Twitter tests homescreen button to easily switch to reverse chronological

Twitter is digging one of its most important new features out of its settings and putting it within easy reach. Twitter is now testing with a small number of iOS users a homescreen button that lets you instantly switch from its algorithmic timeline that shows the best tweets first but out of order to the old reverse chronological feed that only shows people you follow — no tweets liked by friends or other randomness.

Twitter had previously buried this option in its settings. In mid-September, it fixed the setting so it would only show a raw reverse chronological feed of tweets by people you follow with nothing extra added, and promised a more easily accessible design for the feature in the future. Now we have our first look at it. A little Twitter sparkle icon in the top opens a menu where you can switch between Top Tweets and Latest Tweets, plus a link to your content settings. It would be even better if it was a one-tap toggle.

Twitter’s VP of Product Kayvon Beykpour tweeted that “We want to make it easier to toggle between seeing the latest tweets the top tweets. So we’re experimenting with making this a top-level switch rather than buried in the settings. Feedback welcome.. what do you think?”

Given the backlash back in 2016 when Twitter started shifting to an algorithmically sorted timeline based on what you engaged with, many users will probably think this is great. Whether you’re trying to follow a sports game, a political debate, breaking news, or are just glued to Twitter and want the ordering to make more sense, there are plenty of reasons you might want to switch to reverse chronological.

Still, Twitter’s apprehension to make the setting too accessible makes sense. Hardcore users might prefer reverse chronological, but for most people who only open Twitter a few times per day or week, that’d mean they’d likely miss the tweets from their closest friends that could be drown out by the noise of everyone else. Twitter’s user growth rate perked up after the shift to algorithmic.

We’ve asked whether the setting reverts to the Top Tweets default when you close the app. That might be frustrating to some expert users, but could prevent novice users from accidentally getting stuck in reverse chronological and not knowing how to switch back. The company tells TechCrunch that it’s trying out several different duration options for the setting based on user inactivity to see what works best. For example, one version will revert the setting to the Top Tweets default if they’re gone for a day. That method would make sure people who’ve been inactive long enough to forget changing their timeline setting will get the default back and not end up stuck in a chronological abyss.

If Twitter gets the reversion to default situation figured out, the new button could make the service much more flexible, thereby boosting usage. You could start algorithmic in the morning or after a weekend away to see what you missed, then quickly toggle to reverse chronological if something big happens or you’ll be on it non-stop all day to get the real-time pulse of the world.

Chilean antitrust court approves LATAM tie-up with American, IAG -LATAM

FILE PHOTO: Passengers wait to check in for their flights at the departures area of Latam airlines inside the international airport in Santiago, Chile August 16, 2018. REUTERS/Rodrigo Garrido

SANTIAGO (Reuters) – Chile’s antitrust court has approved a plan by LATAM Airlines LAN.SN, the region’s largest carrier, to deepen its ties with American Airlines Group (AAL.O) and IAG’s (ICAG.L) British Airways and Iberia, LATAM Airlines said in a statement.

The company’s chief executive said the TDLC court had approved the link up between the aviation firms, all members of the Oneworld Alliance, in relation to both passenger and cargo planes.

“This decision sets an important precedent for commercial aviation in our region,” said Enrique Cueto. “As has been shown in other parts of the world where these alliances already exist, it represents an opportunity to ensure the growth of the industry, increase passenger traffic and generate more tourism and business travel and bolster the economy.”

The agreements have already been approved by authorities in Uruguay, Colombia and Brazil.

In November 2016, Chile’s FNE competition regulator said the so-called Joint Business Agreements between Chile-headquartered LATAM, American Airlines Group Inc and IAG risked increasing fares and lowering quality on routes. Its comments raised fears that the country’s TDLC antitrust court might reject the deal.

The JBAs will allow the airlines to coordinate schedules and prices for flights, similar to the North Atlantic revenue-sharing agreement which already exists between IAG and American Airlines.

Reuters was unable to independently confirm the ruling with the court.

Reporting by Aislinn Laing


UPDATE 1-Apache Corp profit beats on higher oil prices, increased U.S. output

(Reuters) – U.S. oil and gas producer Apache Corp (APA.N) reported a better-than-expected quarterly profit and raised its U.S. production forecast for the year as it benefited from rising oil prices and increased output from the Permian basin.

