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Today's Scoop:
Skeptical๐ค๏ธ
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Hey friends, what did you think of the new Weekly Scoop series on Friday? Let us know if there are any key numbers or context you'd like us to add. Just reply here.
Here's what you need to know today...
Big Picture
The housing market lost its energy in March.
Consumers aren't getting into trouble with debt yet.
Corporate financial reports have been solid so far.
The Market: โฌ๏ธ+0.1%
S&P 500: 4,154.871Mo: +5% | 1Yr: -7% | 5Yr: +57%
The market drifted sideways today as investors worried about a downturn, despite a surprisingly-good start to the first-quarter corporate financial reporting season. Companies are healthier than expected.
The two-month recovery in the housing market lost steam in March. Yesterday, we learned that homebuilder confidence picked up in January and February, but the Census Bureau just reported a 0.8% drop in new home construction in March. Housing starts are down 17% from a year ago, limiting the supply of new homes coming to the market. A supply shortage could keep home prices high even if buyers stay away.
Consumers aren't yet in debt trouble. Most of America's biggest banks have discussed a surprisingly healthy client base. While delinquency rates and loan defaults are creeping up, they still sit well below pre-pandemic normal levels. Higher incomes and widespread employment have helped consumers keep up with their loan and credit card payments.
How are you feeling about the economy? |
Company Scoops ๐ฃ๏ธ๐๐ฐ
Click to dig in & vote your reaction, see how others feel
Apple goes deeper into financial services with a savings account
Lululemon ditches nylon for sustainable materials [๐ค]
Johnson & Johnson doesn't see a slowdown
Goldman Sachs profits drop amid a deal drought
(These links only work for 24 hours while the story is live)
Inside Scoop ๐ค
Nylon Emissions
Nylon, a synthetic material used in clothing, is mainly made from adipic acid and hexamethylene diamine, ingredients sourced from fossil fuels like coal, natural gas, and oil. The manufacturing process for adipic acid releases nitrous oxide, a greenhouse gas that warms the atmosphere 265x more effectively than carbon dioxide. Companies have started switching from these fossil fuels-based ingredients to plant-based and recycled raw materials to decrease their carbon footprint.
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