Yesterday was a chopped ride as Mr. Market clearly forgot to take his medication. The Dow, was up over 100 points ahead of the minutes of the last Federal Reserve meeting, swung more than 200 points to 100 points into the red, before closing the trading session little changed. (CNBC)
Walmart's profits fell in the first quarter, but were much better than expectations. Sales at Walmart US stores increased 1%, the seventh consecutive quarter of growth for Walmart's in the US. Sales increased 0.9% to $115.9 billion. Profits fell 7.8% to $3.1 billion. Walmart continued its commitment to higher wages which impacted the bottom line. It is also spending more on technology. (USA Today)
Total mortgage applications fell 1.6% last week. Applications were up 18.4% from a year ago. Applications to purchase a home, fell 6% last week. Purchase volume is 12% higher than one year ago. Applications to refinance a home loan rose 1% from the previous week and are 24% higher than one year ago. The average interest rate for 30-year fixed-rate mortgages remained unchanged at 3.82%. (Mortgage Bankers Association)
MSCI International Index is flat.
Oil is down $1.04 at $47.17 a barrel.
Gold is down $22 at $1252 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.