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NWQWM Morning Financial Report

Stocks continued their September selloff yesterday as fears about the worsening coronavirus as well as uncertainty on further fiscal stimulus rattled traders.

Shares of the electric truck maker Nikola tanked more than 20% after announcing its founder is voluntarily resigning.  Earlier this month was accused of making false statements about Nikola’s technology in order to grow and secure partnerships with auto companies, including General Motors. GM announced earlier this month that they are taking an 11% stake in Nikola worth about $2 billion. Shares of GM lost more than 6%.
Shares of major bank stocks including JPMorgan Chase, HSBC and Deutsche Bank sold off sharply following a report that they and other financial institutions for decades facilitated fund transactions used for allegedly criminal activities, and failed to report suspicious activity.
The number of Oregonians who say they are worried, or very worried, about their personal financial situation has fallen by 14 points since March.  Fears spiked at the beginning of Oregon’s coronavirus shutdown, with 63% expressing worries about their own financial situation. That’s on par with the aftermath of the Great Recession.  Sentiments have sharply rebounded, though, and are now back to pre-pandemic levels.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.

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