Business News


US Stocks rose slightly yesterday, eking out another record closing high, as traders digested the latest developments surrounding a new round of U.S. fiscal stimulus negotiations.

 
The U.K. became the first Western nation to grant emergency-use authorization for a Covid-19 vaccine, clearing a shot developed by Pfizer and BioNTech to be distributed within days.  The two-shot vaccine is also being reviewed by the FDA here in the U.S., where a similar authorization could come later this month and a rollout before the end of the year.
 
American Airlines is flying its employees, including top executives, and reporters on their Boeing 737 Max planes this week in hopes of boosting confidence in the jetliners that were grounded for 20 months after two crashes that killed 346 people.  The FAA lifted their ban on the planes on Nov. 18, clearing airlines to start flying the jets again.
 
The Oregon Employment Department estimates that 70,000 Oregonians could lose their unemployment benefits on Dec. 26 when Pandemic Unemployment Assistance (PUA) and a separate program that offers extended benefits to those that have exhausted their regular unemployment expire.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



US Stocks were higher yesterday with the S&P 500 hitting a new record, as the market’s historic rally extended into December.


Economic activity in the manufacturing sector grew in November with the overall economy notching a seventh consecutive month of growth, but the manufacturing sector growth was slower than expected based on employment contracting.

Shares of the software company Salesforce dropped more than 3% after they announced they will acquire messaging platform Slack for $27.7 billion.  Slack’s shares were higher on the news.  Both companies also reported quarterly earnings that were better than expected. 

 

Cyber Monday was projected to be the largest online shopping day in U.S. history and it delivered just that— a 15.1% increase over last year coming in at $10.8 billion for the day.  Adobe analyzes shopping data that showed one trillion visits to U.S. retail websites and they calculated that the total season-to date holiday spending, including Cyber Monday, is over the $100 billion threshold. This milestone is usually not reached until mid-December
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



US Stocks were lower yesterday but had their best November in 35 years with the S&P 500 rising over 11% and the Small Cap Index having its best month ever.


According to the National Association of Realtors pending sales in the U.S. housing market declined slightly for a second consecutive month in October, signaling buyers may be reaching a limit on what they can afford.  The Pending Home Sales Index, which analyzes home sales based on contract signings, fell 1.1% in October after dipping 2.2% in September.
The Video Communication company Zoom saw their stock fall after the company reported fiscal third-quarter earnings and quarterly guidance that exceeded analysts’ expectations. Investors seemed disappointed that the rate of revenue growth, which has accelerated this year, could moderate.  Zoom saw their revenue grow by 367% in the quarter but investors seemed to be expecting more.


A recent IRS ruling could force many small businesses to pay taxes on government aid meant to help through the pandemic.  On Nov. 18 the IRS said the businesses cannot deduct expenses such as payroll and rent, paid for with money from the Paycheck Protection Program of the CARES Act. 

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.



Stocks traded in record territory again last week with the S&P 500 and NASDAQ set to finish the month of November up 12%, with the small Cap Russell 2000 index gaining 21% in the month.

 

Spending online on Black Friday this year surged 22% to hit a new record, as the pandemic pushed more people to shop from the sofa and avoid crowded stores and malls. Traffic at stores on Black Friday fell by 52% compared with last year.  Consumers spent $9 billion on the web the day after Thanksgiving, up 22% year over year. This makes Black Friday 2020 the second-largest online spending day in history in the United States, behind Cyber Monday last year. Today’s Cyber Monday is slated to become the largest digital sales day ever, with spending reaching between $11 billion and $13 billion, which would represent growth of 15% to 35% from a year earlier.


The cost of buying a house rose sharply again last month and by one measure hit a six-year high, a Case-Shiller index showed, signaling that prospective buyers are unlikely to find better deals any time soon.  A measure of home prices in 20 large cities rose at a 6.6% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 5.3% in the prior month.  A broader measure by Case-Shiller that covers the entire country showed a similarly large 7% increase in home prices over the past year, marking the fastest 12-month gain since 2014.  Rock-bottom mortgage rates and a flush of people leaving cities during the pandemic for more space in the suburbs has boosted demand at a time when the supply of home for sales is near a historic low. The biggest increases took place in Phoenix, Seattle and San Diego. The smallest were in New York and Dallas.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.



