Stocks were lower yesterday as tech stocks were under pressure and lawmakers continued their debate over the next coronavirus relief package.
Home-price appreciation maintained a steady pace in May amid the pandemic. The S&P Case-Shiller 20-city price index posted a 3.7% year-over-year gain in May. On a monthly basis, the index increased 0.4% between April and May. The national index released as part of the report noted a 4.5% increase in national home prices over the past year. Phoenix continued to lead the country with a 9% annual price gain in May, followed once again by Seattle with a 6.8% increase.
Consumer confidence fell in July amid a rash of new coronavirus cases in many U.S. states, signaling a rockier economic recovery in the months ahead. The index of consumer confidence fell to 92.6 this month from a revised 98.3 in June. The level of confidence is still above its pandemic low of 85.7, but it’s likely to be a long time before it returns to its pre-crisis peak. The index stood near a 20-year high at 132.6 in February before the pandemic struck.
Starbucks swung to a loss during its fiscal third quarter as its same-store sales plunged 40% in the wake of the coronavirus pandemic. Starbucks lost 46 cents per share, narrower than the losses of 59 cents per share expected by analysts. Net sales dropped 38% to $4.22 billion, topping expectations of $4.07 billion. Global same-store sales plummeted 40% during the quarter.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.