US Stocks were lower yesterday on the back of some disappointing economic data.
According to the Commerce Department shoppers kept buying electronics and home improvement supplies, but October proved a month when much of the retail world held its breath. Retail sales barely budged, inching up just 0.3% from September. Rebounding from near-collapse in the spring, retail spending has improved since the summer, even topping pre-pandemic levels. In October, overall retail sales were up 5.7% compared with a year earlier.
Shares of Tesla are sharply higher after the S&P Dow Jones Indices announced that they will add Tesla to the S&P 500 Index on December 21st. When Tesla is added to the index it will be by far the largest company to be added at the time of inclusion at almost $400 Billion. This also makes Elon Musk the companies founder the 3rd richest person on the planet.
Airbnb has filed paperwork for an initial public offering later this year hoping to raise $3 Billion, giving the company a $30 Billion valuation. The company also reported $219 million in net income down 20% from the same period a year ago.
With Northwest Quadrant Wealth Management, I’m Tyler Simones