2014-08-01 06:53:00 by NW Quadrant Wealth Management
Stocks had their biggest one-day sell off in 6 months yesterday as a combination of bad earnings, bad economic reports, and a default by Argentina on their bonds triggered the sell-off.
The Bureau of Labor Statistics is out this morning showing the US economy added 209,000 jobs in July and the unemployment rate ticked up from 6.1% to 6.2% as more people entered the labor force in search of work. Economists had predicted the economy to add 235,000 jobs so this report is worse than expected.(marketwatch)
An index that measures the price of labor rose in the 2nd quarter at the fastest pace in over 6 years showing there is some wage inflation starting to present itself, which is sure to get the attention of the Federal Reserve.(CNBC)
GoPro reported their first quarterly earnings report as a public company reporting a $20 million loss sending the stock lower. Tesla also reported a year over year decline in earnings sending their stock lower. LinkedIn reported better-than-expected earnings sending their stock 7.5% higher. And Proctor and Gamble reported a 38% increase in profit as the world's largest consumer product maker continued to cut cost and grow organic sales.(marketwatch)