Apache and its peers are reaping the benefit of a 44 percent surge in global crude oil prices from a year earlier. Oil prices are expected to rise further as U.S. sanctions on Iran remove a major supplier from the market.

The Houston-based company said average realized oil prices jumped about 40 percent to $69.12 per barrel, while total production rose to 476,255 barrels of oil equivalent per day (boe/d) from 448,235 boe/d a year earlier.

Production from Permian Basin, the largest U.S. oil field and the center of the country’s shale industry, rose 38 percent to 222,259 boe/d.

U.S. shale oil production in the Permian has nearly doubled in the last three years to 3.4 million barrels per day (bpd).

Excluding certain items, Apache earned 63 cents per share, beating analysts’ average estimate of 47 cents per share, according to Refinitiv data.

The company raised its 2018 U.S. production forecast to 262,000 boe/d from 260,000 boe/d.

Net income attributable to common stock rose to $81 million, or 21 cents per share, in the third quarter ended Sept. 30 from $63 million, or 16 cents per share, a year earlier. (

Oil and gas revenue rose 42.3 percent to $1.98 billion.

Shares of the company rose 2.7 percent to $38.85 after the bell.

Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta


UPDATE 2-XPO customer bankruptcy dents quarterly earnings, outlook

(Reuters) – XPO Logistics Inc (XPO.N), one of the largest global freight transportation and warehousing companies, on Wednesday posted quarterly profit that missed Wall Street’s target and lowered its 2018 earnings forecast due to a customer bankruptcy.

Shares in XPO fell 3.8 percent to $86 in after-hours trade.

XPO’s British division in August shuttered the distribution centers it ran for House of Fraser after the 169-year-old U.K. department store chain entered administration – an insolvency procedure similar to U.S. bankruptcy – and was sold to Sports Direct International Plc (SPD.L).

XPO posted third quarter adjusted earnings of $121.3 million, or 89 cents per share, missing analysts’ average estimate by 9 cents, according to I/B/E/S data from Refinitiv.

The results included a 7 cent per share charge related to the customer bankruptcy. XPO Chairman and Chief Executive Bradley Jacobs declined to name the customer responsible for the charge.

The results also included higher depreciation and amortization related to investments in technology and automation, the company said.

XPO cut its 2018 target for adjusted earnings before interest, taxes, depreciation and amortization to around $1.58 billion, from its prior outlook of at least $1.6 billion, to reflect the bankruptcy-related charges.

XPO, which is North America’s largest provider of “final-mile” deliveries of heavy, bulky goods such as sofas, barbecue grills and televisions from warehouses direct to homes, said revenue grew 11.5 percent to $4.34 billion for the quarter.

Jacobs said that momentum continued into October – typically XPO’s biggest month of the year – when revenue increased in the “double-digit” percentages to more than $1.5 billion from a year earlier.

The Greenwich, Connecticut-based company’s transportation segment revenue grew 10.5 percent to $2.85 billion during the third quarter, bolstered by increases in freight brokerage services and “last-mile” deliveries in North America, as well as dedicated truckload transportation in the U.K. and France. Operating income was up 34.4 percent to $195.2 million in the quarter.

Logistics revenue rose 13.1 percent to $1.52 billion, amid robust demand for XPO’s e-commerce services for technology, food and beverage and apparel companies.

However, segment operating income fell 11.6 percent, primarily due to a $15.6 million charge related to the customer bankruptcy and a record number of contract start-ups.

Reporting by Lisa Baertlein in Los Angeles; editing by Bill Berkrot; editing by Phil Berlowitz and Bill Berkrot


Court seeking complainant

Court seeking complainant

The following virtual complainant is asked to contact Criminal Court No. 2 of the District “A” Magistrates’ Court on or before November 15: Rasheena Burgess of 1st Avenue, St Barnabas, St Michael….


Court seeking complainant

The following virtual complainant is asked to contact Criminal Court No. 2 of the District “A” Magistrates’ Court on or before November 15: Rasheena Burgess of 1st Avenue, St Barnabas, St Michael….


