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The Wyndham Grand Chicago Riverfront Hotel in downtown Chicago.
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Barron’s Pick
Why the shares of
Wyndham Hotels & Resorts
could rally: See our weekly Barron’s Pick.
Stocks Keep Sinking
Stocks in the U.S. continued to fall, although shares on the Shanghai Composite rallied on Monday after the government offered personal tax cuts, only to slip again on Tuesday in a global decline.
Caterpillar
and
3M
saw shares hammered on weak results and blamed tariff-driven higher costs, a stronger dollar, and a weakening China. On Wednesday, tech went into the barrel, with
Texas Instruments
losing 8.2%;
AT&T
,
8.1%; and
Netflix
,
9.4%. After a Thursday bounce-back, the Dow industrials lost 2.97%, to $24,688.31 on the week; the S&P 500 fell 3.94%, to 2658.69; and the Nasdaq Composite shed 3.78%, to 7167.21. Third-quarter GDP came in at 3.5%
Terror by Mail
Thirteen pipe bombs were mailed
to high-profile Democratic figures, including former Secretary of State Hilary Clinton, former President Barack Obama, philanthropist George Soros, former Vice President Joe Biden, several former intelligence officials, and actor Robert De Niro. None detonated. All of the targets have been critics of the president, who called for unity, then blamed the media for blaming him. On Friday, the authorities arrested a 56-year-old Florida man.
The Tax-Cut Promise
With midterm elections fast approaching, President Trump promised the middle clbad a 10% reduction in personal taxes. The Republican tax cuts pbaded last year have not been popular, but there appears to be virtually no chance of a tax cut being voted on by the Nov. 6 elections (Congress isn’t around) or during the lame-duck session that follows. White House chief economic adviser Larry Kudlow admitted that a plan “may not surface for awhile” but a tax cut was the president’s “intent.”
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Blaming the Fed, Again
President Trump once again blamed the Federal Reserve and Chairman Jerome Powell for stocks falling. “Every time we do something great, he raises interest rates. [He] almost looks like he’s happy raising interest rates.” Trump complained that he was unhappy because President Obama had zero rates. He didn’t say he would fire Powell, which he can’t anyway.
Saudis Admit to Killing
Turkish President Reycep Erdogan revealed details on what even Saudi Arabia agreed was the premeditated murder of journalist Jamal Khashoggi and demanded the extradition of 18 Saudis to Turkey for trial. Saudi Arabia still insists that Crown Prince Mohammed bin Salmon knew nothing about it. The White House continued to take a number of positions on the episode, which Trump called the “worst cover-up ever.”
Caravan Fears
Trump amped up anti-immigration rhetoric, particularly over a caravan of some 7,000 migrants fleeing Guatemala, El Salvador, and Honduras, in southern Mexico. Trump has threatened to order the military to protect the border against what he claimed in a tweet is a mob full of MS-13 gang members and “Middle Easterners.” The White House is also reportedly considering closing the southern border.
More Tesla Woes
After settling civil suits with the Securities and Exchange Commission, The Wall Street Journal reported that electric-car maker
Tesla
is facing a criminal probe into whether it misstated production figures going back to 2017.
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