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Stocks fell sharply for a second day yesterday, taking a cue from a further slide in oil futures.


Shares of Netflix are higher after the streaming pioneer revealed that it added more than double the new subscribers it expected amid the spread of COVID-19.  The company reported the addition of 15.77 million paid subscribers globally in the first quarter. Netflix’s biggest quarter for paid net additions to its subscriber total previously was 9.6 million in the year-ago quarter.  Netflix reported first-quarter earnings of $709 million, or $1.57 a share, compared with $344 million, or 76 cents a share, in the year-ago period.


Sales of previously owned U.S. homes sank 8.5% in March just as large parts of the economy shut down which threw the real estate market into disarray.  Existing home sales dropped to an annual pace of 5.27 million and the decline is likely to be a lot sharper in April.


Senate Republicans and Democrats reached a deal on another $484 billion coronavirus relief package for small businesses, hospitals and testing.  The deal would allocate $320 billion more for the Paycheck Protection Program, which provides small business loans, and the rest would go towards hospitals and testing.

 

With Northwest Quadrant Wealth Management, I’m Tyler Simones

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