & vote your reaction, see how others feel
(These links only work for 24 hours while the story is live)
Inside Scoop 🤓
Earnings season is full of "beats" and "misses." News articles typically reference whether the company reported more or less profit/revenue/whatever for the quarter than investors expected.
Wall Street Analysts make projections, and then media outlets will compare the reported financial figures to the average of the Analysts' expectations. Having a tiny bit more or less revenue (sales) or earnings (profit) than the average of a range of expectations isn't typically something to worry about, especially when it's only three months of a company's lifetime. The important stuff is the report's context and whether the company feels confident about the future.
Action Toolbox 🔨
Use our vetted resources to level up your financial wellness. View & compare more services.
Rising Rates & More Layoffs: Make sure you have an emergency savings in cash. Use SaveBetter to make sure your savings account pays you at least 5%.
New rewards! 🎉
Based on your feedback, recruiting 1 new member now earns you $10 free in our Scoop Shop, and a 2nd recruit gives you exclusive access to schedule a personal finance coaching call with our Certified Financial Educator!
Just share your link below!
Make sure your inbox doesn't hide your Scoops
To prevent our emails from getting moved to your promotions or spam:
Gmail: Move the Scoop to your "Primary" inbox:
• On Mobile: Within this email, select the dots (...) in the top right of your screen. Select "Move to" & "Primary". If it's not there, then your mailbox isn't segmented.
• On Desktop: Within your inbox, drag & drop this email into the "Primary" tab at the top left.
Apple: Select the Scoops email at the top. Choose "Add to VIP"
You can find instructions here for all other email clients: Save Scoops from your spam