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Hey friend - here’s what you need to know today…
Big Picture
Homes keep getting more expensive.
Retailers enjoyed a successful Cyber Monday.
Consumers gained a little more optimism about the economy this month.
The Market: ⬆️ +0.1%
S&P 500: 4,554.89
1Mo: +9% | 1Yr: +15% | 5Yr: +65%
The market jumped a bit, then resettled today after policymakers hinted that we may be nearing peak borrowing costs.
Home prices reached a new record high in September. According to data from S&P CoreLogic Case-Shiller, home prices rose 0.7% from August to September to the highest level on record going back to 1987. Homes now cost 3.9% more than they did the year before. Climbing mortgage rates have deterred buyers, but the lack of homes on the market has kept prices from falling. Homeowners have avoided selling to hang on to their cheaper mortgages.
Americans continue to shop and spend at a record rate this holiday season. According to Adobe Digital Insights, spending on Cyber Monday rose to a record $12B this year, up nearly 10% over last year. While many Americans face record-high borrowing costs and dented savings, retailers lured shoppers in with average discounts of 20-30% across categories. Spending in November rose 7% from last year, with most of the shopping directed toward electronics, apparel, and furniture.
Americans gained a little optimism this month. The Conference Board's Consumer Confidence Index rose this month after three consecutive months of decline. People feel better about job opportunities, expect lower inflation, and enjoy seeing mortgage rates fall from their peak. Unfortunately, two-thirds of consumers expect a recession in the next twelve months.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
💡How are these companies doing? Judge their decisions. Investing starts with an opinion.
 3M | Tainted Water Authorities overturned a ruling against 3M and Dupont accusing them of contaminating a massive water supply with harmful chemicals. The manufacturers have used controversial compounds in their products that may have endangered millions. |
 Meta | Targeting Teens A coalition of US states is accusing Meta of intentionally building Facebook and Instagram with addictive features that harm young users. The platform has denied any wrongdoing and has stated it put measures in place to protect youth users. |
 Warner Bros Discovery | Lost Payday The CEO of Warner Bros Discovery may not earn the hefty payday he was offered, with $200M of stock options stuck below the contract's payout price. Facing large debts, the media giant needs a big turnaround to achieve the goals set for the CEO. |
 Alphabet | Geothermal Goals Google is partnering with a startup that harnesses natural underground heat to create steam power electricity for a local grid its data centers rely on. The project is part of Google's goal to run on pollution-free electricity by 2030. |
 American Airlines | Carbon Bricks American Airlines funded a new startup that removes carbon from the atmosphere by converting agricultural waste into bricks and storing them underground. The airline seeks new ways to reduce carbon emissions, aiming for net zero by 2050. |
(These links only work for 24 hours while the story is live.)
Inside Scoop 🤓
What is a Santa Rally?
You might hear CNBC talking about a Santa Rally this month. According to the Stock Trader's Almanac, the stock market has had a positive return in the week leading up to Christmas more than 75% of the time.
Despite seeming like it has a mind of its own, the stock market is powered by people. It's very emotionally driven and responds to the people making the trades. If there’s enough momentum behind buying behavior, it can push stock prices higher.
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