7/11/22

Home-sale cancellations jumped last month. And today’s your day for a free “brain freeze.” Earnings season returns this week. Economists will be focused on whether profits have held up during high inflation.

The Dow lost 164 to close at 31,173.
The S&P fell over 1%, losing 44.
The Nasdaq lost 262 or 2.25%.

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Americans are backing out of deals to buy homes at the highest rate since the start of the pandemic. Redfin reports about 15% of sale agreements that went under contract in June were canceled. Higher mortgage rates and surging inflation are causing people to think twice.

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The Consumer Price Index comes out on Wednesday which shows how prices are doing. Energy prices continue to skyrocket.

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Amazon holds its annual “Prime Day” beginning tomorrow into Wednesday. Big deals on a lot of items. But analysts expect many Americans to keep their wallets closed given inflation’s toll on finances.

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Happy 7-11 day! It’s actually the convenience store’s 95th birthday today. So, 7-11s are offering free slurpees… if you become a rewards member. And better hurry, that free “brain freeze” ends today.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.