The ISM manufacturing index rose to 53.2 in June up from 51.3 the month before. The employment index rose to 50.4 from 49.2 a month earlier. Construction spending was down 0.8%. May construction spending was held down by a 2.3% drop in public construction spending. State and local construction tumbled 3.0%, and federal construction spending rose 7.5%. (Reuters)
Oregon’s Schnitzer Steel reported quarterly earnings of $0.41 per share. This compares to losses of $0.31 in 2015 and $1.48 in the first quarter of 2016. The company successfully executed to reduce costs and improve productivity led by their Auto and Metals Recycling business delivering its best quarterly operating income per ton since 2011. The company saw improved market conditions across all sectors. (Business Wire)
Goldman Sachs has directed its workforce at its asset management business, cut spending following 15 straight months of outflows from its mutual funds and underperformance in its flagship bond fund (Financial Times)
Jack Daniel's Distillery is sponsoring a whiskey-driven scavenger hunt. It will scatter barrels in more than 50 countries over 90 days. Special barrels will be hidden at "historic and cultural sites." (USA Today)
S&P 500 is down 13 and the NASDAQ is down 25. MSCI International Index is down.
Oil is down $1.50 at $47.50 a barrel.
Gold is up $11 at $1350 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.