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Earnings growth surpasses prior two quarters. With about 75% of S&P 500 companies having reported, earnings growth is tracking to a 27.1% year-over-year increase, up from 25.2% last week and highest since Q4 2010. Meanwhile earnings expectations have held up well. Despite tariffs, S&P 500 earnings estimates for the next 12 months have only been reduced by 0.4% since October 1, less than the average earnings season decline. (LPL)

 

Data continue to show Chinese economy feeling tariff heat. The Caixin Purchasing Managers' Index showed activity in October fell to 50.1. Of particular interest was the sub-index of new business, which fell to its lowest level since 2008. All of which suggest the U.S. may have the upper hand as negotiations between President Trump and the President of China are poised to officially begin at the G20 summit later this month.

 

U.S. services sector still on solid footing. ISM's October non-manufacturing index came in at 60.3. Business activity and employment components were down month over month, but new orders were little changed overall. 

 

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

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