Accredited | Cents Invest

MORNING CENTS: Target DOWN 24% + NEW Housing Data

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Macro:

[HOUSING STARTS] U.S. Single-Family Starts Tumble; Construction Backlog at Record High - Reuters

  • The report from the Commerce Department shows a record backlog of homes approved for construction but have yet to be started.
  • Homebuilder sentiment falls to 2-year low on declining demand and rising costs.

    • [POWELL VS. INFLATION] Powell Says Fed Has Resolve to Bring U.S. Inflation Down - WSJ

    Speaking of Inflation… U.K. Inflation Hits 40-Year High - WSJ

    Crypto:

    [CHINA CRYPTO MINING] China Reemerges as Top Mining Hub a Year After Blanket Ban - Blockworks
    [ROBINHOOD WALLET] Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers - CoinDesk

    Business:

    [TARGET TUMBLES] Target Earnings Squeezed by Inflation and Fuel Costs - CNBC
    [LOWE’S SALES DECLINE] Lowe's Sales Decline as Demand Cools - CNBC
    [NETFLIX STAFF CUTS] Netflix Cuts About 150 Staffers in Another Round of Layoffs - WSJ

    Earnings:

    Today PM: Cisco, Bath & Body Works, Copart
    Tomorrow AM: Lightspeed, Kohl's, BJ's, Eagle Materials

    ...more
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    Accredited | Cents InvestBy Justin Oh
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