A disagreement has emerged between Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell over whether to preserve emergency lending programs designed to shore up the economy. Mnuchin wrote to the Fed demanding the return of money the government provides the central bank for lending to certain markets. The Fed issued a statement saying the "full suite" of measures needs to be maintained. While Mnuchin said he is merely carrying out the law prescribed by the Cares Act, markets are nervously eyeing signs of disagreement between the top two U.S. economic policymakers.  

 

Top little, too late? General Motors plans to launch 30 all-electric models worldwide by 2025 at “all price points”, Mary Barra, chief executive, said on Thursday. The company will also increase investment in electric vehicles from $20bn to $27bn over the next five years and accelerate the rollout of existing EV brands, including the GMC Hummer and Cadillac Lyriq.  This comes as Tesla’s market cap fast-approaches $500bn as it prepares to enter the s&p500 index next month.

 

Rising prospects of a Covid-19 vaccine are threatening to kill off the bull market for gold, after an epic two-year rally that pushed the precious metal to a record high in the summer. Gold prices have already fallen about 10 per cent since their August peak above $2,000 a troy ounce, as confidence gradually returned to asset markets. This could be the start of a sustained slide for the metal, after two successful trials for Covid-19 vaccines emerged in November. Some bulls have not given up, pointing to a possible rise in inflation that typically boosts the precious metal. But a recovering global economy dents the appeal of gold, commonly used as a haven in times of turmoil.

 

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



Shares of the big box retailer Target are higher after reporting blowout third-quarter earnings. Target reported adjusted earnings of $2.79 per share on revenue of $22.63 billion. Wall Street expected earnings of $1.60 per share. Target’s curbside pickup service grew more than 500% and its home delivery service Shipt was up nearly 280%.

 

U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new Covid-19 infections.  Housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units last month.

 

The FAA has cleared Boeing’s 737 Max to fly passengers again after a nearly two-year ban, a turning point in a protracted crisis for the aircraft giant stemming from two crashes of its top-selling plane that killed 346 people.

 

More than 3,700 Les Schwab Tire Centers employees in Oregon are due to receive $2,500 checks this month as part of a settlement over a 2017 class-action lawsuit that alleged the chain hadn’t given workers enough time for lunch.  The suit alleged the Schwab employees hadn’t received the full, 30-minute lunch breaks. The Bend-based company continues to maintain that it provides the requisite lunch breaks but agreed to pay $16 million to settle the case anyway.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones
 
 



US Stocks were lower yesterday on the back of some disappointing economic data.

 

According to the Commerce Department shoppers kept buying electronics and home improvement supplies, but October proved a month when much of the retail world held its breath. Retail sales barely budged, inching up just 0.3% from September.  Rebounding from near-collapse in the spring, retail spending has improved since the summer, even topping pre-pandemic levels. In October, overall retail sales were up 5.7% compared with a year earlier.


 Shares of Tesla are sharply higher after the S&P Dow Jones Indices announced that they will add Tesla to the S&P 500 Index on December 21st.  When Tesla is added to the index it will be by far the largest company to be added at the time of inclusion at almost $400 Billion.  This also makes Elon Musk the companies founder the 3rd richest person on the planet.

Airbnb has filed paperwork for an initial public offering later this year hoping to raise $3 Billion, giving the company a $30 Billion valuation.  The company also reported $219 million in net income down 20% from the same period a year ago.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones



U.S. stocks closed at record highs yesterday after preliminary coronavirus vaccine data from the drug company Moderna further lifted expectations of a strong economic recovery.  Stocks that would benefit from the economy reopening like airlines, cruise lines, banks, and hotels led the way higher.

 

Shares of Costco are higher after the company announced that they will pay a special cash dividend of $10/share to shareholders on December 11th.  The aggregate dividend will be $4.4 billion and will be funded through their existing cash hoard.

 

In an open letter to Gov. Kate Brown and other state leadership signed by more than 300 restaurant and bar industry members, the Independent Restaurant Alliance of Oregon is asking for various relief measures including financial assistance, COVID-19 testing and clearance to sell cocktails to-go.  In the letter, the restaurant alliance asks the state for support, noting that before the start of the pandemic, the restaurant industry employed an estimated 9% of the state’s workforce and that an estimated 75% of Oregon’s more than 10,000 restaurants and bars are in danger of closing permanently.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones



Initial jobless claims are expected to show a small improvement from last week's 751,000 total when the data is released at 8:30 a.m. Eastern Time. Policymakers are becoming increasingly concerned that the resurgence of the pandemic in the U.S. is putting the recovery in jeopardy. Later today Fed Chair Jerome Powell speaks at the European Central Bank's annual forum, which investors will monitor closely for any hints of a change in his assessment of risks.  


