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Morning Summary: U.S. stocks are hanging tough, despite the nearby negative headlines surrounding President Trump imposing another round of tariffs on Chinese imports. The new tariffs going into effect on September 24th are set at just 10%, but will escalate to 25% by the beginning of 2019 if no resolution can be negotiated. From what I understand, the next round of trade talks with the Chinese were actually scheduled forSeptember 27-28. It will be interesting to see if China now backs out or comes to the table? President Trump also added, “If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.” At the same time, macro traders more talk about global economic downgrades and continued reduction in Q3 global GDP estimates. Not only have the Emerging Market economies been struggling, but now there’s some slowdown being seen in Japan and the European Union. There’s also more talk amongst bears that the Chinese economy could continue to feel added pressure, despite talk of the government adding increasing stimulus. Here at home there’s very little on the economic calendar. The only thing really catching much attention today is the NAHB Housing Index update. Tomorrow, we have the latest Bank of Japan policy announcement, as well as updated U.S. Housing Starts and Building Permits. Next week is when the market will be digesting the latests in U.S. Fed policy. Most are expecting the Fed to announce their third interest rate hike of 2018. The trade seems to believe we could see another rate hike in December and perhaps two or three more hikes in 2019. Bears are thinking the next couple of rate hikes will actually be too much for the economy to overcome. Hence, will ultimately create a slight headwind and work towards slowing the economy.
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Music Making Millions: The number of people in the United States paying to subscribe to a music streaming service now exceeds +50 million, almost double the number at the end of 2016, market research firm MusicWatch reports. More than three times as many, 157 million, stream music for free via services like YouTube or Spotify’s ad-supported tier.
Chicago To Get Next Cashless Amazon Store: The Windy City is getting the next Amazon Go checkout-free store, the first outlet to open outside a trio of Seattle locations. It’s part of the online retail giant’s push into brick-and-mortar, which includes last year’s acquisition of Whole Foods. Besides Chicago, Amazon plans to open five more cashierless stores by the end of 2018. (Source: SeekingAlpha)
Where American Households Spend Their Money: American households spent an average of $60,060 last year, according to a report from the Bureau of Labor Statistics. Housing expenditures were ranked first at $19,884 which was a 5.3% increase from the prior year. While the amount spent on rentals didn’t change much, the money spent on owned properties increased by 10.4%. Transportation was the second-costliest expenditure, with consumers spending $9,576, driven largely by the increase in vehicle purchases, which surged 11.6% over the last year after declining over 9% the year before. Food was the next largest spend at $7,729. If you break that down, it’s a family budget of just under $150 per week. That’s just really hard to sallow, especially when you consider that number just jumped +7% in the past year. Think about it for a moment, that means the average family is only spending between $20 and $25 per day on food. See where the rest of the money went HERE.
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As we age, it gets harder and harder to create new neural pathways in the brain. It’s the reason kids find it so easy to learn new things, but as adults it often gets more difficult. Doing brain teasers and solving riddles can be an important part of keeping our brain healthy. The more connections we can form, the better our brain will be. I hope this helps provide a little daily fun and exercise. The answer to each riddle or puzzle will be located at the bottom of the report.
TODAY’S RIDDLE:
The day before two days after the day before tomorrow is Saturday. What day is it today?[/vc_column_text][/vc_tta_section][vc_tta_section title=”From the Field” tab_id=”1537357856260-8b9079c0-a1b0″][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]