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NWQWM Morning Financial Report

Time is fast ticking down to lawmakers' self-imposed deadline to reach a new stimulus deal before the weekend with both sides seemingly no closer to actually reaching an accord. Treasury Secretary Steven Mnuchin said a plan would be hard to reach without "agreement on the major issues" after meeting leading Democrats yesterday. White House Chief of Staff Mark Meadows said that President Donald Trump was prepared to use executive authority to extend some measures such as supplemental unemployment insurance. (Bloomberg)
Rocket Companies, the parent company of mortgage lending giant Quicken Loans, has sold 100M shares at $18/share in its initial public offering, raising about $1.8B. The figures were below initial estimates, which forecast 150M shares would be sold at $20-22. Shares will begin trading on the New York Stock Exchange today under ticker symbol "RKT," though the weak demand raises questions as to whether the hot tech IPO market, which features DoorDash (DOORD) later this summer, might be cooling.
The latest weekly jobless claims number is out, 1,186,000 initial claims this week, the lowest level of the pandemic era. There were 16.1m continuing claims with both numbers coming in better than expected.  
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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