This Democrat Is Trying To Win A Trump-Loving District By Taking Trump’s Style

The voters of New York’s 11th District have a question for Max Rose. A harmless, ordinary inquiry, one not unlike the hundreds that seem connected to people’s decision to vote for or against him, but one he answers again and again. “I always get, this, you know, ‘Max, you gonna work with Trump?’ You gonna work with him?’”

Trump, himself an outer-borough guy, remains wildly popular here on Staten Island, where Rose, a 31-year-old vet is running as a Democrat in a district that extends into Brooklyn and leans Republican. Rose leaned in and sounded a little like one of those Democrats who say that even though Trump’s vision for the country was flawed and dark and divisive, it was still a vision.

Rose wouldn’t go to Washington with a “pitchfork,” he said, and simply obstructing the administration couldn’t help solve his future constituents’ problems anyway. Trump ran on “good things” — xenophobia aside. “So if you think that I’m going to go to Washington and look at all this opportunity to start getting to work, but then sit back and wait because it might hurt our chances to win in 2020, you’re crazy,” he told BuzzFeed News.

Since his primary win, Rose has been asked that question a lot, as he’s contorted himself into a political force: a gregarious but relatable policy wonk, a veteran for the forgotten man in the straight-talking, swashbuckling, swamp-draining mold of Donald Trump.

He’s running explicitly as a reformer on a platform everybody can agree on — stemming gun violence, ending the opioid and heroin crisis, fixing health care, rebuilding infrastructure. His priorities don’t necessarily contradict Trump’s cultural ones like securing the border, funding the military, and honoring veterans and first responders. “This is not a Republican district,” Rose told BuzzFeed News, “but this is a district that puts the person ahead of any party.”

His is a shrewd approach to Trump-era politics, where open defiance of local party orthodoxies can still feel like a breath of fresh air for voters. Alexandria Ocasio-Cortez, Ayanna Pressley, and Katie Arrington dropped incumbents that way; Richard Ojeda in West Virginia and Conor Lamb, too, seemed to fit the the moment in their district this year. Rose’s effort to win voters regardless of their political affiliation or voting history is perhaps just as unlikely a winning strategy.

A talented retail politician, Rose swaggers more than he gladhands (unlike a typical politician like, say, Republican Dan Donovan, the district’s current congressman, might). When an older fellow veteran asked about how the summer’s six-way primary went, Rose flattered him with a little banter before saying that it was “too easy” as he touched his shoulder. It was a little easy, though.

Rose won 63% of the vote, a big ol’ number that gave him license to begin casting opponent Donovan as an untrustworthy, mealy mouthed avatar of the establishment. He’s not reserved that ire solely for Republicans. Rose led a coalition who sent a letter demanding that Mayor Bill de Blasio address problems like the need for a fast ferry for the South Shore residents, the opioid crisis, and high property tax rates. In September, he proclaimed in a campaign ad that de Blasio “acts like Staten Island doesn’t even exist.” (The most effective part: the slick glance you get of de Blasio winding up the window to his SUV, which has the visual effect of closing himself off to the outside world.) Rose has said he won’t vote for Nancy Pelosi.

Rose’s opinion is that the Democratic Party lost voters not because of policy, but rather the party’s presumption that it didn’t have to do the hard work of earning people’s trust. “Policies are incredibly essential,” he told BuzzFeed News. “But if winning an election and earning people’s trust were as easy as just picking poll-tested policies and putting a couple million dollars into it, Democrats would win all the time because our policies are undeniably better than theirs.”

His district is consistently described as conservative, but Rose, who doesn’t think the district is very conservative at all, believes that government should serve an outsize role in fixing societal problems. And as most of the energy in the Democratic Party is explicitly liberal and anti-Trump, Rose doesn’t favor trendy ideas like abolishing ICE and Medicare for All. Rose is executing the Trumpiest thing of all: eschewing a political equivalency to work to convince voters with an idiosyncratic style that he hears them, that he’s the one who can solve their problems.

On Staten Island, Trump’s singular effect was appealing, but some question what exactly people thought they’d be getting from Trump. Local voter Tom MacLeod, for instance, has a pre-existing condition that causes arthritis of the spine and chronic pain. MacLeod, 43, was very worried that a repeal of the Affordable Care Act might make his pain medication too expensive to afford. He is like most Democrats who say they don’t know why Trump, who made explicit threats to make cuts to health care, was Staten Island’s choice.

