A Global Selloff – 01/04/16
U.S. and European stocks are dropping today, after Chinese equities plunged 7%. Spurring the sell-off, factory activity in China contracted for the 10th straight month in December. The S&P 500 snapped a three-year winning streak in 2015. The Nasdaq posted its fourth straight positive year. (CNBC)
More bad news for American Express. They and Bank of America were booted after 12 years by Fidelity as credit card partners, in favor of U.S. Bancorp and Visa. (Reuters)
One commodity could get a boost in pricing. Dairy farmers in Texas and New Mexico say consumers should expect a milk shortage, after a freak blizzard killed more than 30,000 dairy cows last week. (Christian Science Monitor)
EMC will cut an unspecified number of jobs as the data storage company plans to trim expenses by $850 million. The move comes as EMC prepares to be taken private by computer maker Dell. (CNBC)
The Force is strong. Walt Disney’s newest Star Wars episode topped ticket sales again this week. The movie is on pace to break the all-time domestic box office record held by “Avatar” this week. (Variety)
S&P 500 is down 35 and the NASDAQ is down 90. The MSCI International Index is down.
Oil is up 46 cents at $37.50 a barrel.
Gold is up $10 at $1,070 a Troy ounce.
With Northwest Quadrant Wealth Management a Registered Investment Advisor, I am Troy Reinhart.