Stocks opened mixed with the Nasdaq higher and the Dow and S&P struggling amid continued trade tension, a lowered global growth forecast from the IMF and higher Treasury yields. The market had a couple of passes through the flat line as bond yields bounced around, though the ten-year Treasury remained near seven-year highs. Oil prices also bounced around and closed with gains following a report that oil exports out of Iran continue to fall and as traders brace for the impact of Hurricane Michael on the Gulf of Mexico. ECONOMIC EVENTS: In the U.S., no data of note was reported. However, on the trade front, the Financial Times reported that the White House has apparently signaled to China that President Trump won't meet with President Xi at the G20 summit unless China publishes a list of specific trade concessions. On the international front, the IMF lowered its forecast for global GDP growth to 3.7% in both 2018 and 2019. That view is down from its prior forecast for 3.9% growth in this year and next year. COMPANY NEWS: Starbucks (SBUX) shares finished 2% higher after Pershing Square's Bill Ackman reportedly disclosed a $900M stake in the coffee giant. A spokesperson for Starbucks said in a statement to CNBC that the company looks forward to "maintaining a productive dialogue" with Ackman... Paints and coatings maker PPG (PPG) sunk 10% after the company issued a profit warning, citing significant raw material and elevating logistics cost inflation along with softening demand in China and weaker automotive refinish sales in the U.S. and Europe. Axalta Coating (AXTA) also fell 7% due to PPG's warning paired with the company's own staffing news. Axalta announced that Robert Bryant will take over as interim CEO following the resignation of Terrence Hahn, who was found to have committed conduct that Axalta "believes was inconsistent with company policies." MAJOR MOVERS: Among the noteworthy gainers was Antero Midstream Partners LP (AM), which gained 15% after it agreed to be acquired by Antero Midstream GP (AMGP). AMGP shares rose 9% after the news. Also higher was Papa John's (PZZA), which gained 9% after the Wall Street Journal reported that Trian Fund Management is weighing a takeover bid for the pizza chain. Among the notable losers was Super Micro Computer (SMCI), which dropped 15.5% after Bloomberg reported that an unnamed U.S. telecommunications company discovered manipulated hardware for Super Micro in its network and removed it in August. Also lower was Blackbaud (BLKB), which fell 14% after it cut its fiscal 2018 guidance. INDEXES: The Dow fell 56.21, or 0.21%, to 26,430.57, the Nasdaq gained 2.07, or 0.03%, to 7,738.02, and the S&P 500 declined 4.09, or 0.14%, to 2,880.34.
