Top-of-mind economic news as we start the week:
— The S&P 500 had its worst week since March 2020, falling 5.7% on concern about corporate earnings, Fed interest rate hikes to counter inflation and escalating tensions with Russia regarding Ukraine.
— US startups raised $621 billion in capital in 2021, double the previous record, with Philadelphia, Los Angeles, Dallas and Miami in the lead.
— Intel is planning to build a $100+billion 1,000 acre plant outside Columbus, Ohio, potentially the world’s largest semiconductor site.
— December 2021 existing house sales in the US were down 7% from Dec. 2020, even as prices were up 16%, on record low amount of housing stock for sale.
— Manufacturing and shipping solar panels now costs nearly 40% more than in 2020, due to rising prices for components and supply bottlenecks.
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