Retail sales fell more than expected, the Empire Manufacturing Index missed estimates by a wide margin, and the Fed’s Beige Book signaled that pessimism is growing.
The Producer Price Index declined 0.4% in September, matching the estimate, but the core rate, which excludes food and energy, increased 0.4%, above the forecast of a 0.2% rise.
Details from Bloomberg...
The Dow Jones Industrial Average fell 733 points (7.9%) to close at 8,578, the S&P 500 Index lost 90 points (9.0%) to 908, and the Nasdaq Composite lost 151 points (8.5%) to 1,628. Crude oil fell $4.09 to $74.54 per barrel, and gold ended down $0.50 at $839.00 per ounce. The drop in the Dow and the S&P 500 Index was the worst one-day percentage drop since October 1987.
Magnificent Seven Update
