Reuters/Baz Ratner
Here is what you need to know.
It’s the 30th anniversary of the 1987 stock market crash. The Dow Jones Industrial average crashed more than 22% on October 19, 1987, making for the biggest one-day percentage drop in its history.
China’s GDP slows down a bit. Data released by the National Bureau of Statistics on Wednesday showed the Chinese economy grew at a 6.8% year-0ver-year rate in the third quarter, matching estimates but down from the second quarter’s 6.9% print.
UK retail sales post their slowest growth in 4 years. Retail sales rose 1.5% on a three-month basis, making for their worst performance since October 2013, according to data released by the Office for National Statisctics.
Trump picks a new head of the FTC. President Donald Trump has picked Joseph Simons, a partner at the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, to head the Federal Trade Commission.
American Express’ CEO is stepping down. Kenneth Chenault is stepping down as chairman and CEO of American Express after 17 years, a company press release said Wednesday. He will be replaced by current vice chairman Stephen Squeri.
Blue Apron lays off hundreds of workers. The meal-kit company announced Wednesday that it laid off 6% of its staff, or about 300 workers.
United lost $ 185 million due to the hurricanes. The airline took a $ 185 million pre-tax loss as a result of canceled flights during the Atlantic hurricane season, Reuters reports.
Stock markets around the world trade mixed. Japan’s Nikkei (+0.4%) led the gains in Asia and Germany’s DAX (-0.5%) trails in Europe. The S&P 500 is set to open down 0.39% near 2,551.
Earnings reports keep coming. Phillip Morris reports ahead of the opening bell while PayPal releases its quarterly results after markets close.
US economic data flows. Initial claims and the Philly Fed will both be released at 8:30 a.m. ET. The US 10-year yield is down 3 basis points at 2.32%.
