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Retail sales rose 0.5% in May. It was the second straight month of gains as sales grew 2.5% from a year ago. Auto sales rose 0.5%, receipts at service stations increased 2.1%, and sales at clothing stores increased 0.8%, the largest gain since November. Online retail sales shot up 1.3%. Sales at electronics and appliance outlets gained 0.3%, but sales at building materials and garden equipment stores fell 1.8%. (Reuters)

May U.S. import prices recorded their biggest increase in more than four years up by 1.4%. Last month, imported oil prices leapt 17.4%, the largest increase since 1999. Imported food prices climbed 0.3%. Export prices jumped 1.1% in May, the biggest gain since March 2011, but export prices fell 4.5% year over year.  (Reuters)

Approximately 8,000 jobs will be cut at Bank of America's in the consumer services area.  This comes as the digital banking revolution gathers speed and reduces the need for back-office staff and bank tellers. Bank of America plans to add sales staff. (FT)

We continue to watch interest rates with the US 10-yr bond at 1.63%, the German 10-yr at 0.01% and the Japanese 10-yr bond is at a negative 0.2%. (Seeking Alpha)

S&P 500 is up 4 and the NASDAQ is up 13.  MSCI International Index is flat. (CNBC)

Oil is down 50 cents at $47.93 a barrel.

Gold is down $5 at $1283 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



The Federal Reserve begins a two-day meeting today as worries about Britain exiting the EU seeps deeper into market psyche. No interest rate hike is expected at this meeting. But the world does not seem to care as interest rates are lower with the US 10-yr bond at 1.59%, the German 10-yr at a negative 0.002% and the Japanese 10-yr bond is at a negative 0.007%. (Seeking Alpha)
 
Microsoft is buying LinkedIn in a deal valued at $26.2 billion. It's Microsoft's largest acquisition ever. Microsoft is paying $196 per share in an all-cash deal. LinkedIn had $3 billion in revenue last year, up 35% from the year before. It has 433 million members worldwide. (CNN)
 
Small business confidence moved up in May. The National Federation of Independent Business small business optimism index rose 0.2 of a point to 93.8 last month. The index remains below the 100 reading in reached in December 2014 and its 42-year average of 98.  Small businesses continued to report difficulties finding qualified workers for open positions. (NFIB)
 
S&P 500 is down 7 and the NASDAQ is down 11.  MSCI International Index is down 1.25%. (CNBC)
 
Oil is down 78 cents at $48.10 a barrel.
 
Gold is down 60 cents at $1286 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



U.S. stocks are lower this morning, ensnared in a global selloff of more than 3% percent in China and Japan.  This comes ahead of this week's Fed meeting and Britain’s upcoming vote on whether or not to stay in the EU. (CNBC)
 
Consumer attitudes were stable in June. The Index of Consumer Sentiment hit 94.3 in June. Consumers rated their current financial situation at the best levels since 2007. The index of current economic conditions hit 111.7 this month, up from 109.9 in May.
 
AT&T and Verizon will compete in the final round of bidding for the core internet assets of Yahoo. Offers in the last round were in the $3.5 billion-$5 billion range. (Fox Business News)
 
Interest rates are lower with the US 10-yr bond at 1.63%, the German 10-yr at .03% and the Japanese 10-yr bond is at a negative 0.001%. (Seeking Alpha)
 
S&P 500 is down 5 and the NASDAQ is down 15.  MSCI International Index is down 1.50%. (CNBC)
 
Oil is down 50 cents at $48.50 a barrel. Oil prices are lower, after marking their fourth positive week in the past five weeks. Oil lost nearly 3% percent Friday, after weekly rig count numbers showed an increase. (MarketWatch)
 
Gold is up $11 at $1287 a Troy ounce. This is its highest price since mid-May, driven higher by a retreat of the dollar and by rising risk aversion. (Reuters)
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



J.M. Smucker posted quarterly profits of $191 million. They posted a loss at the same time last year. The maker of jams, peanut butter, syrups and more had sales of $1.8 billion. For their just completed fiscal year, the company reported a profit of $689 million. Smucker shares are up 8% in 2016 and up 20% in the last 12 months. (AP)
 
Ski season just end for us here in Oregon and ski resorts are tallying up their business. Publically traded Vail Resorts quarterly sales climbed 12% to $648 million. Profits jumped 18% to $158 million. Lift revenue climbed 17%, ski school sales were up 12%, and dining climbed 16%. Early season pass sales for the 2016-17 season are up by almost 30%. Vail stock is trading near its all-time high. (The Motley Fool)
 
It used to be a staple of the County Fair experience but now you can get them year round in the freezer aisle of Walmart. Packaged deep-fried Twinkies, co-developed by Walmart and Hostess, will be exclusively available at Walmart for the first year of their existence. The deep-fried Twinkies were designed to require heating prior to consumption. (AP)
 
Join us this weekend for Financial Focus Radio – the truth in wealth building – when we will school you on how to be a millionaire.
 
