Futures are improved, but continue to indicate a negative tone: S&P
futures vs fair value: -6.60. Nasdaq futures vs fair value: -16.00.
September personal income was up 0.2%, which is slightly better than
the 0.1% increase that was expected. August personal income was
revised lower to reflect a 0.4% increase. Personal spending was down
0.3%, which is slightly worse than the consensus estimate of a 0.2%
decline. Spending in August was flat. September core personal
consumption expenditures deflator were up 0.2% month-over-month and up
2.4% year-over-year. Month-over-month figures were a bit better than
the expected increase of 0.1% and the year-over-year increase was
in-line with expectations. The PCE deflator was up 4.2%
year-over-year, just ahead of the 4.1% increase that was expected. Barclays (BCS) is receiving a $12 billion capital infusion from
a group of investors from the Middle East, according to reports. The
Wall Street Journal is reporting that owed to regulatory concern a
search deal between Yahoo! (YHOO) and Google (GOOG) is looking less
likely. On the earnings front, Aon (AOC) topped earnings per share expectations, as did American Electric (AEP). Electronic Arts (ERTS) posted a loss for its latest quarter, but it was still in-line with expectations. Oil prices declined $2.15 to $63.81 a barrel in electronic trading
By Thursday's close, the S&P 500 had plunged 204.8 points, or
18.2%, for the month. It's the eighth-worst month ever on a percentage
basis for the S&P 500, and the worst month on a point-decline
basis.
