The S&P 500's 12.3% gain so far for the first quarter is its best quarterly gain in nearly a decade and its finest start to the year since 1998. (Wsj)
 
On the back of a booming consumer business, Huawei's revenue grew 19.5% in 2018 - surpassing $100B for the first time - despite its battle with the U.S. and its claims that the company's equipment could be used for Chinese spying. While Huawei has tried to counter the negative news through a public relations push as well as a legal offensive, some feel the developments will bode well for rivals Nokia and Ericsson. (Sa)
 
Lyft’s big day has finally arrived. Shares in the San-Francisco ride-hailing company begin trading on the Nasdaq today.  The share sale values Lyft at $24bn and is the first big US technology darling to hit the public markets since Snap debuted in 2017. It paves the way for a rush of expected listings by fast-growing Silicon Valley companies, including rival Uber, which is hoping to reach a $100bn valuation.
 
The Federal Reserve’s preferred measure of inflation eased to its weakest level in 11 months in January, a reading that may validate policymakers’ decision this month to reverse course on policy and drop plans to raise interest rates this year.  The core personal consumption expenditures index rose 1.8 per cent in January from a year earlier, according to the US Department of Commerce. That is down from the 2 per cent recorded in December and is the slowest pace of increase since February 2018.  (Ft)
 
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.

Lyft has increased its expected IPO share price range to between $70 and $72 per share (from $62-$68), raising up to $2.22B and valuing the ride-hailing company at around $20B. The firm is set to price its shares today and will begin trading publicly on the Nasdaq on Friday. While still not profitable, Lyft claimed 39% of the U.S. market at the end of 2018, up 17 percentage points over two years. (WSJ)

Lululemon Athletica, the Vancouver, BC-based clothing company whose upscale yogawear has taken Bend and North America by storm, is stepping up its international expansion after its annual profits nearly doubled.  The company, which is capitalising on the “athleisure” trend that sees leggings worn even in the office, said more than half of its planned 40 to 50 store openings this year would be in overseas markets. (FT)

Economic growth in the U.S. slowed in the final part of 2018, with GDP posting a gain of just 2.2 percent in the fourth quarter, according to final Commerce Department figures released this morning.  The final reading was in line with expectations of economists surveyed by Dow Jones. That was down from the previous estimate of 2.6 percent and leaves full-year growth at 2.9 percent. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.
 

It's a big day for Boeing and federal aviation safety regulators as they try to rebuild trust following two deadly crashes of 737 MAX airliners. Boeing has scheduled a briefing for about 200 pilots and airline representatives in Renton, Washington - home of the 737 assembly complex - where it's expected to outline software changes that controls a system designed to automatically prevent a mid-flight stall. A Senate panel in Washington, D.C. will also question the acting head of the FAA, the DOT's inspector general and the head of the NTSB.  (SA)

China's industrial firms posted their worst slump in profits since late 2011 in the first two months of this year, falling 14% Y/Y to 708B yuan ($106B), according to the National Bureau of Statistics. Beijing has already propped up the manufacturing industry by cutting the value-added tax, increasing infrastructure spending and reducing direct government intervention, but more support measures may now be on the horizon. (SA)

The International Trade Commission ruled against banning the import of several iPhone models to the US, dealing a blow to chipmaker Qualcomm and overturning a preliminary finding issued the same day that found Apple infringed on the chipmaker’s patent. (FT)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

Ending another cutthroat ride-hailing battle ahead of an expected IPO, Uber has agreed to acquire Middle Eastern rival Careem for $3.1B. The company will pay $1.4B in cash and $1.7B in notes that will convert at a price of $55 a share, which is 12% higher than the $49-a-share value paid by investors in an Uber financing round in September. Careem is now active in 84 cities in about 15 countries in the Middle East, and will help Uber achieve its goal of having 1B users across the globe. (SA)

