Second Quarter GDP is out: Growth decelerated to 2.1% the second quarter, beating low expectations, as tariffs and a global slowdown weighed on the U.S. economy, the Commerce Department reported this morning. The report comes amid growing concern that the weakening growth hitting much of the world’s economy is spilling over into the U.S. While consumer activity has been strong, manufacturing growth has slumped recently and housing remains a weak spot. (CNBC)
Amazon reported second-quarter earnings of $2.6 billion, or $5.22 a share, up from $5.07 a year ago but lower than analysts’ estimates. Revenue was $63.4 billion, up from $52.9 billion a year ago, with the Amazon Web Services cloud-computing business accounting for $8.38 billion of that total. Amazon had prepped analysts and investors for a decline with a disappointing forecast for second-quarter operating profit, but the total still came up more than $600 million short of analysts’ estimates. (Marketwatch)
Shares of Google parent company Alphabet rose more than 9% after the company reported second-quarter earnings that beat estimates after the bell yesterday. Alphabet said its board of directors approved a repurchase of up to an additional $25 billion shares. Revenue came in at $38.9 billion for the quarter. Google now faces even broader threats to its business under the eye of U.S. and foreign antitrust regulators. (WSJ)
S&P 500 is up 4, and the NASDAQ is up 2. The MSCI International Index is up 3/10’s of a %.
Oil is up $.90 at $56.78 a barrel.
Gold is up $4.8=70 today at $1428 an ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.