Market Recap 14th Oct 2015 – Today was a bad day for THIS family…

By Markus Heitkoetter

Stocks took another small step backward today after the major indices finished the session in negative territory.

Heading into the open, stocks were trading around yesterday’s close. A quick rally brought stocks to highs of the day, but the rally was short-lived. We had another attempted rally in the early afternoon, but stocks retreated and ended the session at lows of the day.

We finally had a decent economic calendar, but today’s reports did nothing to help the markets.

Retail Sales rose just 0.1% versus an expected 0.2% increase, and the PPI came in worse than expected. The Producer Price Index showed the biggest decline in 8 months.

In the end, the S&P finished with a 0.5% loss. Down 9.5 points, the S&P wrapped up the day at 1994.24. Today’s close was the first close below 2,000 in a week.

The DOW ended with a 0.9% loss. Losing 157 points, the DOW finished at 16924.75.

The NASDAQ lost 0.3%. With a 14 point decline, the NASDAQ closed at 4782.84.

Walmart (WMT) was a big mover after lowering the company’s earnings outlook for the year. Walmart dropped 10% on the news and ended the day at $60.03 a share.

It was a rough day to be a Walmart heir…the move lower erased $11 billion of the Walton family’s net worth. According to Bloomberg, the family has lost $41 billion since January 1st.

Looking ahead to tomorrow, we have CPI and Weekly Unemployment Claims at 8:30am ET, followed by the Philly Fed Manufacturing Index at 10:00am ET. We also have Crude Oil Inventories at 11:00am ET (out a day later, and at 11:00am instead of 10:30am ET due to the  bank holiday on Monday). We’ll also get a little “Fedspeak”, with FOMC Member Dudley speaking at 10:30am ET.

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