Without any tech companies of their own, The European Parliament is laser-focused on regulating ours – they’ve scheduled for a final vote today on a hotly-contested provision that would overhaul the EU's copyright system. Article 13 would place heavy restrictions on content sharing, ranging from videos to memes and GIFs. If the directive passes, platforms like YouTube, Facebook, and Twitter will be forced to implement so-called "upload filters" to ensure material doesn't run afoul of a copyright or risk being sued. (SA)

China’s President Xi Jinping is in Paris today as he continues his European tour trying to increase support for his signature Belt and Road trade project. His visit to Italy earlier this week proved somewhat controversial as it put further strain on the already shaky government coalition there. The welcome in Paris has been warmer as the delegation from China came with their checkbooks, signing a $35 billion deal to buy 300 new aircraft from Airbus AE. This morning Xi is meeting German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker. (Bloomberg)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

Developed-market bond prices continue to climb with yields in Australia and New Zealand dropping to record lows overnight following the inversion of the U.S. yield curve on Friday, while Japan’s 10-year yield fell to the lowest since 2016. Money markets are now pricing a 90 percent chance that the Federal Reserve will cut rates by December.  (Bloomberg)

Pilots from five airlines tested a software update in a flight simulator for Boeing’s 737 Max aircraft following two deadly crashes in recent months. The accidents have driven a wedge between European and US aviation authorities, creating “dangerous” fragmentation of international safety systems.  (FT)

Apple is expected to introduce a new video streaming service on Monday, which it hopes will reinvent the TV guide with a personalized offering of programming and original content. The launch of the two subscriptions will culminate nearly 10 years of Apple interest in distributing news and TV content. (SA)

On the trade front -- China is refusing to budge on US demands that it relax its restrictions on digital trade — a priority for America’s largest technology companies, and one of several remaining obstacles to an agreement between Washington and Beijing.  Robert Lighthizer and Steven Mnuchin travel to Beijing on March 28 for meetings with Liu He, China’s vice-premier and leading economic official. Mr Liu is expected to return to Washington the following week, and the two sessions combined could be pivotal for the fate of the talks. (FT)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.
 

U.S. stocks closed higher yesterday on the back of a rally in the technology sector, shares of Apple surged after an upgrade of the stock, helping to propel the Dow.  The market’s strong upside momentum comes a day after the Federal Reserve signaled that it was unlikely to raise interest rates this year amid worries over slowing economic growth.

Initial jobless claims, a rough measure of layoffs, fell by 9,000 to 221,000 in the seven days ended March 16th.  The number of laid-off workers who applied for unemployment benefits declined in mid-March to a one-month low, suggesting little deterioration in a robust labor market that’s powered the economy over the past several years.

 A survey of economic conditions in the U.S. rose in February for the first time in five months, perhaps a sign growth is poised to pick up a bit after a very slow start early in the year.

The leading economic index increased 0.2% in February, the Conference Board said Thursday. It’s the first uptick since September.  The improved reading in February was spurred by higher stock prices, lower interest rates and improved access to credit.

Levi Strauss is a publicly-traded company again, with shares opening at $22.22, 31% above the anticipated IPO price and reaching as high as 35% above the IPO price within minutes. The New York Stock Exchange helped celebrate the denim icon's first trading day by suspending its "no jeans" policy on the trading floor, with traders wearing Levi's instead of suits.  The $22 stock price gives the company a valuation of nearly $7 Billion.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

Stocks traded in a wide range yesterday and finished lower after the Federal Reserve slashed its rate-hike outlook for 2019 to zero and said it expects the U.S. economy to grow at a slower rate this year.
 
The Fed brought down its 2019 rate-hike forecast to no increases down from two hikes.  The central bank also indicated it intends to end the reduction of its massive $4.2 trillion balance sheet by September.  Stocks initially rallied off their lows of the day on the announcement as traders cheered a more accommodative policy stance from the Fed, which is typically supportive of equity prices. However, the Fed’s announcement also dragged down yields, which in turn knocked bank stocks lower.  Shares of all the major US banks traded sharply lower. 
 
