Stocks fell yesterday after President Donald Trump renewed his attacks on China, decreasing hope the two largest world economies will reach a trade deal. Investors also braced for a key announcement on U.S. monetary policy.
Apple reported earnings for its June quarter yesterday that were above expectations, and the company’s revenue returned to growth after two straight down quarters. Apple’s guidance was strong and beat analyst expectations, suggesting that demand for Apple products is stabilizing headed into the critical second half of the year. Apple also declared a cash dividend of $0.77 per share.
Shares of Procter & Gamble jumped 3.8% and hit a record high on better-than-expected quarterly numbers and upbeat forecast for the year. P&G reported adjusted earnings per share of $1.10 on revenue of $17.09 billion, topping estimates. Procter also sees adjusted earnings per share increasing between 4% and 9% in the fiscal 2020.
Home prices continue to rise but at a much slower pace. The 12-month change has been slowing quite a bit in the last few months. Seattle is now the first city “in a number of years” where prices are lower on a year-on-year basis. Las Vegas and Phoenix remain quite strong.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.