US Stocks staged a big comeback yesterday to finish higher after trading 2.5% lower earlier in the day as the Federal Reserve said it would start buying individual corporate bonds, reiterating the point that you can’t fight the Fed.
Stocks of companies benefiting from employees working from home continue to trade higher led by Zoom who’s shares are 9% higher at an all-time-high, after a survey of 500 tech executives said that 47% of their employees will work from home in the future.
Walmart announced a new partnership with e-commerce shopping platform, Shopify, now used by over 1 million businesses. The deal will open Walmart’s Marketplace to Shopify’s small business sellers, with the goal of bringing 1,200 Shopify sellers to the marketplace this year. The partnership will greatly expand the reach of the participating brands by placing them in front of Walmart Marketplace’s 120 million monthly visitors. The partnership is a direct shot at Amazon, which responded by promising third-party sellers the ability to reach their 300 million customers worldwide.
Mortgage giants Fannie Mae and Freddie Mac said they had hired major Wall Street firms to advise them on raising fresh capital as they move to exit government control. The moves are the latest in the yearslong effort to return the mortgage companies to private ownership after they were bailed out by the government during the financial crisis.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.