Shares of Moderna (NASDAQ:MRNA) are 5% higher in premarket trade after accumulating enough cases of COVID-19 in its vaccine trial to analyze the shot's effectiveness. Preliminary results could be released soon, with the biotech firm saying it could hand the data over to an independent monitoring committee within days. The vaccine, which uses a similar mRNA technology to Pfizer's, is peceived to be highly effective


A day after OPEC cut its global oil demand forecasts, the IEA is jumping on the train, as the "task of re-balancing the market will make slow progress unless the fundamentals change." "With a COVID-19 vaccine unlikely to ride to the rescue of the global oil market for some time, the combination of weaker demand and rising oil supply provides a difficult backdrop to the meeting of OPEC+ countries," according to the agency. The IEA now expects world oil demand to contract by 8.8M barrels per day this year.

 

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



Yesterday's monster stock rally started to run out of steam before the close, and we're seeing something of a mixed bag this morning as investors adjust their portfolios away from pandemic plays. Overnight, international stocks traded higher.   


European regulators have announced formal antitrust charges against Amazon over how it uses data about the merchants on its platform. At the heart of the case is the company's dual position as a retailer that sells goods but also acts as a marketplace for third-party vendors. Amazon has downplayed antitrust concerns in the past, noting that many retailers have their own private label offerings, and that online sales represent only a small slice of the overall retail sector. Over in the U.S., Amazon is part of a group of companies under scrutiny by the House Judiciary Committee, while the DOJ and FTC have also launched antitrust probes against the company.


 Shares of Beyond Meat were getting crushed by about 23% in Tuesday’s premarket, the morning after the company issued disappointing third-quarter results that capped a volatile dayfor the stock on Wall Street. It all started Monday when McDonald’s announced new plant-based offerings. Confusion ensued about whether Beyond Meat, which made a meatless patty for a McDonald’s test in Ontario, would be a supplier for the McPlant. The fast-food giant declined to provide CNBC with any supplier details. But Beyond Meat said it worked with McDonald’s on the new line. 

 

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



 The S&P 500 and Nasdaq jumped 7.5% and 9%, last week, while the Dow rose 7%. The S&P 500 posted its biggest election week gain since 1932.  This morning US Stocks are sharply higher led by the pharmaceutical giant Pfizer who says that their COVID vaccine is 90 percent effective.

 

This week investors will be eyeing earnings season which is beginning to wind down, but there are still dozens of companies reporting, including McDonald’s, Disney, Applied Materials and Cisco. As of Friday, about 89% of S&P 500 companies had already reported third-quarter earnings results. Of these, 86% of them reported a positive earnings per share surprise. If this proportion carries through the remainder of earnings season, it will mark the highest percentage of upside earnings surprises for S&P 500 companies since FactSet began tracking the measure in 2008.


Warren Buffett’s Berkshire Hathaway said their operating earnings came in at $5.478 billion, down more than 30% from the year-earlier period.  As the coronavirus pandemic weighs on their operating earnings and stock price, Berkshire Hathaway ramped up their stock repurchasing program even more in the third quarter, nearly doubling the record buyback from the second quarter.  Warren Buffett’s conglomerate bought back $9 billion of its own stock.
 



The US Economy added 638,000 jobs and the unemployment rate dropped to 6.9 percent in October both were better than expected.

 

The Federal Reserve held short-term borrowing rates near zero in a decision that characterized the economy as growing but not near where it was before the coronavirus pandemic hit.  As markets widely expected, the Fed kept its benchmark interest rate anchored in a range between 0%-0.25%, where it has been since an emergency cut seven months ago in the early days of the coronavirus pandemic.


New applications for unemployment benefits fell slightly in late October, but they are only declining very slowly and signal ongoing stress in the U.S. labor market.  Initial jobless claims filed through state programs fell by 7,000 to 751,000 in the seven days ended Oct. 31.  Altogether, the number of people receiving benefits from eight separate state and federal programs declined by are still 21.5 million. 


Mortgage rates sank to another low for the 12th time this year, according to Freddie Mac, a government-sponsored agency that backs millions of mortgages.  The rate on the 30-year fixed mortgage fell to 2.78%, down from 2.80% last week, which was the previous low on records tracing back to 1971. A year ago, the rate was at 3.69 percent.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones



U.S. stocks were sharply higher yesterday, led by technology stocks, even as the results of the presidential election so far failed to yield a clear winner.

