US Stocks traded lower for the 2nd straight day yesterday led lower by the world’s largest company Apple after the company reported disappointing earnings.
Heavy equipment maker Caterpillar took the wrecking ball to its 2016 results, bringing down sentiment about the health of the world economy in the process. Caterpillar lowered their full year guidance and current earnings were worse than expected which sent shares lower.
Shares of Tesla Motors are higher after the company actually reported a profit instead of the loss that was expected. Tesla earned 71 cents per share when they were expected to lose 54 cents a share. The company also delivered 500 more cars in the quarter than Wall St had expected.
The Case-Shiller US home price index rose .4% in August and was up 5.1% compared with the same period a year ago. The cities with the largest price gains over the last 12 months were Portland which rose 11.7% and Seattle at 11.4%.
And the consumer confidence index dropped this month more than was expected. The American consumer is feeling less confident about the US economy leading up to the Presidential Election.
With Northwest Quadrant Wealth Management I’m Tyler Simones