THE STRIPPERS WIN + America's Workers are Stoned
Happy Friday.
The Market
There’s something so comforting about a green heat map. Look at big tech leading the way. I never thought I’d say this again since she’s burned me so badly in the past, but go MSFT 0.00%↑ !
Real estate was the lagging sector of the market by .063%.
QQQ 0.00%↑ hit a 13 moth high yesterday and SPY 0.00%↑ reached an 8 month high! The entire market was popping bottles! But where does this lead?
Real estate: Existing home sales fell 3.4% MoM and 23.2% YoY in April, much of which was expected due to both limited supply and higher mortgage rates. The market does better when real estate does better, so this is somewhat concerning. In an interesting side note, workers who are moving for new jobs fell to the lowest level on record. (source)
NFLX 0.00%↑ had a day yesterday! It reported 5 million monthly active users for it’s ad-supported option.
Yesterday’s newsletter was a vaguely shielded love letter to my bb Target, but in a come from behind victory, Walmart beat both Target and Home Depot this week in earnings. This was due mostly to food sales at Walmart. The theory is that with clients having less discretionary income to spend, they have strayed from traditional grocers and flocked to Walmart for its cheaper options. Say what you will about the grocery section at Walmart, but if you’ve ever gotten a perfect Honeycrisp apple, fat juicy strawberry or a fresh doughnut from the bakery, you know they’re doing something right!
For those of you who have never looked at a stock chart in your life, I will say the above WMT 0.00%↑ chart is one of the healthiest I’ve seen in quite some time, and if I’m being honest looks primed to go higher (THAT IS NOT ADVICE TO BUY OR SELL).
Of Note:
Home Prices Posted Largest Annual Drop in More Than 11 Years in April (WSJ)
Penny’s Corner / GO STRIPPERS
I love these ladies. If you’re not following the story you should be. They are from a north Hollywood joint called Star Garden Topless Dive Bar and are the only unionized strippers in America after a ruling yesterday.
Their fight has been nothing short of captivating, with attention worthy slogans such as the one below:
Congratulations to Noam Scheiber (above) for his reporting on the story! Read it here.
This is also a fantastic NPR story about the ladies. Enjoy!
Interesting Stories:
American workers are stoned. (WSJ)
Its ice! Starbucks may be changing its ice and customers are p*ssed. (source)
Have you enjoyed the first week of Penny’s Journal? Please leave feedback so I can improve. :)
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Monday on my other blog, I shared the recipe for this amazing orzo dish I can’t stop making.
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