Two large Dow Jones components reported fiscal first-quarter results with Walmart the big gainer, while Home Depot was the biggest drag. Walmart's stock surged 4.1% to pace the Dow's gainers after the discount retail giant reported better than expected profit, revenue, and same store sales. Home Depot shares fell 1.3% to pace the Dow's losers after missing on profit but beating on revenue and same store sales.
Housing starts occurred at an 891,000 seasonally adjusted annual rate in April, representing a 30% drop from March. It was the slowest pace of new home construction since February 2015. Permitting activity for newly-built homes fell 20.8% between March and April to a seasonally adjusted annual rate of 1.07 million.
For the first time in weeks, Americans are booking more flights than they're canceling, and US airlines are adding flights to their schedules. Southwest, Delta and United Airlines all said they are pulling back on the deep cuts in their current schedules because of improved bookings. It's only a modest improvement, but any good news is welcome in the airline industry, which needed a $25 billion bailout to keep operating. After weeks of essentially zero demand for US air travel, even a small improvement in passenger demand, bookings, and trip cancellations is a step in the right direction.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.