The S&P 500 and Nasdaq ended narrowly higher yesterday, after spending mostly of the day sharply lower.
The flight to safety sent the yield on the 10-Year Treasury Note — used as a benchmark for mortgage rates and auto loans — falling to a low of 1.595%, the lowest since 2016. The yield on the 30-year Treasury Bond bottomed around 2.12%, near its all-time low reached in 2016. Yields pared some of their declines later in the session but held steady near multiyear lows.
Shares of the ride hailing company, Lyft spiked after the company reported second-quarter financial results. The company lost $644 million in the quarter, or $2.23 a share. Revenue soared 72% year-over-year to $867.3 million, and Lyft raised its full-year guidance to between $3.47 billion to $3.5 billion.
America's two largest newspaper publishers will merge to combat declining circulation and plunging advertising revenue but will still face pressure to cut costs at hundreds of already cash-strapped publications around the country. The combination of McLean, Virginia-based Gannett and GateHouse Media, based in Pittsford, New York, will create a conglomerate that will own more than 250 daily newspapers and hundreds of weekly and community papers. The new company will own the Statesman Journal in Salem, and the Register-Guard in Eugene.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.