US Stocks finished near the flat line yesterday as investors continue to digest US-China trade wars news.
The initial reading of U.S. manufacturing Purchasing Managers’ Index for September reached 51.0, the highest figure since April and up from 50.3 in August. Readings above 50 show an expansion. The escalated trade war between the U.S. and China has taken a big bite from the manufacturing sector.
AT&T shares climbed more than 2% in trading following a Wall Street Journal report that the company is exploring a spinoff of DirecTV unit as its own company or a combination with Dish, which also saw its share price rise 3.75%.
Microsoft shares rose more than 1% after the company announced a quarterly dividend increase of 5 cents to bring it up to 51 cents per share and a new stock buyback worth up to $40 billion. The tech giant has regularly bought back its shares and has seen its stock almost quadruple under CEO Satya Nadella’s tenure.
Shares of United States Steel, meanwhile, dropped more than 8% during extended trading after the company gave weak third-quarter guidance. The company expected an adjusted diluted loss per share at 35 cents compared to the 7 cent loss per share forecast of analysts.
With Northwest Quadrant Wealth Management, I'm Tyler Simones