Personal income was flat in September, matching the estimate, and August was revised from a 0.2% increase to 0.1%. Personal spending fell 0.5% in September, also inline with expectations.
The PCE Price Index, which is released with the income and spending data, fell 0.5% year-over-year in September, matching the consensus forecast. The core PCE Price Index, rose 0.1%, below expectations of 0.2%. Year-over-year, core prices moved 1.3% higher.
The Employment Cost Index for 3Q rose 0.4%, inline with the consensus. Wages and salaries, and benefits, both gained 0.4%.
The final University of Michigan’s Consumer Sentiment Index improved from 69.4 in the preliminary report to 70.6 in October, above the forecast, which called for an increase to 70.0.
The Chicago PMI rose more than expected, increasing from 46.1 in September to 54.2 in October. The expectation of economists called for the index to increase to 49.0. New orders jumped from 46.3 in September to 61.4 this month.
The Dow Jones Industrial Average fell 250 points (2.5%) to close at 9,713, the S&P 500 Index lost 30 points (2.8%) to 1,036 and the Nasdaq Composite retreated 52 points (2.5%) to 2,045. Crude oil was $2.87 lower at $79.87 per barrel, and the Bloomberg gold spot price lost $1.80 to $1,045.20 per ounce. For the week, the DJIA declined 2.6%, the S&P 500 Index dropped 4.0%, while the Nasdaq Composite was lower by 5.1%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
Daily Update Of Open Positions...Stocks & ETFs
