(Newser) - An Arkansas real estate agent has gone missing in the vicinity of Little Rock after going to show a home on Thursday. Some 200 volunteers searched for 49-year-old Beverly Carter yesterday and will continue the effort today, CNN reports. Police have arrested Aaron Lewis, 33, on kidnapping charges, reports ABC... More »
(Newser) - A tragedy—and a mystery—arose Saturday night in Utah, where a couple and three of their kids were found dead in their home. Benjamin and Kristi Strack, 37 and 36, respectively, and their sons Benson, 14, and Zion, 11, as well as their daughter Emery, 12, were found—all... More »
(Newser) - There's one Starbucks in the world where there's zero chance that your name will be misspelled on a cup: the Starbucks tucked within the CIA's headquarters in Langley, Va., a location plainly referred to as "Store Number 1" on its receipts. No names grace the cups... More »
(Newser) - In a no-holds-barred Billboard interview, Stevie Nicks confirms a long-standing rumor: She was once pregnant with Eagles frontman Don Henley's baby. Years ago, Henley told a reporter that during his relationship with Nicks, she got pregnant and named their unborn baby Sara, and that that's what the Fleetwood... More »
(Newser) - Defiant pro-democracy demonstrators in Hong Kong have expanded their protests after police used tear gas and other heavy-handed tactics to try to clear them from the streets yesterday. "Occupy Central" protesters—many of whom camped out on the city's main roads overnight—have occupied key districts of the... More »
(Newser) - When Ashley Gabrielle Huff was pulled over by a police officer in Gainesville, Ga., on July 2 for a tag light violation, the officer immediately became suspicious of her appearance and demeanor. After finding a spoon in her car with residue on it (and supposedly field-testing it), the officer was... More »
Stocks fell on Monday after opening sharply lower following a turbulent week and protests in Hong Kong that broke out over the weekend and pressured Asian stocks overnight.
First, the scoreboard:
Dow: 17,071.22, -42, (-0.2%)
S&P 500: 1,977.80, -5, (-0.2%)
Nasdaq: 4,505.85, -6.3, (-0.1%)
And now, the top stories on Monday:
1. The latest report on personal income and outlays showed that "core" personal consumption expenditures, or PCE, which is the Federal Reserve's preferred measure of inflation and excludes the more volatile prices of food and gas, rose 0.1% month-over-month. On a year-over-year basis, "core" PCE rose 1.5%. Personal spending rose 0.5% in August and personal income rose 0.3%. Following the report, Ian Shepherdson at Pantheon Macro said, "In one line: Autos drive August spending up, but Q3 will look pedestrian... Assuming no revisions, that implies Q3 consumption will rise by only 1.6% annualized, down from 2.5% in Q2."
2. Pending home sales in August fell more than expected, falling 1% against expectations for pending home sales to fall 0.5%. On a year-over-year basis, pending home sales fell 4.1% in August. Lawrence Yun, chief economist at the National Association of Realtors, said of the report: "Fewer distressed homes at bargain prices and the acknowledgment we're entering a rising interest rate environment likely caused hesitation among investors last month. With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home."
3. The Dallas Fed's latest manufacturing report beat expectations, coming in at 10.8 against estimates for a 10.5 reading, and the report said, "Perceptions of broader business conditions were more optimistic this month."
4. Stocks opened lower on Monday and clawed back most of those gains, but on Monday Business Insider's Joe Weisenthal noted a few reasons why the sell-off might be different this time. Short-term Treasury yields have been increasing steadily this year, and Dan Greenhaus of BTIG wrote that the speed at which market sentiment shifted from bullishness to bearishness could find this character of this market changing in ways some investors may not expect.
5. Greenlight Capital's David Einhorn is the largest shareholder of Einstein Noah Restaurant group, which agreed to be acquired for $20.25 per share in deal worth about $374 million. All told, it was a pretty good day for Einhorn.
7. Over the last year or so, the idea of "secular stagnation," that the world economy is facing a new limit on potential future growth has become popular among economists after Larry Summers first discussed the idea at the IMF last year. On Monday, Deutsche Bank's Torsten Slok circulated an email that said with economic headwinds fading and expectations for economic growth of more than 3% over the next six quarters, secular stagnation is over.
8. The Russian ruble, as well as the Russian stock market, have been getting crushed as the Russian economy starts to really feel the pain of Western sanctions. On Monday, the ruble fell to about 39.4 against the US dollar, its worst level in more than 10 years.