US Stocks are set to open lower this morning following a big pullback last week triggered by rising fears of a resurgence in the virus as well as investors’ profit-taking after the massive comeback. US Stocks were 5% lower last week their worst week since March 20th.
U.S. consumer sentiment climbed in early June by the most since 2016 as more states began to reopen their economies and employers restored jobs. The University of Michigan’s consumer sentiment index increased 6.6 points. Even with the improvement, the gauge remains well below pre-pandemic levels.
Industrial components manufacturer Precision Castparts says they permanently eliminated 717 jobs in Portland and Clackamas county this Spring. Precision Castparts is a big supplier to the aerospace industry.
24 Hour Fitness has permanently closed 100 locations, and about a third of those locations are in California. The company is seeking financing to stay afloat during a Chapter 11 bankruptcy filing. Prior to the closing 24 Hour Fitness had more than 400 gyms in 14 states with 22,000 employees.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.