The S&P 500 Index posted its most volatile week since early June. The index was up about 0.3% for the week, posting and average daily move of 0.7% over the period. The S&P 500 has closed within 2% of record highs for 12 consecutive trading days, the longest such streak since September 2017. (LPL)
Economic data a mixed bag. The Philadelphia Federal Reserve's business outlook survey fell to 11.9, a 21-month low. Housing starts grew 0.9% last month (missing expectations of 7.4% growth) after declining 12.3% in June, indicating cooling in U.S. new-home construction. Applications for unemployment benefits fell to 212k last week. The 4-week rolling average for jobless claims is now 214k, hovering near its lowest point of the economic cycle. (LPL)
Intel, Oregon’s largest employer, has purchased a three-year-old Seattle artificial intelligence startup called Vertex.AI. The terms of the deal were not disclosed.
SodaStream the Israeli-based at-home carbonated drink-maker agreed to be bought by U.S. beverage giant PepsiCo for $3.2 billion in cash, or $144 per share. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.