A new class-action lawsuit takes aim at real estate agents and their 6% commission.  The suit was filed in Chicago on behalf of anyone who sold a home through one of 20 of the largest listing services in the country over the past five years. It charges that the mighty Washington-based lobby National Association of Realtors, as well as the four largest national real estate brokerages, and the Multiple Listing Services they use, have conspired to require anyone selling a home to pay the commission of the broker representing their buyer “at an inflated amount,” in violation of federal antitrust law.  The suit is being brought by the lawyers who won some big cases against big tobacco.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

US Stocks closed mostly lower yesterday in a bumpy trading session as investors await news on what the Federal Reserve is going to do with interest rates later today.
 
US factory orders rose a paltry .1% last month, another sign pointing to slower economic here in the US in the 1st quarter.  Economist had forecast a .5% increase.  Non-durable goods dropped by .5% last month.
 
The FDA has approved the first drug specifically developed to treat postpartum depression after childbirth.  Shares of Sage Therapeutics the company that developed the drug shot higher on the news.  The drug is likely to be priced at $35,000 per treatment.
 
Shares of FedEx dropped 6% yesterday after the company reported earnings that missed expectations.  The company also lowered expectations for the rest of the year for the 2nd time in 3 months over serious concerns about the global economy slowing down.
 
Google is planning to ask all Android smartphone users in Europe whether the want to switch to competing search engines.  One of two concession the search giant is offering to stave off complaints and fines from the European Union antitrust regulators.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

The Fed’s plans for its multitrillion-dollar balance sheet are in focus ahead of its two-day meeting starting today. The pace at which the Fed has been offloading debt was a factor behind the turbulence in financial markets last year. Fed chairman Jay Powell said last month that an announcement on the future of the balance sheet would come “fairly soon”.  (FT)

Looking to diversify its revenue sources, Google will take a stab today at revolutionizing the $130B+ gaming industry currently dominated by incumbents like Microsoft, Sony, and Nintendo.  Reports suggest that the main focus isn't on a console - rumored to be called "Yeti" - but instead on a streaming platform that can be likened to a "Netflix for video games." Cloud gaming can let users stream wherever they are - on a phone, computer or tablet - with a speedy internet connection. (SA)

Things are relatively quiet on the trade front, but there are signs of progress. U.S. Agriculture Secretary Sonny Perdue described negotiations as “dynamic,” saying China could triple its 2017 purchases of U.S. farm goods in the next five years. Perdue also confirmed that there would have to be an agriculture deal as part of any trade deal with the EU. (Bloomberg)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

US Stocks traded 3% higher last week and are at their highs for 2019 up over 12% year-to-date.  Investors will have plenty of economic reports to digest this week including a decision from the Federal Reserve on interest rates.
 
Job openings in the US reached 7.6 million in January the 3rd highest ever, which is a sign that companies are still eager to add new employees.  The most job openings are in wholesale trade, real estate, and IT.  The number of job openings outnumbered the ranks of the unemployed for the 11th straight month which has never happened.
 
The University of Michigan Consumer Sentiment Index moved higher in March for the 2nd straight month, with the index rising to 98.  The gain in March was due to households in the bottom two-thirds of income.  Those households felt better about their finances than wealthy households as wage growth has been more pronounced in lower-income households.
 
More proof that investors can't successfully time markets.  The average investor that owned and S&P 500 Index fund since 1989 received a 7.61% average annual return.  In that 30 year period if that investor had missed only the 50 best trading days their return would have fallen to a negative .47% per year.  It's time in the market, not trying to time the market which is the key to success.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

U.S. stocks turned lower yesterday as investors digested headlines suggesting progress toward a U.S.-China trade deal has stalled against the backdrop of weaker-than-expected Chinese economic data.  The reports come against the backdrop of a grounding of a key Boeing jet and a Brexit saga playing out in the U.K.

