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Today's Scoop:
Tired🌤️
Hey friends - hope you had a good weekend. Catch up with our Weekly Scoop
Here’s what you need to know today…
Big Picture
The housing market might be making a comeback.
New home construction surged last month.
China’s trying to stimulate its lagging economy.
The Market: ⬇️-0.5%
S&P 500: 4,388.71
1Mo: +5% | 1Yr: +17% | 5Yr: +59%
The market drifted lower today, taking a break from the upward momentum of the past few weeks.
The housing market may be making a comeback. The Commerce Department said new single-family home construction surged last month by the most in over thirty years. Groundbreaking for single-family homes was up 18.5%, and multi-family projects of five units or more climbed 28.1%. The supply of available homes has been meager, keeping prices high.
The surge in new construction might be the start of a new trend. The Commerce Department reported permits for future building projects also jumped 5%, and the National Association of Home Builders said sentiment among homebuilders turned positive for the first time since July 2022. The NAHB sentiment index has been trending higher for months.
China's trying to stimulate its lagging economy. After recently lifting covid restrictions, China’s consumer spending and industrial output haven’t rebounded as quickly as expected. Chinese policymakers cut interest rates this week to encourage more borrowing and spending from consumers and businesses.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
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Spotify’s coming out with a higher premium tier
Tesla’s battery material supply tops list of human rights violators
Smucker’s is chasing adult interest in Uncrustables
Virgin Galactic restarts its expensive space tourism trips
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Inside Scoop 🤓
Short-term Market Moves
In the short-term, money flows back and forth across different stocks and sectors according to the prevailing theme of the moment. When investors are worried about slowing economic growth, they move to safer stocks, perhaps with more consistent profits and dividends. When they feel optimistic about economic growth, they increase their riskier positions. It's all a cyclical flow back and forth, mirroring the volatility of human emotions and optimism.
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