The Paychex Small Business Jobs Index fell to 100.10 in June for the fourth-straight month. Wages rose as national hourly earnings for the month were $25.82, up 2.88%, or 72 cents, year over year.

Second quarter earnings season has started and we might be in for a surprise.  About 5% of the S&P 500 have posted earnings so far and profits are up nearly 12% over last year and sales are up 8.5% with nearly 90% percent exceeding estimates. (CNBC)

The yield curve steepened last week for the first time in seven weeks. A steeper yield curve has historically been a positive leading economic indicator. (LPL Research)

Software giant Microsoft is set to layoff thousands around the world to reorganize its sales force. For years the company has focused on selling software for desktops and servers. Now the company wants to put more effort into cloud services. (OregonLive)

Costco reported sales of $12.17 billion in June an increase of 5% from last year. Costco shares have lost 13.21% over the past month, most of it coming after Amazon announced its deal to buy Whole Foods. (AP)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.