Good morning investors!
The S&P ended slightly lower as investors eased back into trading after the Thanksgiving holiday.
After a terrible new home sales report yesterday, we get another housing report later this morning. We also get several Fed speeches and earnings from Crowdstrike, Workday and Intuit after the bell.
Don’t miss a thing - head to the Discord to get full breakdowns of all earnings and economic reports.
Market Recap
It was a red day across the board.
Higher mortgage rates weigh on U.S. new home sales in October
Sales of new U.S. single-family homes fell more than expected in October as higher mortgage rates squeezed out buyers even as builders cut prices. The decline in sales reported by the Commerce Department on Monday was in line with a recent deterioration in homebuilder sentiment, which came as the rate on the popular 30-year fixed-mortgage approached 8%, leaving builders anticipating slower buyer traffic. Mortgage rates have since retreated from two-decade highs and are at levels last seen in late September, which could pave the way for a rebound in sales. New home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month. Read more
iRobot shares plunge 19% after EU warns Amazon deal ‘may restrict competition’
Shares of iRobot IRBT 0.00%↑ plunged as much as 19% on Monday after the EU’s antitrust watchdog issued a warning that Amazon’s AMZN 0.00%↑ planned $1.7 billion acquisition of the Roomba maker raises competition concerns. The European Commission opened an in-depth probe into the purchase in July, and is expected to rule on the deal by Feb. 14. In a statement Monday, the commission said it has informed Amazon of its “preliminary view that its proposed acquisition of iRobot may restrict competition in the market for robot vacuum cleaners.” The U.S. Federal Trade Commission is also probing the deal. Read more
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Shopify sets a Black Friday record with $4.1 billion in sales
Shares of Shopify SHOP 0.00%↑ climbed after the e-commerce company said Black Friday sales notched a record. Merchants that use the platform recorded $4.1 billion in sales on the Friday after the Thanksgiving holiday, a 22% increase from the year before. "Another epic, record-breaking Black Friday in the books for Shopify merchants," said Shopify President Harley Finkelstein. "The world showed up for our merchants, and the excitement is only building, with Cyber Monday still to come." Shopify shares rose more than 4% to nearly $74 apiece. The stock hasn't closed at these levels since March 2022. Read more
OPEC+ looking at deeper oil cuts ahead of Thursday meeting
OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers. The meeting was delayed from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said the group has moved closer to a compromise on this point. Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year in order to support prices, which on Monday were trading just above $80 a barrel , down from near $98 in late September. Read more
Can money buy happiness? 60% of Americans say yes — and the price tag is $1.2 million
At a time when many households feel financially strained, some say you can put a price on happiness. And that number is $1.2 million. According to Empower’s Financial Happiness report, 60% of Americans said money can buy happiness and achieving a certain net worth is key to contentment. With record high credit card debt, a declining personal savings rate and more than half of adults living paycheck to paycheck, Americans now say they would need to earn $284,167 a year to be happy. When broken down by generation, millennials put the number much higher — more than $500,000 — according to the report. Read more
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Thank you for taking the time to read today’s newsletter. Until next time investors!
Chris
CMG Venture Group
Disclaimer
I am not a licensed financial advisor or financial professional. This is not investing advice. It is very important that you do your own research and make investments based on your own personal circumstances, preferences, goals and risk tolerance.
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