Five interesting things that Hodges Capital research analysts discovered this week...
#1 UNCLE SAM’S FAT WALLET: Since October 2021, tax collections have been up 42% over the same pre-pandemic period in 2019. According to the Congressional Budget Office, the increase has come mainly from corporations and capital gains tax paid by individuals.
#2 BITCOIN BITES THE DUST: Bitcoin has fallen by more than 20% in the past two weeks and is down over 55% from its November peak. It is estimated that 40% of holders are now underwater on their investments, according to new data from Glassnode.
#3 UKRAINE/RUSSIA: A recent poll conducted by YouGov/The Economist has shown a significant age gap in how U.S. citizens feel about Russia and Ukraine. Nearly 92% of Americans aged 65 or older sympathized with Ukraine over Russia, but among 18 to 29-year-olds, only 56% responded the same way.
#4 REBAR: Despite volatility in most material stock prices; domestic rebar prices appear to be holding up and are near an all-time high based on the Platts Assessed U.S. Southeast rebar pricing that started the week above $1,100 per share ton.
#5 THE “BIG D” JUST GOT BIGGER: According to the U.S. Census Bureau, Dallas, Texas, was the top metro gainer from July 2020 to July 2021. Its population grew by 97,000 to approximately 7.8 million. Fort Worth also made the top 10 fastest-growing metro areas, increasing by 28,000 to 2.5 million.
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