US Stocks were lower yesterday but had their best November in 35 years with the S&P 500 rising over 11% and the Small Cap Index having its best month ever.
According to the National Association of Realtors pending sales in the U.S. housing market declined slightly for a second consecutive month in October, signaling buyers may be reaching a limit on what they can afford. The Pending Home Sales Index, which analyzes home sales based on contract signings, fell 1.1% in October after dipping 2.2% in September.
The Video Communication company Zoom saw their stock fall after the company reported fiscal third-quarter earnings and quarterly guidance that exceeded analysts’ expectations. Investors seemed disappointed that the rate of revenue growth, which has accelerated this year, could moderate. Zoom saw their revenue grow by 367% in the quarter but investors seemed to be expecting more.
A recent IRS ruling could force many small businesses to pay taxes on government aid meant to help through the pandemic. On Nov. 18 the IRS said the businesses cannot deduct expenses such as payroll and rent, paid for with money from the Paycheck Protection Program of the CARES Act.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.