Business News

NWQWM Morning Financial Report

The S&P 500 got very close to trading at a record high yesterday before selling off late in the day to snap a 7 day win streak as tech stocks sold off again.

 

Confidence in the US economy among small-business owners slipped in July amid a continued surge in new Covid-19 cases across the country, according to the National Federation of Independent Business. The NFIB Small Business Optimism Index stood at 98.8 in July - a 1.8 point decline month-on-month and shy of analyst expectations for a reading of 99.9.

 

U.S. producer prices increased by the most in more than 1-1/2 years in July, but the overall trend in producer inflation remained subdued amid signs the economy’s recovery from the recession was faltering.  The jump in producer prices reported by the Labor Department, further diminished the risk of deflation.

 

According to the Beacon Report the median price of a single-family home in Bend rose to $529,000, an increase of $59,000 compared to the same time the year before.  The 12.5% increase in price in July is being driven by out-of-area buyers whose pockets are stuffed with cash from having sold property in higher-priced markets.
 

With Northwest Quadrant Wealth Management, I’m Tyler Simones.

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