U.K. lawmakers have voted in favor of seeking a delayed departure from the EU, marking another step in a political crisis that has ripped through the heart of England.  Members of Parliament voted for an extension beyond its current March 29 deadline. The vote was non-binding, however, and the EU will have to agree to a delay. Brussels has already stated that Britain needs to justify requesting such an extension.

Sales of new homes in the U.S. dropped almost 7% in January, indicating the housing market has gotten off to a slow start in early 2019 amid a partial government shutdown and patches of unusually harsh weather.  New-home sales declined to a 607,000 annual rate in January.
   
Flir Systems, one of the few big technology companies that still calls Oregon home, said Wednesday it will open a new headquarters near Washington, D.C.  The defense contractor said it will still refer to its Wilsonville campus as a “headquarters” and will retain the 350 employees who work there. But the company’s top leadership, including its chief executive and chief financial officer, will work at the new, 65-person office in Arlington, Virginia.

With Northwest Quadrant Wealth Management, I'm Tyler Simones

U.S. stocks rose yesterday, putting the S&P and the Nasdaq on track for a third straight day of gains, as investors weighed conflicting data on the U.S. economy with concerns tied to the U.K.’s exit from the European Union.
 
Shares of Boeing fell again yesterday, after President Trump executed an executive order grounding all 737 Max planes.  The drop has erased roughly $41 billion in market value from the aviation and defense giant's shares since last Friday.  Trump said the grounding would be temporary but didn't specify when it would be lifted.
 
Orders for long-lasting durable goods rose in January for the third month in a row and business investment posted the biggest increase since last summer, indicating a key segment of the economy is still expanding at a steady if unspectacular pace.
 
Spending on U.S. construction projects in January posted the biggest gain in nine months, as strength in nonresidential construction and government projects offset continued weakness in home construction.  The Commerce Department says that construction spending rose 1.3 percent in January following two months of declines. It was the biggest gain since construction spending rose 1.7 percent in April.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones
 

U.S. stocks were mixed yesterday. The S&P 500 and Nasdaq were higher as a new reading on consumer prices reaffirmed muted inflation risk, while the Dow fell back into the red as declines in shares of Boeing pressured that index.
 
British lawmakers crushingly rejected Prime Minister Theresa May's deal to quit the European Union yesterday, thrusting Brexit into turmoil just 17 days before the planned departure date.  Lawmakers will now vote today on whether Britain should quit the world's biggest trading bloc without a deal, a scenario that business leaders warn would bring chaos to markets and supply chains, and other critics say could cause shortages of food and medicines.
 
Americans paid more for rent, food, gas and clothes in February, triggering the biggest increase in inflation in four months. But the cost of living more generally is still rising very slowly.  The consumer price index climbed 0.2% in February following three straight months of no change, that matched the forecast of economists.

The National Federation of Independent Business said its small-business optimism index inched higher in February after January saw the worst levels since the 2016 presidential election. The optimism index rose 0.5 point to 101.7, with 5 out of the 10 components increasing, led by a 5-point gain in those who expect the economy to improve.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

U.S. stocks posted healthy gains yesterday, though the Dow Jones Industrial Average’s rise was muted by declines in shares of Boeing after the second deadly crash in about six months involving its 737 Max 8 aircraft.
 
A month after the biggest decline in 10 years, sales at U.S. retailers rebounded slightly in January, but not enough to alter an emerging picture of an economy that slowed sharply at the beginning of 2019.  Retail sales rose 0.2% in January, led by home centers and Internet stores.  Economists had forecast a .1% increase.
 
Workers are receiving the fattest wage increases since the Great Recession as employers struggle to find enough people to fill their ranks and employees have more leverage to demand higher pay and jump to better jobs.  Wages grew 3.4 percent in the past year, the fastest pace in nearly a decade and well above inflation, suggesting employers are hustling to lure and retain workers. 

Shares of Boeing fell 7% after Indonesia joined China in grounding Boeing 737 MAX 8 aircraft following Sunday’s deadly Ethiopian Airlines crash, a sharp break from traditional air-safety practice that divided experts and ratcheted up pressure on the U.S. plane maker.
 

