Welders at Precision Castparts
Stocks are higher this morning following yesterday’s tech-driven drop. The Nasdaq is coming off its biggest one-day decline since August 17th, even as the small-cap Russell 2000 posted a record closing high. The Dow is riding a three-day losing streak, and a decline today would give it its first four-day decline since late June. (CNBC)
Highlighting this week’s calendar, a more detailed tax framework will be released by the Big Six (key Republican tax policy players), and details are already trickling out. The path to an agreement was always going to be difficult, but we have seen nothing so far that suggests a deal cannot be reached. The biggest stumbling block remains getting a 2018 budget deal done, without which tax law changes become virtually impossible. (LPL Research)
Welders at Precision Castparts in the Portland have voted to join the International Association of Machinists and Aerospace Workers. The vote impacts about 100 employees. 54 voted to join the union, and 38 voted against. (OregonLive)
Nestle set an operating profit margin target of 18.5% by 2020 and also will speed up stock buybacks. The company has been under pressure from activist investor Third Point to improve its performance. (FT)
The S&P 500 is up 2 and the NASDAQ is up 17. The MSCI international index is higher.
Oil is down 5 cents at $52.14 a barrel.
Gold is down $6 at $1306 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.