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NWQWM Morning Financial Report

Stocks were higher yesterday, the S&P 500 briefly rallied above its record closing high from February 19. The blue-chip index has now climbed more than 50% from its March low.  Leadership in the S&P 500 flipped back to the technology stocks.

 

U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.  The Labor Department reported that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1% over the past year.

 

Ride-hailing company Lyft just reported second-quarter earnings including a 61% revenue drop versus the same period last year, but a glimmer of hope in their core ride-hailing business with monthly rides increasing 78% in July, as compared to April. Shares rose 6% on the news.

 

According to the Mortgage Banker’s Association mortgage applications rose 6.8% last week, and mortgage refinancing activity increased by 9% year over year.  Loan types such as 30 year fixed, 15 year fixed, and jumbo loans are all at all-time-low interest rates creating unnatural demand.
 
 With Northwest Quadrant Wealth Management, I’m Tyler Simones.

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