U.S. stocks traded mostly lower yesterday after the Federal Reserve left interest rates unchanged but signaled another imminent rate increase. Fresh worries over the U.S.-China trade friction dampened investor sentiment although positive results from Apple buoyed the tech sector and helped the Nasdaq to keep a foothold in positive territory.
According to the payroll company ADP companies in the private sector added 219,000 new employees to their payrolls in July, showing that firms are managing to fill a record number of job openings despite growing shortages of skilled labor.
According to data from S&P Dow Jones Indices, 80% of the S&P 500 stocks that have reported second-quarter earnings so far have topped profit expectations, well above the historical average of 67%.
Car maker Tesla reported 2nd quarter earnings losing more than expected. Tesla said they lost $718 million, or $4.22, in the quarter, compared with $336 million, or $2.04 a share, in the year-ago period. The company continues to have a very high cash burn rate.
With Northwest Quadrant Wealth Management, I’m Tyler Simones