Today's Scoop:

Hey friends, here's what you need to know today...

1. People are losing confidence in the economy.

2. Home prices are falling.

3. Corporate profits are fine.

S&P 500: 3,970.151Mo: -3% | 1Yr: -8% | 5Yr: +48%

The market drifted sideways today to close the month down about 3%. Investors are waiting for more data to understand whether the economic rebound in January carried over into February.

People are losing confidence in the economy. The Conference Board’s Consumer Confidence Index fell for a second-straight month in February. Survey participants indicated less intention to purchase a new home, shop for large appliances, or travel.

Corporate profits are fine. Earnings season is over, [🤓] and about two-thirds of the biggest companies have reported higher profits for the fourth quarter than investors predicted, according to Factset.

Home prices are falling. Record home prices and high mortgage costs have sapped demand from new home buyers, slowing the climb in list prices. The S&P/Case-Shiller U.S. National Home Price Index is down 4.4% in December from its all-time high in June, but the average home still costs 6% more than it did a year ago. Prices are still rising in some cities.

Click to dig in & vote your reaction, see how others feel

• BP says more oil is better for the climate

• Google boosts worker pay after protests

• Snapchat adds a new Chat GPT AI chatbot

• Target's worried about shoppers' budgets

• Zoom starts to manage its boom and bust

(These links only work for 24 hours while the story is live)

Earnings Season

Public companies, those available for investment on the stock market, must report on their financial health every quarter. We get to look at their sales, expenses, and profits (aka earnings). The end of the quarter, when most companies give their reports, is called "earnings season," second only to wedding season in excitement.

Want to create your own newsletter? Publish on beehiiv.