US Stocks had their largest one day sell-off in two months yesterday. US Stocks are now 4% below their all-time-highs reached just 3 weeks ago. This morning stocks are trading
The International Monetary Fund trimmed their forecast for global economic growth yesterday. The IMF said there is a widening divide between the accelerating growth here in the US and a slowdown in the Eurozone and Asia. The IMF expects global growth to be 3.8% the year versus their previous estimate of 4%.
The owner of Taco Bell, KFC, and Pizza Hut, Yum Brands, reported earnings that came in below expectations. The company missed on both the top and bottom line. Sales in their Chinese stores fell 14% year over year which was a major contributor to the earnings miss. Shares of Yum are lower on that news.
Warehouse club operator Costco profits topped analysts' estimates for the first time in five quarters, helped by strong back-to-school sales and higher membership fees. Shares of Costco are 2.5% higher on that news.
Home price growth has dropped to a two year low. Year over year home price growth fell 6.4% in August. Housing appreciation is expected to slow down even further, with growth of 4% forecasted in 2015. Continued moderation in home price appreciation is a good sign of a more balanced real estate market.