Orders for non-defense capital goods increased 0.4% in July. Shipments of capital goods jumped 1%. Business spending on equipment added 0.4% to the economy's 2.6% annualized growth pace in Q2, the most in nearly two years. Orders for machinery fell 1.4%, the biggest drop since May 2016. Orders for motor vehicles and parts fell 1.2%. (Commerce Department)
Quintiles an integrated information and technology solutions healthcare provider will join the S&P 500 prior to the open on Tuesday replacing Whole Foods. (CNBC)
Hurricane Harvey will be impacting oil and gas prices. Oil prices initially rose on this news, but have since given back some of those gains. Gasoline prices are up, but this hurricane has hit the heart of U.S. refining; and as these refiners are shut down and this will result in a build-up of oil inventories, which will lead to lower oil prices. This is unusual, but not unheard of. How long any additional oil glut will last will be a function of how long refiners are closed, which is impossible to predict at this point. (LPL Research)
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With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.