Third quarter earnings season kicks off
Third quarter earnings season kicks off this week as several big banks are slated to report. We expect another solid quarter of earnings growth, but a third straight double-digit increase for S&P 500 profits appears unlikely due to hurricane impacts, tougher comparisons, and a lack of contribution beyond technology and energy. (LPL Research)
According to the Seattle Times Horizon Air canceled more than 700 flights in September. Horizon has a pilot shortage and cut its schedule from September through at least January. Horizon Air serves 45 cities in Oregon, Washington, Alaska, California, Colorado, Idaho, Montana and Utah, as well as Alberta and British Columbia.
Nordstrom was considering a sale of the company, but that deal may be falling apart. It appears the Nordstrom family is having trouble getting financing for the deal. (CNNMoney)
The U.S. dollar is near the low end of its three-year range, but we believe there are reasons to expect the greenback to begin to bounce back. The Federal Reserve is increasing rates faster than most other major banks, which could provide a fundamental reason to expect a stronger currency. (LPL Research)
The S&P 500 is up 5 and the NASDAQ is up 17. The MSCI international index is higher.
Oil is up 60 cents at $50.18 a barrel.
Gold is up $10 at $1295 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.