 

Shares of ride hailing companies Uber and Lyft are sharply higher after Californians passed Measure 22 allowing the companies to be exempt from a labor law that aimed to make drivers employees instead of contractors.  The ballot measure will allow the companies to continue to operate in California as they currently do.

 

U.S. services industry activity slowed in October, with growth in new orders and employment moderating, likely reflecting concerns about ebbing fiscal stimulus and a resurgence in new COVID cases across the nation.  The Institute for Supply Management said their non-manufacturing activity index fell to a reading of 56.6 last month from 57.8 in September.  A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. 

 

Shares of Qualcomm are sharply higher as their revenue and adjusted earnings per share handily beat Wall Street expectations.  The company is a huge beneficiary of the 5G movement.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones



Private job creation showed a sharp deceleration in October as the U.S. economy struggled against a resurgent coronavirus.  US Companies added 365,000 positions for the month, well below the 600,000 estimated by economists. That was the lowest reported gain since July.

 

The Commerce Department said that factory orders rose 1.1% after climbing 0.6% in August. Orders were boosted by increased demand for metals, computers and electronic products as well as motor vehicles and fabricated metal. But orders for machinery, furniture, electrical equipment, and appliances fell.  Manufacturing, which accounts for 11.3% of U.S. economic activity, has been boosted by a shift in spending from services toward goods as Americans set up home offices and remote classrooms and avoid public transportation.

 

The cruise industry has jettisoned hopes of restarting operations this year.  Days after both Carnival and Norwegian extended a halt on cruises through the end of the year, the group, Cruise Lines International, that represents cruise lines with 95% of global ocean-going capacity said that their members have agreed to extend the suspension of U.S. sailing operations for the rest of 2020.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones



The New York Stock Exchange is on pace to regain the U.S. stock market listings crown from rival Nasdaq this year after attracting bigger blank-check company IPOs than Nasdaq. So far, companies have raised $66B through listings on NYSE this year vs. $61B on Nasdaq (almost two-thirds of the proceeds raised on NYSE came from special purpose acquisition companies. 


S&P Global Ratings sees global debt, as a percentage of GDP, swelling to a record 265% this year, and insolvencies and defaults rising to levels not seen since the 2009 crisis. A near-term crisis, though, is unlikely given the expected economic recovery, a COVID-19 vaccine by mid-2021, favorable financing conditions, and sovereign, corporate and household spending and borrowing behaviors. "The heavier corporate debt will delay the recovery of credit metrics beyond 2022 for the hardest hit sectors (such as airlines, leisure and oil and gas)," according to the report. 

 

While recent pressure on equity markets could be easing, oil prices slid on lingering worries that international lockdowns will sap energy demand. Off by nearly 6% overnight, crude futures have pared some losses this morning.  Libya and Iraq are also boosting their production, causing a rise in overall supply from OPEC , despite having reduced quotas across its other members. While the group meets again on Nov. 10 and Dec. 1 to discuss policy, there doesn't appear to be a great deal of leeway for further reductions.

 

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



Alphabet took the spotlight of yesterday's Big Tech earnings show, rallying as much as 8% AH as ad sales bounced back sharply from a pandemic slump (YouTube pulled in more than $5B alone). While other peers did quite well, the quarterly reports led traders to pull out of the sector. Facebook slipped nearly 3% amid a user decline and "a significant amount of COVID-related uncertainty," though revenues were up more than 20% despite ad boycotts. Amazon also fell 1.5% after predicting $4B in pandemic costs next quarter, while Apple declined 4% as iPhone sales missed estimates due to customers holding off on purchases before the release of the iPhone 12. 


Once one of the most highly valued startups, Juul has been stricken over the past two years by regulatory crackdowns, lawsuits and probes into whether it marketed vaping products to teens. Latest? The e-cigarette maker has lowered its valuation to about $10B, after being valued at around $38B just two years ago when Altria took a 35% stake. Last month, Juul cut more than half its workforce and said it was exploring pulling out of most overseas markets.


Chevron on Friday reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year, hammered by Covid-19.  Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures.  The oil giant lost $207 million during the quarter on revenue of nearly $25bn.

 
The s&p500 is down 26, and the Nasdaq is fown 112. The MSCI international index is down 1/2%.

