Financial News and Portfolio Management Discussion through October 8th
US Stocks fell over the week on increasing expectations for a Fed Funds rate increase in December. The S&P 500 sank 0.7% and the Dow dropped 0.4% for the week. Internationally, Japan surged 2.5%, while Europe fell 1.0% for the week. The yield on the 10 year Treasury ended the week at 1.734% up 0.12% for the week. Gold fell on the increased expectations for an interest rate increase suffering its largest one day drop during the week since 2013.
The jobs report showed there were 156,000 new hires in September, slightly below expectations. The unemployment rate rose 0.1% to 5.0% as the number of job seekers grew. The labor force participation rate hit 62.9%.
Auto sales fell in September despite high incentives. While the sales space is still historically strong, dealership traffic has cooled.
Manufacturing activity gained in September.
Bass Pro Shops agreed to buy Cabela’s for $4.5 billion combining the two outdoor sports companies.
Blood testing firm Theranos announced it would cut 40% of its staff and shut its blood testing facilities and shift its focus to developing products to sell to laboratories.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC