The Nobel economics prize was awarded to Americans William Nordhaus and Paul Romer for transforming our understanding of long-term growth factors, including climate and technology changes. (NY Times)
Debra Perelman has been appointed the first female Chief Executive Officer of Revlon. Perelman, 44, has worked at Revlon for 20 years. Her father owns about 87% of Revlon. (CNN)
Chinese stocks plunged and the yuan fell nearly 1% versus the dollar after markets reopened following a week off. The slide came despite the central bank cutting the required reserve ratio for the fourth time this year to boost growth; lenders may reduce the amount of cash they hold by 1% beginning October 15th. It’s still not clear if the extra liquidity can put a floor under the market, which is down more than 15.0% year to date. (LPL)
The XHB, the popular homebuilders-tracking ETF, just posted its longest losing streak ever, falling for 13 consecutive sessions amid a breakout in U.S. Treasury yields that injected new risk into the rate-sensitive group. The XHB has tumbled 9 percent in just one month, entering into a bear market. (CNBC)
S&P 500 is down 11 and the NASDAQ is down 30. MSCI International index is lower.
Oil is up 50 cents at $74.79 a barrel.
Gold is up $3 at $1192 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.