8/15/22

Starbucks is brewing some union drama. And the housing market doesn’t look so hot these days. Even with some disappointing economic news out of China, the markets ended the day in positive territory yet again.

The Dow gained 151, almost half a percent, to close at 33,912
The S&P was up 17.
The Nasdaq gained 80 points.

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It’s a ‘union mess’ at Starbucks. More than 220 cafes have voted to unionize. Viral video from other locations shows teams of workers all walking off the job at once. Now, Starbucks wants the Feds to suspend all mail-in voting for union elections nationwide, alleging misconduct.

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Remember about a year ago when home sellers were taking the highest of 20 or 30 offers? Now homebuilders say the US is in a “housing recession.” Builder sentiment fell into negative territory in August as builders struggle with higher costs of land, labor and materials. Buyers are dealing with higher mortgage rates.

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All eyes are on Walmart and Target. The behemoths report quarterly earnings this week. They’re considered bellwethers for the retail industry and both stores have issued preliminary announcements *lowering their guidance for the quarter and the rest of the year.

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