US Stocks rose yesterday, building on solid gains from last week, as shares of major tech companies led the way higher on Wall Street helping to propel the NASDAQ to another all-time-high.
Shares of Apple are more than 2% higher, trading at a record high after the company made a slew of announcement at its annual WorldWide Developers Conference. The tech giant unveiled the latest version of iOS, its mobile operating system. Apple also said its new Mac computer will no longer use Intel chips, instead they will use chips they manufacture.
Sales of previously owned homes slid 9.7% in May as the coronavirus pandemic continued to weigh on the U.S. real-estate market. Existing-home sales occurred at a seasonally adjusted annual pace of 3.91 million, according to the National Association of Realtors. It was the lowest level for existing-home sales since July 2010. Compared with last year, sales were down 26.6% in May. Additionally, the median existing-home price last month was $284,600, up 2.3% from May 2019.
Fewer homeowners across the U.S. are pausing their mortgage payments, but whether this trend continues will depend on how smoothly the economy's recovery goes. As of June 14, only 4.2 million homeowners were in forbearance plans, down from 4.3 million the week prior. It is the first time that figure has decreased since mortgage servicers began offering forbearance to households affected by the coronavirus pandemic, and the resulting business shutdowns. Under the CARES Act, mortgage servicers were required to provide up to 12 months of relief from mortgage payments to any homeowner with a federally-backed mortgage, including loans backed by Fannie Mae and Freddie Mac.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.