US Stocks finished slightly lower last week but posted their best June return in 80 years with the S&P 500 7% higher. Stocks had a great first half of 2019 with the S&P 500 posting a 17% gain and the tech heavy NASDAQ 21% higher.
President Trump and President Xi Jinping of China managed to get trade talks back on track this past weekend, but an even tougher job lies ahead—appeasing hard-line factions within their own governments demanding they give no quarter. President Xi faces party leaders and executives of state-owned enterprises who believe Washington is out to demolish the government-led economic model that is responsible for China’s emergence as a global power. Mr. Trump, for his part, faces skepticism from some Republican and Democratic lawmakers who worry he will give up too much in any deal, as well as wariness among some of his own appointees.
J.P. Morgan Chase, Goldman Sachs, Citigroup — Shares surged more than 2% after the Federal Reserve said all major U.S.-based banks passed the central bank’s annual stress test. The banks also got approval to hike their quarterly dividends and increase buybacks.
The University of Michigan said the final reading of its consumer sentiment index in June was 98.2, down from the 100 reading in May. Wealthier Americans were rattled over tariffs. Households with incomes in the top third of the distribution were responsible for the decline.
With Northwest Quadrant Wealth Management, I'm Tyler Simones