With Northwest Quadrant Wealth Management, I'm Tyler Simones

US Stocks broke their 10 week winning streak last week after investors got a slew of economic data showing the global economy continues to slow.
 
Construction on new homes, known as housing starts, leaped 19% in January, rebounding from a big drop at the end of 2018.  Single-family starts increased at an even faster 25% pace in January as the housing market try's to keep up with demand.
 
Small business owners in the US added the most jobs per business in 45 years.  But plans for future hiring fell to a 10-month low, suggesting tight labor markets and wage costs are weighing on efforts to add employees.  22% of small business owners said difficulty finding qualified workers was their most important business problem.
 
The oldest stock index in America, the Dow Transportation Average, saw its 11th straight drop on Friday which hasn't happened since 1972.  The transport index is closely followed because it is often used as a proxy for the health of the US economy.
 
And more proof that the housing market in San Francisco is crazy, 81% of the houses in the city are worth $1mm or more.  And with 9 tech companies in the Bay Area slated to go public this year minting 5,000 more millionaires, prices aren't likely to go down anytime soon.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

Stocks retreated yesterday, with the Dow sliding more than 200 points, as investors weighed mounting evidence of a slowing global economy after the European Central Bank slashed its gross domestic product forecasts and pledged continued support for the flagging eurozone economy.
 
Today marks the 10th anniversary of the bear market low hit on March 9th, 2009.  The S&P 500 has risen 347% over the10 years since the financial crisis low, period richly rewarding investors.
 
The European Central Bank announced new measures to support a slowing economy, including a new round of long-term loans to European financial institutions, while issuing a surprise pledge to hold off on any interest-rate increases until at least the end of the year.  The announcement follows updated growth projections from the central bank, with the ECB forecasting growth of just 1.1% in 2019, down from a previous estimate of 1.7%. Analysts and economists, however, questioned whether the moves will be enough to stop the slowdown of the eurozone economy.
 
The number of people who applied for unemployment benefits in early March fell slightly, keeping so-called jobless claims near the lowest levels in a half-century.
 
The productivity of the American workforce rose solidly again in the fourth quarter, reflecting a recent upturn that could bode well for the U.S. economy if it’s sustained.  U.S. productivity advanced at an annual pace of 1.9% in the final three months of 2018.  The rate of productivity — the key to a higher standard of living for American families — rose 1.8% year-over-year. That’s the fastest 12-month gain since 2015.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

Stocks closed lower for a third session in a row Wednesday on tepid U.S. data as the Federal Reserve’s Beige Book, an anecdotal account of business conditions, showed the partial government shutdown had weighed on economic activity.
 
Private-sector employment “throttled back” last month, according to the payroll company ADP who prepared the data released yesterday. Employers added 183,000 jobs in February, compared with a revised 300,000 in January. The gain in February was close to forecasts from economists who expected a gain of 180,000.
 
Lots of American companies have stopped paying for Facebook and Instagram ads since the start of last year. Some said they quit due to concerns related to Facebook's privacy policies while others said they've become fed up with the unpredictability in how Facebook applies its ad policies.  Despite a year in crisis, the company's financials have held up just fine. Net income jumped 61 percent in the fourth quarter and 39 percent for the full year.
 
The Blockbuster video rental store in Bend is no longer the last one in the United States.  It’s the last one in the world.  Sandi Harding, general manager of the Bend Blockbuster on third st, received a call Monday from an Australian radio station sharing the news that the Blockbuster in Perth, Australia — the only other Blockbuster on Earth — is closing at the end of the month.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones
 

U.S. stocks struggled for a foothold in positive territory Tuesday in a session during which major benchmarks flipped between gains and losses as investors monitored developments from U.S.-China trade talks and China’s domestic economy.
 
China lowered its economic growth target for 2019 to between 6% and 6.5%, acknowledging a deepening slowdown. The Chinese Premier, outlined plans to support the economy, including an increase in deficit spending, new tax cuts, lowering fees for businesses, and a 30% boost in bank lending to small and private companies.
 
