The global stock rally is extending into a second day, with banks leading the rally after the Dow and S&P posted their best day in four months. Speculation is high that policy makers will take steps to limit any economic fallout and mitigate the "damage" of the U.K.'s vote to leave the European Union. (Sa)
Airbnb is in talks for a new investment round that would value the rental listing service at around $30B, the NYT reports. That would give Airbnb the second-highest valuation among U.S. start-ups, behind only Uber (about $62.5B) - and triple Airbnb's valuation from two years ago. Funds would go toward international expansion, in addition to a $1B debt facility the company has reportedly secured. (NYT)
Barack Obama, Justin Trudeau and Enrique Pena Nieto will meet at the annual "Three Amigos Summit" today to stress the importance of trade as doubts grow about the benefits of globalization. All three are part of the Trans-Pacific Partnership, the 12-nation trade deal Obama has cast as an update to NAFTA. Ahead of the meeting, Canada dropped its visa requirement for Mexican visitors as of December 2016, while Mexico agreed to open its markets to Canadian beef. (SA)
S&P 500 futures are up 13 and NASDAQ futures are up 29. The MSCI International Index is up almost 2%
Oil is up $.42 at $48.27 a barrel.
Gold is up $5 at $1323 a Troy ounce.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.