Oil is down $.11 to $36.06 a barrel, and gold is up $11 at $1879 an ounce.  


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



 Four of the big five - Alphabet, Amazon, Apple, and Facebook- are set to report earnings after the bell. The stocks account for $7T in market value, or nearly 46% of the Nasdaq 100, while the group's scale and influence has made it an outsized target for lawmakers in Washington. The stocks sold off yesterday, each dropping around 5% with the broader market, though they pared back some of those losses in the AH trading session. 

 

More deals in the chip sector: Marvell Technology is reportedly nearing a deal to acquire Inphi for about $10B, adding to an already record year for chip industry deals. Previous acquisitions: Advanced Micro Devices' $35B takeover of Xilinx, Nvidia's $40B purchase of Arm and Analog Devices' agreement to acquire Maxim Integrated Products for $20.9B. Marvell will pay 60% of the acquisition in stock, with the rest in cash, while an announcement could come as soon as today. Inphi Shares are 40% higher on the news.

 

Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic put itself back together. Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1% annualized pace.  Initial jobs also came in a bit better than expected at 751,000.  


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



US Stocks were lower for a third straight day yesterday led lower by the stocks of companies most sensitive to the economy closing down again because of an uptick in COVID cases.

 

A slew of large US companies reported quarterly earnings, including Dow components 3M and Caterpillar. Caterpillar reported a steep drop in year-over-year earnings and 3M slid 3.1% even after posting stronger-than-expected earnings and revenue.  170 S&P 500 companies have reported third-quarter earnings so far. Of those companies, 83% have posted better-than-expected earnings.


Shares of Microsoft are higher after the company reported fiscal first-quarter results that were better than analysts had expected.  Microsoft revenue grew 12% on an annualized basis. Revenue from Azure their public cloud division grew 48%.
Strong demand and a limited supply of homes have caused home price gains to accelerate dramatically.  Prices beat expectations, rising 5.7% annually in August, up from 4.8% in July, according to the Case-Shiller National Home Price Index.  Phoenix, Seattle and San Diego reported the highest annual gains among the 19 cities.   Chicago, New York City and San Francisco saw the smallest annual home price gains.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



More than one third of the S&P 500 index components, or 186 companies, are set to report Q3 results this week, including some of the top names in the index. Today's lineup includes manufacturing behemoth's 3M, and Caterpillar, healthcare giants Pfizer, Eli Lilly, and Merck, as well as tech titans Microsoft and AMD.  Earnings this quarter are beating expectations at a greater rate than usual.  

 

Intensifying its battle with Intel in the data center chip market, Advanced Micro Devices has agreed to buy Xilinx in a $35B all-stock deal. The tie-up would create a combined firm with 13,000 engineers, with a nimble manufacturing strategy that relies heavily on Taiwan Semiconductor Manufacturing. Since taking over AMD in 2014, Lisa Su has focused on data centers that power internet-based applications and services, which have fueled the rise of artificial intelligence and 5G telecom networks.


Not paying any attention to China's recent sanctions, the U.S. State Department has signaled its approval for a potential $2.4B sale of anti-ship missiles to Taiwan. As many as 100 Harpoon Coastal Defense Systems built by Boeing could be shipped. On Monday, Beijing said it would impose sanctions on Boeing's defense unit, Lockheed Martin  and Raytheon over another $1.8B arms sales to Taiwan.  China has not ruled out the use of force to achieve reunification.

 

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



Bayer is paying as much as $4B for U.S. biotech firm Asklepios BioPharmaceutical, bolstering its pharmaceuticals division as it continues to reel from its acquisition of crops giant Monsanto (and cancer-related Roundup lawsuits). The latest deal, which includes upfront consideration of $2B and potential milestone payments of up to $2B, is a bet on cutting-edge gene therapy, which offers the potential to cure a wide range of often-rare diseases by editing errors in the body's instruction manual.
  
Dunkin' Donuts and Baskin Robbins chains owner Dunkin' Brands  has held preliminary talks to be acquired by Inspire Brands after the NYT reported on the negotiations. Inspire would take Dunkin' private at $106.5 per share, valuing the company at $8.8B, or a 20% premium over DNKN's closing price on Friday. While Dunkin' said "there is no certainty that any agreement will be reached," if successful, Inspire would add the new assets to the Buffalo Wild Wings, Arby's Sonic, and Jimmy John's chains that it already owns. 