Shares of Target jumped 5.7% toward a 3 1/2-month high, after the discount retailer reported fiscal fourth-quarter earnings and sales that topped expectations, helped by strong traffic growth and digital sales.  The company also offered positive guidance as the company has seemed to figure out consumer preferences better than most retailers.
 
The Commerce Department said new home sales increased 3.7 percent to a seasonally adjusted annual rate of 621,000 units, the highest level since May 2018.  Economists polled by Reuters had forecast new home sales, which account for about 11.2 percent of housing market sales, falling 8.7 percent to a pace of 600,000 units in December.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

U.S. stocks retreated yesterday as investors turned cautious after initially cheering reports that the U.S. and China were close to completing a landmark trade deal. Concerns that stocks are becoming too expensive on the back of a two-month rally from December lows are also weighing on sentiment.
 
Construction spending fell a sharp 0.6% in December, according to a report long delayed by the partial government shutdown earlier this year. Economists had forecast a 0.3% increase. Despite the decline at year end, construction spending rose 4.1% in 2018 compared to 2017.
 
Stocks of managed-care companies continued their sell-off yesterday, in the aftermath of the “Medicare-for-All” bill introduced last week.  The bill proposes a simplified health-care system by moving to a single-payer model, with the transition from the current multi-payer system taking just two years. Although analysts suggest the legislation has little chance of progressing, investors remained unnerved as Congress continues to feel pressure to take action on cutting health-care costs.
 
According to the American Association of Individual Investors 6 days before the start of current record-breaking bull market over 70% of investors didn’t want to own stocks, today only 20% of investors don’t want to own stocks.  Proving yet again investors have terrible timing.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones

US Stocks traded higher last week with the S&P 500 on a 10 week winning streak, the longest since 1995.  The S&P 500 is now up 21% since the December 24th low.
 
Electric car maker Tesla announced the long-awaited $35,000 Model 3 sedan and said they were shifting all of their sales to online-only, leading to more retail layoffs.  The company also announced a 4th quarter loss.  Shares of Tesla traded 8% lower on the news.
 
The University of Michigan consumer sentiment index faded in February to a 93.8 level which was lower than the 95.6 that economists had expected.  Long-term inflation expectations remain near the lowest level recorded in the last half century.
 
The institute for supply management said that American manufacturers grew their businesses in February at the slowest pace since the election in November of 2016.  Offering more proof the US economy has gotten off to a slow start this year.
 
And this Friday March 9th marks the 10th anniversary of longest bull market on record.  Investors have been richly rewarded since the March 2009 low, with the S&P 500 gaining 312% over those 10 years.
 
With Northwest Quadrant Wealth Management I'm Tyler Simones
 

Stocks declined yesterday, but were higher in the month of February, amid stronger-than-expected economic data and after talks between President Donald Trump and North Korean leader Kim Jong Un fell through.
 
The U.S. economy grew at an annualized rate of 2.6 percent in the fourth quarter 2018. Economists had expected the economy to grow at a pace of 2 percent.  A slumping housing market and bigger trade deficit softened up the economy in the final three months of 2018 after a torrid spell of growth in the middle of last year, but consumers and businesses still showed plenty of resilience despite stiffer headwinds.
 
The number of people who applied for unemployment benefits in late February rose modestly but remained near the lowest level in decades, suggesting the labor market is still rock solid.  Jobless claims, a rough measure of layoffs, rose by 8,000 to 225,000.

Shares of the retailer Gap skyrocketed more than 20% after the retailer said it would split itself into two companies, one consisting of its Old Navy brand and a yet-to-be-named company with its Gap, Athleta, Banana Republic, Intermix, and Hill City brands, as sales at Gap brand fell 5% globally in 2018. Gap also plans to close about 230 specialty Gap stores over the next two years as part of an effort to "revitalize" its Gap brand.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones