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