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Daily Scan: Stocks fall before Fed meeting

By NexChange
Capital Markets


Good evening,

The highly-anticipated Fed interest rate decision is just a couple days away now. The Dow, S&P 500, and Nasdaq all fell, without too much movement during the day. The Dow lost 0.4%, the S&P 500 dropped 0.5%, and the Nasdaq fell 0.34%. The Stoxx Europe 600 lost 0.6% Monday after starting the morning with a slight boost. Oil dropped again, falling to just over $44/barrel.

Here’s what else you need to know:

NYC opens first new subway station in more than 25 years. The 34th Street-Hudson Yards station took eight years to build, with a price tag of $2.42 billion. There's a lot of firsts for the new station. It's climate controlled, column-less, holds an inclined elevator, and has the longest escalator in the Subway system. Gothamist

Shooter loose in Mississippi. Ethan Schmidt, a professor at Delta State University, was shot and killed in Cleveland, Miss. Schmidt's death may be linked to another area shooting. A "person of interest" is being shot in relation to the deaths. CNN

Russia pointing tanks at Syrian airfield. U.S. officials say it's not clear what Moscow's intentions are, but the country has been pressured globally to explain its support of Syrian President Bashar al-Assad. Reuters

Deutsche Bank to cut one quarter of its total staff. The bank will ax about 23,000 jobs, mainly with layoffs in technology activities and a spin off of its PostBank unit. Deutsche CEO John Cryan took control of the firm in July, and promised to slash costs. Reuters

Aussie PM ousted. Australian PM Tony Abbot will be succeeded by Malcolm Turnbull as the country's conservative party shakes up its approach to many hot issues, including the economy, climate change, and same-sex marriage. Wall Street Journal

Died: NBA star Moses Malone. Malone passed away unexpectedly Sunday at age 60. Malone was an NBA Hall of Famer, and the first modern star to go pro straight after high school. In 1996 he was named one of the best 50 players of all time. CNN

Chinese shares continue to fall. Despite edging higher at the open, Chinese shares ended the session deep in the red today largely thanks to mixed data from the weekend as well as the upcoming Fed decision. The Shanghai Index fell 2.67% while Shenzhen tanked a whopping 6.65%. Japan’s Nikkei Average meanwhile dipped 1.63%. Surprisingly, Hong Kong shares proved to be more resilient, with the Hang Seng Index climbing 0.27% and the Hang Seng China Enterprises Index eking out a 0.11% gain. NexChange

Japan industrial production falls short of estimates. The land of the rising sun’s industrial output fell -0.8% last month, worse than the preceding month’s -0.6% reading and missing estimates of a -0.6% fall. Investing

China factory output and fixed-asset investment data misses estimates. China’s been punching in some disappointing data lately and

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