Stocks traded lower yesterday, pulling back from record highs after Reuters reported a so-called phase one trade deal between China and the U.S. may not be completed by the end of 2019.
 
Federal Reserve officials are more upbeat about the economy than they had been only six weeks earlier, according to minutes of their policy discussion released yesterday.  Officials “generally viewed the economic outlook as positive,”.  “Uncertainties associated with trade tensions as well as geopolitical risks had eased somewhat.  Making it likely the Fed is done cutting interest rates.
In corporate news, Target shares jumped more than 14%, after the retailer posted quarterly results that easily beat expectations. Target also raised its full-year profit outlook. Lowe’s advanced 4% on stronger-than-forecast earnings and an improved profit forecast for 2020.
 
The House Judiciary Committee approved a bill Wednesday that legalizes marijuana on the federal level, removing it from Schedule 1 of the Controlled Substances Act.  The legislation has a high chance of approval in the full House where Democrats control the chamber. It’s likely to face a tougher battle in the Republican-controlled Senate, where Majority Leader Mitch McConnell opposes marijuana legalization.
 
With Northwest Quadrant Wealth Management, I'm Tyler Simones.