The Federal Reserve begins a two-day meeting today as worries about Britain exiting the EU seeps deeper into market psyche. No interest rate hike is expected at this meeting. But the world does not seem to care as interest rates are lower with the US 10-yr bond at 1.59%, the German 10-yr at a negative 0.002% and the Japanese 10-yr bond is at a negative 0.007%. (Seeking Alpha)
Microsoft is buying LinkedIn in a deal valued at $26.2 billion. It's Microsoft's largest acquisition ever. Microsoft is paying $196 per share in an all-cash deal. LinkedIn had $3 billion in revenue last year, up 35% from the year before. It has 433 million members worldwide. (CNN)
Small business confidence moved up in May. The National Federation of Independent Business small business optimism index rose 0.2 of a point to 93.8 last month. The index remains below the 100 reading in reached in December 2014 and its 42-year average of 98. Small businesses continued to report difficulties finding qualified workers for open positions. (NFIB)
S&P 500 is down 7 and the NASDAQ is down 11. MSCI International Index is down 1.25%. (CNBC)
Oil is down 78 cents at $48.10 a barrel.
Gold is down 60 cents at $1286 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.