Stocks fell sharply again yesterday, erasing big gains from earlier in the day, after President Donald Trump said the U.S. would impose an additional 10% tariff on another $300 billion of Chinese imports to the U.S.
The US economy added 164,000 new jobs in July, underscoring the strength of the US labor market. The increase was slightly below the forecast of 171,000. The unemployment rate remained unchanged at 3.7% which is a 50 year low.
American manufacturers grew in July at the slowest pace in three years thanks to festering U.S. trade disputes that have hurt exports and undermined the global economy. The Institute for Supply Management said its manufacturing index slipped to 51.2% last month from 51.7% in June. That’s the lowest reading since August 2016.
A big quarter at the parent company of KFC, Taco Bell and Pizza Hut. Yum! Brands beat on earnings and revenue thanks to blow-out sales at all three of its big brands. Same-store sales at Taco Bell topped 7%, while KFC was up 6%. They also saw a 2% increase at Pizza Hut, which has been lagging. The stock rose 4% on the news.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.