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NWQWM Morning Financial Report

Stocks were marginally higher yesterday led higher by economically sensitive stocks.  The S&P 500 is now less than 1% away from an all-time-high.

 

Shares of the major airlines saw their biggest one-day percentage gain in nearly a month after federal data showed air travel at the highest volume in nearly five months and as political support grew for more federal aid for the struggling sector.  The number of people passing through TSA checkpoints at U.S. airports rose for a second consecutive week with over 800K people on Sunday alone, its highest level since March 17.  Despite the uptick, TSA traffic is still down by about 70% from the same time a year ago.


A California judge granted a preliminary injunction requiring Uber and Lyft to stop classifying their drivers as independent contractors pending further action by the court. The order will take effect after 10 days, as the companies requested a brief stay during the appellate review process.  Shares of both companies are lower on the news.


 Shares of the cruise line operator Royal Caribbean jumped 10% after their CEO said there was pent-up demand and “remarkable” bookings for their  international cruises in 2021, despite reporting a $1.6 billion loss for the second quarter and a cash burn rate in excess of $250 million a month.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.
 

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