The Commerce Department said orders for non-defense capital goods excluding aircraft rose 0.6 percent last month. Business spending on equipment has risen since the fourth quarter of 2016. Business spending on equipment is being supported by the Trump administration’s $1.5 trillion income tax cut package, which came into effect in January.
Mattel lost 56 cents per share last quarter. The toy maker’s revenue also missed forecasts, hurt by the Toys R Us liquidation. The company will be cutting 2,200 jobs or about 22 percent of its global non-manufacturing workforce. (CNBC)
U.S. economy remains the standout. The dip in Japan’s manufacturing purchasing managers’ index last month (to 51.6), coupled with stronger readings and slight increases month over month in the U.S., continue to point to the U.S. as the global growth leader. However, Europe’s reading (55.1), which is in line with the U.S. (55.5), did stabilize after a sizable drop earlier this year while broader data in Europe has improved in recent months relative to expectations. (LPL)
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S&P 500 is up 10 and the NASDAQ is up 26. The MSCI international index is higher.
Oil is down 18 cents at $69.43 a barrel.
Gold is down $8 at $1218 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart