Stocks trended downwards on Monday during an otherwise relatively quiet day.
All major indices finished in the red.
First up, the scoreboard:
- Dow: 18,085.62 , -52.76, (-0.29%)
- S&P 500: 2,126.77 , -6.21, (-0.29%)
- Nasdaq: 5,200.46 , -13.70, (-0.26%)
- WTI crude oil: $49.89, -0.46, (-0.91%)
- 10-year Treasury yield: 1.768%, -2.4 basis points
- Major money managers on Wall Street say tax reform is the most pressing economic issue for the next US president and Congress to tackle. That’s according to Barron’s Magazine’s biannual Big Money Poll, which was published last week.
- Bank of America beat, and had a historic quarter for banking. The firm reported earnings per share of $0.41 on revenue of $21.64 billion. Analysts were expecting adjusted earnings of $0.34 on revenue of $20.82 billion, according to Bloomberg.
- Empire manufacturing unexpectedly collapsed to -6.8. That number is below economists’ expectations of an increase to 1.00, and a drop from the prior month’s reading of -2.0.
- Industrial production missed expectations. The index increased just 0.1% for the month, missing economists expectations of an increase of 0.2%, based on data collected by Bloomberg. Still, it was an improvement after August’s unexpected drop into negative territory, which was revised down to -0.5%.
- The People’s Bank of China set its USD/CNY fixing rate at a 6-year low. Again. The PBOC set the yuan’s mid-point at 6.7379, weaker than previous fix of 6.7157 and the last traded price of 6.7271 on Friday.
- Carl Icahn defended Donald Trump’s vulgar comments as “bachelor party” talk in a CNBC interview. “He didn’t know that was going to be televised or on a radio program or would even be taped,” Icahn said.