S&P 500 is down 13 and the NASDAQ is down 31.  MSCI International Index is down 1.87%.
 
Oil is down 75 cents at $49.84 a barrel.
 
Gold is down $2 at $1271 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



Markets are volatile and it has all been to the upside lately.  As of yesterdays close the S&P 500 had gone 43 trading days without a decline of 1% or more. That's the longest stretch without a big decline since the 66-day period that ended in July 2014.  Compare that to early 2016 when in mid-February, the S&P 500 suffered three plunges of 1% or more in just five days. Lesson to be learned? --- Be in it for the long-term and expect short term and temporary declines. (FactSet)
 
Total mortgage application volume jumped 9.3% last week. Applications to refinance increased 7% and are nearly 14% higher than one year ago. Mortgage applications to purchase a home jumped 12% for the week and down 6% one year ago.  The 30-year fixed-rate mortgage rate is 3.83%. (Mortgage Bankers Association)
 
Hiring was little changed in April. Job openings hit 5.8 million at the end of the month. The job openings rate was 3.9% with the biggest increase in wholesale trade, transportation, warehousing, and utilities.  April hires were 5.1 million and there were 5 million separations. (Bureau of Labor Statistics)
S&P 500 is down 8 and the NASDAQ is down 16.  MSCI International Index is down 1.26%.
 
Oil is down 60 cents at $50.63 a barrel.
 
Gold is down $2 at $1261 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Nonfarm productivity fell less sharply than previously thought in the first quarter, but labor-related costs still surged as companies employed more workers to boost output. Productivity, which measures hourly output per worker, contracted at an annualized rate of 0.6%.  Productivity fell at a 1.7% in the 4th quarter of 2015. Productivity has only increased in two of the last six quarters. Productivity increased at an annual rate of less than 1.0% over the last 5 years. (Reuters)
 
Chinese exports dropped 4.1% year-over-year, more than double April's 1.8% fall. Chinese imports edged down 0.4%. For the first five months of the year, annual exports are 7.3% lower while imports are down 10.3%. (CNBC)
 
Yahoo is auctioning off 3,000 patents in a sale that is hoped to raise more than $1 billion. The move comes as the company appears to have a plan to sell itself in bits and pieces. They are in the middle of a sale of their core internet business for $3 billion to Verizon. (Wall Street Journal)
 
The World Bank cut its 2016 global growth forecast to 2.4% from the 2.9% it estimated in January. They cite continued low commodity prices, sluggish demand in developed economies, weak trade, and slowing capital flows. (CNBC)
 
S&P 500 is up 5 and the NASDAQ is up 10.  MSCI International Index is flat.
 
Oil is up 68 cents at $51.04 a barrel.
 
Gold is up $11 at $1258 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Markets look to move higher this morning as we move to within 1% of all-time highs. Yesterday Fed Chair Janet Yellen said there likely will be two rate hikes this year, contrary to current market expectations. (AP)
 
Daimler Trucks North America is laying off 170 workers at its Portland plant. This comes as the company reduces its North American headcount by 1,240. Daimler employs some 1,000 in Portland. The layoff is expected to be temporary. The action is effective July 1st. (Portland Business Journal)
 
Last December the U.S lifted its 40-year old ban on exporting crude oil. Since then oil exports have increased sevenfold. The U.S. exported 15.7 million barrels of oil in March that is 508,000 barrels per day. Japan and Italy were the biggest buyers. Exports were almost 6% of total U.S. production. (CNN)
 
FedEx is raising its quarterly dividend by 60% to 40 cents a share. The hike is significantly higher than the delivery company's past two dividend increases. (WSJ)
 
S&P 500 is up 4 and the NASDAQ is up 10.  MSCI International Index is up 1.12%.
 
Oil is up 50 cents at $50.19 a barrel. Oil prices hit nearly eight-month highs, after crude increased 2.2% Monday closing at its highest price since July 2015. (Reuters)
 
Gold is down $8 at $1240 a Troy ounce. After sliding 6% in May gold has risen about 2.4% percent so far in June. (CNBC)
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Stocks are higher this morning as Fed Chair Janet Yellen gives a speech at 9:30 this morning and investors will look for clues on a possible June interest rate hike. (CNBC)
 
Sixty percent of business economists say that uncertainty about the November election is damaging prospects for growth this year. The National Association for Business Economics has reduced expectations for this year, seeing growth in gross domestic product at just 1.8%. Political uncertainty around the world is also a cause for concern, as 1 in 4 economists noted the rise of nationalist views around the globe as the most important factor holding back the world's economy over the next two years.
 