“I wonder about the extent to which they were voting for him for that reason,” he said. “I think a lot of people had a lot of different reasons, and I’d be a little surprised if a majority of the people voting for Trump were voting specifically for [an Obamacare repeal]. I think they were taken in by the idea of him claiming that he was going to be able to preserve things, and that’s not where Congress went with it,” MacLeod said. “It was kind of a bait-and-switch.”

And this is the space — government actually working for people on Staten Island — where some Democrats think Rose may be able to win this thing.

“This district has always been difficult for Democrats, but Rose is doing well by conveying that he’ll be able to deliver the outcomes residents want without getting caught up in debates about process and rhetoric,” said Basil Smikle, a Democratic strategist and former executive director of the New York State Democratic Party. He added that Conor Lamb figured out how to win in a similar fashion in Pennsylvania. “Lamb didn’t adhere to more left-leaning policies that guided say, Alexandria Ocasio-Cortez but, rather, he won based on that district’s profile.”

Michael Blake, the vice-chair of the Democratic National Committee and a member of the New York State Assembly who is running for New York City public advocate, said voters are “slowly but surely” seeing that the economic vision Democrats are laying out, as well as Democrats’ votes against American Health Care Act are better policy. “We must continue to show our positive economic vision and how we are better for people and not just say Trump is bad,” said Blake. “We have an opportunity to show people how Democrats are helping them in their everyday lives unlike the Republicans who will lie and take votes that would dramatically hurt people.”

Rose has tried to add an idealistic touch where he can. (He has a philosophy degree and his political heroes include Daniel Patrick Moynihan, FDR, Teddy Roosevelt, and Bobby Kennedy.) After Trump addressed the Pittsburgh synagogue shooting with a resigned affect, Rose, who was shaken by the shooting and believes military assault rifles such as the AR-15 should be banned, asked people in a statement to “pray that we not lose faith in our ability to put an end to this cycle of gun violence and hatred that has gripped our politics and country.”

Trump remains popular on Staten Island; Trump’s rhetoric, though, is something Rose continues to push back on.

When a woman named Ashley wearing a hijab was harassed on a New York City bus, Rose released a statement. “I and so many other veterans fought for rights Ashley claims this woman doesn’t have. We defended the values of equality and tolerance that she clearly has no respect for. These actions do not represent Staten Island, Brooklyn or New York City.” He critiqued Trump after the July press conference flap with Vladimir Putin. “Today’s press conference was a moment to confront Vladimir Putin with the united resolve of the American people and our allies, but instead, President Trump equated our actions with those of an autocrat and denigrated the men and women who work to keep our country safe.” He challenged Donovan to challenge the president, as well.

One of the vets who are running with the backing of Rep. Seth Moulton’s Serve America group, Rose was an active duty officer in Afghanistan from 2012 to 2013, earning a Bronze star, and Purple Heart and Combat Infantryman Badge. The story of his vehicle getting hit with an IED April of 2013 is the subject of his first introductory campaign ad. and is often referred to as the first “post-9/11 combat veteran of the war in Afghanistan to seek office in New York City.”

He talks about soldiers “getting the job done in an environment that is as complex and challenging as I think we’ve ever faced as a nation militarily speaking.” It’s why he thinks he and the other Serve America vets would make great lawmakers. “It’s not just a matter of showing courage by taking that hill, it’s also a matter of courageous restraint — not pulling the trigger. Really, it’s about using a holistic tool kit from diplomacy to development to try to win the peace. That’s a lot to ask of people for us then in the nation’s capital to not be able to pass a budget on a consistent basis or not being able to confront automation, decaying infrastructure, the opioid epidemic. Each and everyday these soldiers have to accomplish the mission. They don’t have a choice.”

Donovan drew criticism from veterans groups when he ran negative ads against Rose when he was on two weeks leave from the campaign for training with the National Guard, during which he was unable to do any political activity. Their battle came to a head with Donovan’s criticism from a recent debate that Rose wasn’t from the district. Rose fired back that he was sorry that he was too busy serving his country in Afghanistan. Donovan said nothing back.

