Stocks traded lower again yesterday as investor optimism around the upcoming U.S.-China trade talks continue to fade.
Optimism among small-business owners fell in September mainly because of the impact of tariffs and uncertainty about the future economy, according to a survey from the National Federation of Independent Business. The NFIB Small Business Optimism Index had a September reading of 101.8, down 1.3 points from 103.1 in August. About 30% of owners surveyed said they were negatively affected by tariffs.
The wholesale cost of U.S. goods and services posted the steepest decline in September since the first month of the year, largely reflecting lower gasoline prices and signaling that inflation is likely to remain low. The producer price index sank 0.3% last month, reversing most of the increase in the prior two months. Economist had forecast a .1% increase.
Federal Reserve Chairman Jerome Powell said the central bank will expand their balance sheet “soon.” He noted this measure will be used as a response to the recent funding issues the bond market faced in recent weeks. Powell said this is not quantitative easing. Rather, Powell was referring to a more gradual increase to the balance sheet.
With Northwest Quadrant Wealth Management, I'm Tyler Simones