Stocks are sharply lower, pointing to an extension of Friday’s slump, which saw US markets shed over 2%. This comes on renewed concerns about interest rate hikes. European and Asian stock markets started their day off more than 1%. U.S. bond yields continue to move higher. The 10-year yield is trading around 1.69%, after hitting its highest level since Brexit to end the week. (CNBC)
Lunch and shopping. All without leaving the store. Macy’s is looking to boost sales by offering food options. The company already has Starbucks in 49 of its locations. Macy’s president and soon-to-be CEO, says there could be additional expansion of food and beverage in the future to get people in the stores. (CNBC)
Wholesale inventories were unchanged in July. In July, wholesale stocks of farm products fell 2.0%, petroleum inventories declined 1.2% and automobiles inventories rose 0.4%. At July’s sales pace it would take wholesalers 1.34 months to clear shelves. That ratio has declined from 1.37 months touched to start the year, which was the highest since March 2009. (Commerce Department)
Amazon and Pandora are planning to launch new versions of their music streaming services. Pandora is expected to start an on-demand platform. Amazon is working on a two-tier service. (NY Times)
S&P 500 is down 9 and the NASDAQ is down 27. MSCI International Index is down 0.65%.
Oil is down a dollar at $44.86 a barrel.
Gold is down $4 at $1331 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.