U.S. stocks were sharply higher yesterday, led by technology stocks, even as the results of the presidential election so far failed to yield a clear winner.

Shares of ride hailing companies Uber and Lyft are sharply higher after Californians passed Measure 22 allowing the companies to be exempt from a labor law that aimed to make drivers employees instead of contractors.  The ballot measure will allow the companies to continue to operate in California as they currently do.

U.S. services industry activity slowed in October, with growth in new orders and employment moderating, likely reflecting concerns about ebbing fiscal stimulus and a resurgence in new COVID cases across the nation.  The Institute for Supply Management said their non-manufacturing activity index fell to a reading of 56.6 last month from 57.8 in September.  A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. 

Shares of Qualcomm are sharply higher as their revenue and adjusted earnings per share handily beat Wall Street expectations.  The company is a huge beneficiary of the 5G movement.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones