Today's Scoop:

Reassured🌤️

Hey friends - it’s almost Friday.
Here’s what you need to know today…

Big Picture

  1. Fewer people got laid off last week.

  2. Home sales were down in April.

  3. 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.

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 Inside Scoop 🤓

Earnings Estimates

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 🔨

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