Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Today marks the 5th anniversary of the all-time closing highs for the Dow and S&P 500, records that were waylaid in a significant way by the subsequent financial crisis. After Monday’s modest losses, the Dow now stands within about 4 percent of its record and the S&P 500 still about 7 percent away. U.S. markets come off their second slowest trading day of the year, caused in large part by the Columbus Day holiday.
Today marks the beginning of earnings season, marked by Dow component Alcoa’s (AA) quarterly release after the closing bell. Yum Brands (YUM) also issues earnings after the bell, while there are no releases scheduled for this morning.
The National Federation Of Independent Business is out with its monthly small business sentiment index at 7:30 a.m. New York time. Economists expect a reading of 93.5 for September, compared with the August’s 92.9.
The Treasury will auction $32 billion in 3-year notes today, with the results of that sales available shortly after 1 p.m.
Federal Reserve Board vice chairman Janet Yellen will speak at the IMF’s annual meeting this morning at 8:30 a.m.
Edwards Lifesciences (EW) is a stock to watch today, after the company lowered its fiscal third quarter outlook.
The medical device maker says sales of its flagship Sapien heart valves are being hurt by European economic weakness as well as slower U.S. growth.
Rio Tinto (RTN) is speeding up planned cost cuts because of a slower global growth outlook. The world’s second largest iron ore miner has already cut $500 million in costs.
AngioDynamics (ANGO) reported a fiscal first quarter loss as the cost of sales nearly doubled. The medical device maker also cut its earnings forecast for the full year.
Barclays (BCS) is buying ING Direct U.K. from ING Group. Barclays will buy the assets at a 3 percent discount to face value, meaning ING will have an approximately $415 million loss on the transaction.
Principal Financial Group (PFG) is buying Chilean pension manager AFP Cuprum for about $1.5 billion, in an effort to expanding in emerging markets.
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