Highest level in seven years
The yield on the 10-year Treasury note hit its highest level since 2011 and the two-year yield hit its highest mark since 2008 on Tuesday. The 10-year hit 3.07% and the two-year yield hit a high of 2.59%. (AP)
The Commerce Department says retail sales rose 0.3% last month after jumping 0.8% in March. Retail sales have increased 4.7% from a year ago. Consumer spending, accounts for more than two-thirds of U.S. economic activity. In April, auto sales edged up 0.1%, receipts at service stations jumped 0.8% and sales at restaurants and bars fell 0.3%. (Reuters)
The average mortgage contract rate on the 30-year fixed ended Tuesday at 4.88% for the highest creditworthy borrowers and 5% for the average borrower, the highest level in seven years. (CNBC)
Macy’s reported first quarter profits of 48 cents per share on revenue of $5.5 billion. Same-store sales increased 4.2%. Shares are up about 13% in early trading. (AP)
Yum Brands owned Pizza Hut will become the largest pizza chain in Latin America and the Caribbean, after signing a franchise agreement with Spain’s Telepizza Group. (CNBC)
S&P 500 is down 1 and the NASDAQ is up 2. The MSCI international index is lower.
Oil is down 33 cents at $71.00 a barrel.
Gold is down $3 at $1287 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.