Stocks traded lower yesterday despite better-than-expected earnings from Facebook and Apple and the Federal Reserve’s third rate cut of 2019. Investors took a pause and turned their focus to U.S.-China trade negotiations.
 
A measure of factory activity in the Midwest weakened further in October.  The Chicago Purchasing Management Index sank to 43 in October from 47 the prior month. This is the lowest level since December 2015. Economists had expected a reading of 48.  Any reading below 50 indicates deteriorating conditions.

Americans spent more on new cars and trucks in September. Falling interest rates have made it less expensive to buy big-ticket items such as automobiles or homes. Spending on health care also increased.  Consumer spending rose 0.2% last month, which was a touch below the 0.3% forecast.

In other corporate news, Italian-American automaker Fiat Chrysler announced a landmark merger with French rival Peugeot, which will create the world’s fourth-largest car maker.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones