The 10-year Treasury yield again broached the 3% level last week, and unlike previous instances, it managed to stay above that level for the entire week, indicating Treasuries may have moved into a new range. (LPL)
The Russell 2000 closed at yet another new all-time high this week. For the year, there have been 14 new highs for the Russell 2000 and 14 for the S&P 500 Index. The Russell 2000 is up 6.6% for the year, versus a 2.2% gain for the S&P 500. Sparking the strength in small caps has been a better economy, tax reform, fear over trade tariffs, and a stronger U.S. dollar. (LPL)
Marvin Ellison, J.C. Penney chairman and CEO is leaving the retailer to become CEO at Lowe’s. Prior to J.C. Penney, Ellison worked more than 12 years at Home Depot. (CNBC)
Is the next U.S. recession just around the corner? In a survey of 100 economists and real estate experts sponsored by Zillow nearly half expect the next recession to begin sometime in 2020. (AP)
Red Robin Gourmet Burgers earned 69 cents per share last quarter. Revenue was also short of estimates. Same store sales dropped 0.9%. (CNBC)
S&P 500 is down 14 and the NASDAQ is down 53. The MSCI international index is lower.
Oil is down 48 cents at $71.70 a barrel.
Gold is up $3 at $1295 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.