Stocks were lower yesterday for the first time in 5 days as shares of the major tech companies struggled once again and traders digested a mixed batch of corporate earnings and economic data.
Retail sales in June jumped 7.5%, and May’s increase was revised up to 18.2%. June sales totaled $524.3 billion and were about 1.1% above the level of last June.
The number of Americans who filed for unemployment benefits rose more than expected last week. Initial weekly jobless claims came in at 1.3 million for the week ending July 11. It was also the 17th straight week in which initial claims totaled at least 1 million. Continuing claims — which refer to those receiving benefits for at least two straight weeks — totaled 17.33 million for the week of July 4.
Home-builder confidence in the U.S. improved in July for the third straight month and recovered to pre-pandemic levels, according the National Association of Homebuilders. July marks the third consecutive improvement of the index after two months in negative territory. The indicator, which registered the biggest on-month drop ever in April, took three months to rebound to March's pre-pandemic level.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.