Jeld-Wen, once Oregon's largest private company, is officially going public. The company is now headquartered in Charlotte, North Carolina. The window-and-door manufacturer says it will sell $100 million in stock, but could sell as much as $500 million. Jeld-Wen nearly collapsed during the housing crash and sold to the Canadian private-equity firm Onex Corp. in 2011 for $871 million. (Oregon Live)
 
S&P 500 is up 6 and the NASDAQ is up 11.  MSCI International Index is flat.
 
Oil is up a buck at $49.50 a barrel. The average price of gasoline is up six cents over the past two weeks to $2.37 a gallon. Gasoline has risen 60 cents over the past 15 weeks. The U.S. average diesel price is $2.39 per gallon, up 6 cents from two weeks ago. (AP)
 
Gold is up $2 at $1245 a Troy ounce.
 



The ISM manufacturing index was 51.3 in May showing expansion. April construction spending fell 1.8%. In China, their manufacturing PMI fell to 49.2 in May, below the neutral 50 value for the 15th-straight month. (CNBC)

Consumers were feeling less optimistic for the second month in a row with the Consumer Confidence Index falling to 92.6 in May. A slightly larger share of consumers in the survey said that current business conditions were "good," but the share that said conditions were "bad" also increased to 21.6%, up from 18.2%. (Reuters)

General Motors sales plunged 18% in April. Chevrolet Silverado truck sales fell 12.7%. The decline for May is not seen as the start of a slide for the industry. Most analysts had expected a drop in sales. Ford sales fell 5.9%.  F-Series pickup sales rose 9%. (Bloomberg)

Employers in May had the fewest layoffs in five months. Layoffs totaled 30,157 last month, a 27% decline from the year ago.  The energy sector continued to be the biggest job cutter with 7572 layoffs in May. For the year, the sector has cut 75,232 jobs, 25% more than the same period last year. The computer industry cut 2,836 last month.  (Challenger, Gray & Christmas)

S&P 500 is down 3 and the NASDAQ is down 4.  MSCI International Index is flat.

Oil is flat at $49.00 a barrel.

Gold is up $5 at $1219 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



The S&P/Case-Shiller Home Price Index rose by 5.4% in March from the same time last year. Limited supply of homes on the market is supporting price gains. The biggest gains continue to be found in the Pacific Northwest where in Portland prices rose 12.3% year over year. Seattle rose 10.8% and Denver up 10%. (CNBC)
 
Lots of consumer data. Consumer spending recorded its biggest increase in more than six years in April up 1% last month. The PCE price index rose 0.2% last month. In the 12 months through April the PCE rose 1.6%. Personal income increased 0.4% last month. Wages and salaries rose 0.5%. Spending is outpacing income, savings fell to $751.1 billion last month from $809.4 billion in March. (Reuters)
 
Apple will issue bonds in Taiwan raising $1 billion.
In December, Intel $915 million of 30-year bonds with yields of 4.7% and Anheuser Busch InBev issued $1.47 billion in 30-years bonds at 4.92%. These U.S. dollar bonds have are callable after the second year. (Reuters)  
 
Under Armour issued a sales warning based on the bankruptcy of sporting goods retailer Sports Authority. UA says it will only see about a quarter of the revenue it had originally expected from sales at the bankrupt retailer. (CNBC)
 
S&P 500 is down 6 and the NASDAQ is down 11.  MSCI International Index is down.
 
Oil is down 50 cents at $48.50 a barrel.
 
Gold is up $4 at $1222 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



It is the last trading day of May. The Dow is set to post its fourth straight monthly advance, while the S&P 500 and Nasdaq appear set to mark a third straight month of gains. (CNBC)

Economic growth slowed in the first quarter although not as sharply as initially thought. Gross domestic product rose at a 0.8% annually. It was the weakest performance since the first quarter of 2015. The economy has been hurt by a strong dollar and sluggish global demand, which has eroded export growth. Spending on residential construction was up 17.1%. Consumer spending, which accounts for more than two-thirds of U.S. economic activity increased at a pace of 1.9%. (Commerce Department)

Norm Thompson Outfitters, Oregon's once-iconic catalog retailer has filed notice 46 employees will be laid off of the 82 people employed in Oregon. Thirteen of the remaining will work at a new satellite office near the current office and 23 could be relocated to Massachusetts or Pennsylvania if they want to move. The retailer is known for its upscale clothing. The company was founded in Oregon in 1949. In 2006, Norm Thompson was sold to San Francisco investment firm Golden Gate Capital. (OregonLive)

MSCI International Index is up 0.50%.

