Stocks rebounded yesterday from their worst day of the year after China’s central bank indicated it plans to keep its currency at a level stronger than some investors had first feared.
Shares of Disney traded lower even though the company reported record quarterly revenue as expectations for record-breaking movie profit and higher earnings and sales failed to materialize. Disney stock has been trading at record highs recently, after the opening of Endgame. The stock is at $141.87, up 29% for the year.
Job openings nationwide fell slightly in June but topped 7 million for a record 15th month in a row, reflecting the strongest labor market in decades even as the U.S. faces stiffer economic challenges. Job openings rose the most in retail and real estate.
The iconic clothing retailer founded almost a century ago, Barneys, is filing for Chapter 11 bankruptcy protection but will keep the doors open at its 10-story Madison Avenue store. The company has secured $75 million in financing to pay employees and vendors as it seeks a buyer. Barneys stores in Chicago, Las Vegas and Seattle will close along with 12 concept and warehouse locations. Stores in Beverly Hills, San Francisco and in Boston will remain open. The picture for most traditional retailers grows worse by the year. The number of retail store closed in the U.S. this year has already surpassed the total number in 2018.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.