Overnight equity futures came under pressure after the International Monetary Fund (IMF) lowered its global growth outlook for 2018 and 2019 to 3.7% from 3.9%, respectively, citing in part, trade tariffs and uncertainty. "Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded," the IMF said. Before the open, U.S. equites trimmed the losses by more than half.
NFIB Small Business Optimism Index remained strong coming in at a reading of 107.9 for September. The index continued its historic 23-month run with its third highest reading in the survey’s 45-year history.
“This is the longest streak of small business optimism in history, evidence that tax cuts and regulatory rollbacks are paying off for the economy as a whole,” said NFIB President and CEO Juanita D. Duggan. “Our members say that business is booming, and prospects continue to look bright.”
Labor markets remain tight, 53% of participants reported a lack of qualified applicants for positions they were trying to fill. Twenty-two percent cited finding qualified workers as their Single Most Important Business Problem.
Chemical company PPG Industries (PPG) issued a third quarter earnings warning, citing rising raw material and logistics costs and soft demand in China. The company is having problems passing costs along to its customer. PPG is trading down close to 10%, while peer chemical manufactures are trading lower by 1%-7%.
Delta (DAL) pre-announced its third quarter results before the open. The guidance was in-line to slightly lower. DAL is trading lower by 1.2%, while peer airlines are lower by 1.5%-3%.
Major stock indexes are mostly flat on the day.
The Dow and S&P500 are down and the Nasdaq is holding on to a small gain. Let’s not force the issue.
|How do you take 'global' markets seriously when they do not operate at free market efficiency...|
Andrew Newallo on 10/9/2018 6:10:24 PM
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