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Earnings growth is poised for double-digit increases in 2018, in both the U.S. as well as developed international and emerging markets. The credit for the increase in the U.S. is not surprisingly given to the new tax law. The U.S. earnings season begins today with reports from several big banks. Consensus is calling for a 12% year-over-year increase in S&P 500 earnings in the fourth quarter of 2017. (LPL)

The Labor Department said U.S. producer prices fell 0.1% December. That was the first drop since August 2016. In 2017 the PPI rose 2.6%.  Last month, the price of services fell 0.2%, wholesale food prices fell 0.7%, and energy prices were unchanged.

J.P. Morgan Chase reported Q4 earnings of $1.76 a share topping Wall Street’s expectations. Revenue was $25.45 billion. The company returned $6.7 billion in capital to shareholders during the fourth-quarter with $4.7 billion in net stock buybacks. The company’s stock is up 29% in the last 12 months. (Reuters)

Wells Fargo reported fourth-quarter earnings of $1.16 a share, or $6.2 billion, on revenue of $22.05 billion. The profit represents a 17 percent increase from the same period in 2016. (Reuters)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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