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NWQWM AM Financial Report

Stocks were lower yesterday, giving back some of the strong gains for June, as Wall Street grappled with disappointing jobs data and a late-day sell-off in tech shares. 

In a huge surprise the US economy actually added 2.5 million jobs last month and the unemployment rate fell according to the Bureau of Labor.  Economists had predicted there would be 7+ million jobs lost.  The unemployment rate dipped to 13.3% from 14.7%. 

 Retailers, restaurants and other service-oriented companies began to recover from the pandemic in May, according to a new survey, but business is still extremely slow and points to a U.S. economy still in a deep recession.  The Institute for Supply Management’s survey of nonmanufacturing companies was 45.4% in May from 41.8% in April. The April reading was the lowest ever.

The Vancouver WA based marketing data broker ZoomInfo raised more than $900 million in its initial public offering yesterday, the region’s biggest IPO ever.  Shares shot up 70% at the start of trading to $36, giving ZoomInfo a market value of more than $14 billion. That makes it the second-most valuable company based in the Portland area, trailing only Nike.
 With Northwest Quadrant Wealth Management, I’m Tyler Simones

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