Wells Fargo’s had quarterly profits down 3.5% at $5.6 billion. Wells Fargo revenue in the quarter was $22.33 billion, up 2% from a year earlier. It is too early to see the total, long-term impact the recent fraud and scandal will have on Wells’ bottom line, since most of the developments from the scandal broke when the quarter was nearly over. Consumer checking account openings dropped by 25% from a year earlier. Wells is the nation’s largest mortgage lender. (AP)
Retail sales rose 0.6% in September according to the Commerce Department. During the first nine months of the year, retail sales have increased 2.9% compared with 2015. Sales rose 2.4% at gas stations, restaurants improved 0.8% and auto dealers notched monthly gains of 1%.
U.S. producer prices rose 0.3% in September according to the Labor Department. Oil prices rose 2.5% last month, food prices rose 0.5%, with a 26% jump in chicken eggs and 10.5% increase in vegetables. Over the past year, wholesale prices have increased just 0.7%.
The University of Michigan Index of Consumer Sentiment hit 87.9 in October, its lowest since Sept. 2015. The October decline was concentrated among households with incomes below $75,000, whose index fell to its lowest level since Aug. 2014.
S&P 500 is down 1 and the NASDAQ is down 8. MSCI International Index is flat.
Oil is up 15 cents at $50.50 a barrel
Gold is down $1 at $1255 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.