 

The Chinese financial technology giant  Ant Group will raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares on Monday, making it the biggest listing of all time. Ant’s valuation based on the pricing will be $313.37 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo.

 

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



Stocks traded higher yesterday on upbeat news on stimulus negotiations, and news that The Food and Drug Administration approved Gilead Sciences’ antiviral drug remdesivir as a treatment for the coronavirus.
Coca-Cola rose more than 1% after the company reported a stronger-than-forecast profit from the previous quarter. CSX and AT&T also traded higher on the back of better-than-expected earnings.


Sales of existing homes rose a higher-than-expected in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 21% annually.  Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply. That is the lowest since the Realtors began tracking this metric in 1982.


The Leading Economic Indicator index an index that measures U.S. business cycles rose in September for the fifth straight month, but its expansion pace further decelerated.  September reading marks the fifth straight month rise for the index, which saw is largest drop ever in March amid the first wave of the coronavirus pandemic. After rebounding in May and June, the indicator has gradually slowed down.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



Stocks alternated between gains and losses yesterday ending lower as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue their negotiations on a new fiscal stimulus package.
 
Shares of the electric car maker, Tesla, are higher after the company reported their fifth consecutive quarterly profit.  The company reported that they delivered 139,000 vehicles during the quarter, which is a new record for Tesla.
 
Shares of the social media company Snap are 30% higher hitting a new all-time high after the company reported a surprise profit in the third quarter.
 
United Airlines is testing a digital health pass under a global pilot program seeking to establish a common international standard for COVID-19 test results and eventually vaccine records that could help reopen international borders and eventually global air travel.  The nonprofit initiative, called CommonPass, is backed by the World Economic Forum, and if successful, it could persuade governments to ease the restrictions and quarantines that have slammed air travel. 

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.



Stocks rose yesterday after House Speaker Nancy Pelosi signaled Democrats and the White House were making progress in negotiations for a new fiscal stimulus deal.

 

U.S. single-family homebuilding surged in September, cementing the housing market’s status as the star of the economic recovery, thanks to record-low interest rates and a migration to the suburbs and low-density areas as Americans seek more room for home offices and schooling. Single-family homebuilding, the largest share of the housing market, jumped 8.5% to a rate of 1.108 million units last month.
 
Shares of Netflix are sharply lower after the company reported paid subscriber additions and guidance that sharply missed estimates, with subscriber growth decelerating more sharply than expected over the course of 2020. 
 
Social Security and Supplemental Security Income benefits will increase 1.3 percent in 2021.  The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021.   Retirees’ estimated average monthly benefit will increase by $20 per month, to $1,543 from $1,523 after the 1.3% increase.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



Wall Street was on a wild ride yesterday, with stocks swinging wildly between highs and lows.  Stocks had opened moderately higher on hopes that a stimulus deal might still get done ahead of the election. But it wasn't meant to last.  All three major indexes finished sharply in the red.
 
In a further show of strength for the housing sector, builder confidence in the market for newly-built single-family homes increased two points to 85 in October, further surpassing the previous all-time high of 83 recorded in September, according to the latest NAHB/Wells Fargo Housing Market Index. These are the first two months the index has ever been above 80.
 
ConocoPhillips is doubling down on crude oil by making a major acquisition.  Conoco announced a $9.7 billion all-stock takeover of Concho Resources, a fracker squarely focused on the Permian Basin, the massive West Texas oilfield at the heart of the shale revolution.  The companies said the deal will make the new Conoco the largest independent oil-and-gas company in the United States, with daily production surpassing 1.5 million barrels.

 

Shares of IBM are lower after the company reported the third consecutive quarter of declining revenue.  The company blamed their exposure to retail and transportation as reasons for the decline.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.



Both Dow and the S&P 500 notched their third straight weekly gain and the Nasdaq posted a four-week winning streak last week after the release of strong U.S. consumer data.

 

Shares of Boeing are higher after Europe’s aviation regulator has declared Boeing’s 737 Max aircraft safe to fly again after it was grounded in March 2019 following two accidents that left 346 people dead. 


The preliminary reading of consumer sentiment index edged up to 81 this month from 80 in September, according to the University of Michigan. That’s the highest level since March, just when the pandemic slammed the U.S. but the index remains well below levels seen at the start of this year.


More than 6 million households failed to make their rent or mortgage payments in September, according to the Mortgage Bankers Association, a sign that the economic fallout from the pandemic is weighing on jobless Americans as Congress stalls on relief measures.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.


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