Oil is up 25 cents at $49.60 a barrel.

Gold is down $3 at $1214 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Orders for manufactured goods surged in April, but continued to see weakness in business spending. Durable goods orders jumped 3.4% last month after an upwardly revised 1.9% increase in March. Manufacturing accounts for 12% of the economy. (Commerce Department)
 
U.S. home sales in April rose 5.1% moth over month, hitting the highest level in a decade. The National Association of Realtors pending home sales index up 4.6% from last April.  The index in the West grew 11.4% monthly and is up 2.8% from a year ago. The inventory of existing homes for sale in April was 3.6% lower than a year ago.
 
Is this a rerun? Wells Fargo is offering a 3% down payment mortgage for first-time buyers and low-income buyers. The minimum FICO score for these loans is 620. (CNBC)
 
Another Oregon publically held company has been bought.  Thermo Fisher Scientific, the world's largest maker of scientific instruments, is buying Hillsboro-based FEI for about $4.2 billion. The $107.50 per share offer represents a premium of 13.7% to FEI's close yesterday. FEI designs and manufactures electron microscopes.  FEI employs more than 3,000 persons and generated revenue of $930 million in 2015.
 
Join us this weekend for Financial Focus Radio, the truth in wealth building, when we say thanks to those that have served this Country.
 
S&P 500 is up 4 and the NASDAQ is up 13.  MSCI International Index is up 0.10%.
 
Oil is down 50 cents at $49 a barrel.
 
Gold is flat at $1223 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.



Stocks are higher following the best two-day rally since March. The S&P 500 and Nasdaq are coming off their highest closes in nearly a month. (CNBC)
 
Total mortgage applications climbed 2.3% week over week. Applications are 24% higher than one year ago.  
Mortgage applications to purchase a home rose 5% for the week and up 17% from one year ago. Applications to refinance were flat for the week. The average loan size for purchase applications reached a record of $307,700. (Mortgage Bankers Association)
 
Sears continues its slow and steady march to death as a business. Sales continued to fall in the first quarter with same store sales down 5.9%. Sears lost $471 million compared with $303 million they lost last year. It is also looking to peddle its brands Kenmore, Craftsman and DieHard as well as the Sears Home Services business. (USA Today)
 
Costco saw no growth in quarterly same store sales at U.S. stores for the first time in more than six years. Excluding the impact of fuel and currency fluctuations, same store sales climbed 3%. Profits rose almost 6% to $545 million. (Reuters)
 
S&P 500 is up 3 and the NASDAQ is up 8.  MSCI International Index is up 0.25%.
 
Oil is up 50 cents at $50 a barrel. That is the first time about $50 a barrel in 7-months.
 
Gold is up $2 at $1226 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 



The rally of yesterday is looking at a second day in early trading. Tuesday the S&P 500 had its biggest one-day gain since March 11th. (Seeking Alpha)
 
New single-family home sales surged 16.6% to an annual rate of 619,000 units, the highest level since January 2008.  Prices hit a record high. With tight supply, the median price for a new home increased 9.7% from a year ago to a record $321,100. Inventory of new homes on the market fell 0.4%. That is only a 4.7-month supply of homes on the market. (CNBC)
 
No Greek debt scare this summer. Euro zone finance ministers, Greece and the IMF agreed on a deal to address Greek debt relief. Greece has agreed to more austerity and reform measures. (Reuters)
 
The end of an experiment gone wrong. Microsoft is the ending of its Nokia phone business by cutting 1,850 smartphone jobs and taking a charge of $950 million. They acquired Nokia's phone business in 2014 for $7.2 billion. In 2015 they wrote off $7.6 billion and cut 7,800 jobs. (The Verge)
 
Anheuser-Busch InBev, owners of Bends 10 Barrel Brewing, is being investigated by US antitrust officials over incentives that encourage distributors to sell more of the company's brands rather than competing craft beers. (CNBC)
 
S&P 500 is up 11 and the NASDAQ is up 25.  MSCI International Index is up 0.75%.
 
Oil is up 44 cents at $49.04 a barrel.
 
Gold is down $6 at $1224 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.
 


 

Traffic & Weather

 

 

 

King Solomon Lane closed between Ferguson Road and King David. (7/25)

 

Jones Road closed between Butler Market Road and Bennington Lane. (8/18)

 

Round-About Construction:

 

Murphy Road and Parrell Road closed with detours. (9/30)

 

Powell Butte Highway at Neff and Alfalfa Market Roads (8/31)

 
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