With 404 S&P 500 Index companies having reported second quarter 2018 earnings results, a solid 79% have exceeded earnings targets, delivering robust 23.5% year-over-year growth on a nearly 3% upside surprise. Revenue growth of 9.2% is a solid 1.1% above expectations. (LPL)
S&P 500 on its hottest streak of the year. The S&P 500 capped its fifth straight positive week. The first such streak since the week ending Dec. 22, 2017. Five-week winning streaks are a rare feat of strength for the S&P 500: the index has posted 8 five-week winning streaks since February 2013 (and five 6-week winning streaks over that same period). The S&P 500 gained 0.8% last week. (LPL)
More trouble for Wells Fargo. According to the Wall Street Journal it is under scrutiny from federal regulators over the bank’s purchase of tax credits designed to fund low income housing.
The laws of economics still apply. Supply and demand rule the day. Oregon report enforcement found nearly 70 percent of the legal recreational marijuana grown goes unsold. (AP)
S&P 500 is up 6 and the NASDAQ is up 19. The MSCI international index is lower.
Oil is up 76 cents at $69.77 a barrel.
Gold is up $6 at $1223 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.