U.S. stocks closed lower yesterday as the health-care sector slumped on concerns over potential adverse impact from future policy changes. Investors also parsed a steady stream of corporate earnings and the latest snapshot of the economy via the Federal Reserve’s Beige Book.
The social media company Pinterest raised $1.43 billion in its IPO yesterday after pricing the offering at $19 a share, valuing the company at $10 billion. Pinterest, which is expected to start trading today on the New York Stock Exchange, had originally given a pricing range of $15 to $17. But investors appear to be showing an appetite for the social media companies.
The National Association of Home Builders’ monthly confidence index rose to 63 in April. Any reading over 50 signals improving conditions. Housing analysts remain optimistic about the housing market. Mortgage rates remain low, uncertainty around the 2017 tax law changes is receding, and macro conditions support homeownership for many more Americans.
Shares of Pepsi the beverage and snack company rose 3.8% after it beat Wall Street’s estimates in its first-quarter financial report. Pepsi reported earnings per share of 97 cents, while analysts polled by Refinitiv expected a profit of 92 cents.
With Northwest Quadrant Wealth Management, I'm Tyler Simones