Stocks fell sharply on Thursday entering correction territory. The stock indices closed at their lowest level since late November. Stocks are on track to post their biggest weekly decline since October 2008. The 10-year U.S. Treasury yield rose to 2.88%, holding around multi-year highs. (CNBC)

The Chinese yuan was down more than 1% Thursday the currency's biggest one-day drop since August 2015. The move, which does not appear directly related to any government action, but was sparked by strong Chinese import growth (+37% in U.S. dollar terms), which dwarfed forecasts for an 11% gain. (LPL)

While the earnings expansion is global in nature, expectations for earnings growth in 2018 for the U.S. (+17-18% based on consensus estimates) are ahead of the 14% increase expected in emerging markets and the 10% expected in developed foreign markets. U.S. earnings are enjoying the highest number of positive revisions, in large part due to the boost from the new tax law. (LPL)

The S&P 500 is up 8 and the NASDAQ is up 10. The MSCI international index is lower.

Oil is down 90 cents at $60.23 a barrel. Down 8% for the week.

Gold is down $1 at $1319 a Troy ounce.

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