Should he get elected on Nov. 6, Rose will head to Washington with at least a partial mandate to get along with the Trump administration. Which he knows. After delivering an extended riff on ways to fix difficult problems with health care in America, Rose told BuzzFeed News, “It’s very easy to say everything I just said. But if you don’t back the plan up with actual resources then it doesn’t mean shit.”

That’s what he wants voters to understand — that he’s going to work for them to get the resources, from wherever is necessary, that the district needs to bounce back. That message is definitely getting across. Ken Johnson, a Staten Island resident and first responder said he was voting for Rose, but that he hopes Rose’s politics would evolve because he’s still young. Rose’s willingness to be warm to Trump administration was curious, Johnson thought, given that he’s running on the idea that all of the leaders in Washington need to take a hike. “I get that he wants to appeal to both sides but as a Democratic voter, it’s unsettling. I’m going to cast my vote because he’s better than Dan Donovan, but he’s new to politics. I hope he’ll learn once he’s in the system.”

UPDATE 2-Insurer AIG’s quarterly loss narrows on reinsurance benefit

(Reuters) – American International Group Inc (AIG.N) reported a smaller quarterly loss on Wednesday as reinsurance pacts helped offset steep catastrophe losses in Japan and North America.

FILE PHOTO: The AIG logo is seen at its building in New York’s financial district in New York, NY, U.S. on March 19, 2015. REUTERS/Brendan McDermid/File Photo

The insurer posted a net loss of $1.26 billion, or $1.41 per share, for the third quarter ended Sept. 30, compared with a loss of $1.74 billion, or $1.91 per share, a year earlier.

AIG recorded net pretax catastrophe losses of $1.6 billion in the quarter, mainly related to typhoons in Japan and Hurricane Florence, that were largely in line with the insurer’s preview of those losses in mid-October.

The figures, far worse than analysts were expecting, helped spur a 13 percent drop in AIG shares during recent weeks. The shares were down 1.1 percent in after-hours trade on Wednesday.

AIG’s revised estimates for California mudslides also contributed to its losses.

AIG Chief Executive Brian Duperreault, who took charge in May 2017, has vowed to turn the company around and post an underwriting profit as soon as year-end.

But some analysts are not convinced his plan is working. “The third quarter results do not suggest progress in and of themselves,” Sandler O’Neill analyst Paul Newsome said in an interview.

AIG has not made much progress in improving underwriting profit in its commercial property and casualty insurance business, even without the catastrophe losses, Newsome said. But there are some signs that AIG’s loss ratio is improving, he said.

AIG estimated it has exhausted about $700 million of the $750 million available through its North American catastrophe reinsurance program following the mudslides, Hurricane Florence and loss estimate from Hurricane Michael, which crashed into Florida earlier this month.

The adjusted pretax loss from the general insurance business narrowed 72 percent to $825 million, while the underwriting loss narrowed to $1.73 billion from $3.8 billion a year ago.

Adjusted pretax income from the life and retirement business fell 38 percent to $713 million, driven by changes to some actuarial assumptions following an annual review.

The company’s combined ratio fell to 124.4 percent from 157.1 percent. A ratio below 100 percent means the insurer earns more in premiums than it pays out in claims.

Loss ratio fell to 88.6 percent from 124.1 percent in the year-ago quarter, when it recorded pretax catastrophe losses of $3 billion related to hurricanes Harvey, Irma and Maria.

On an adjusted basis, it lost 34 cents per share. Analysts on average were expecting a profit of 12 cents, according to I/B/E/S data from Refinitiv. It was not immediately clear if the numbers were comparable.

Reporting by Diptendu Lahiri in Bengaluru and Suzanne Barlyn in New York; Editing by Anil D’Silva and Matthew Lewis


UPDATE 2-Fitbit posts adjusted profit on smartwatch sales, shares up 10 pct

(Reuters) – Wearable device maker Fitbit Inc (FIT.N) reported a surprise third-quarter adjusted profit on Wednesday, driven by its fast-growing smartwatch business that contributed to nearly half of its total revenue.

FILE PHOTO: Visitors walk past an advertising billboard for Fitbit Ionic watches at the IFA Electronics Show in Berlin, Germany, September 1, 2017. REUTERS/Fabrizio Bensch/File Photo

Shares of the San Francisco-based company, which has also kept a tight leash on operating costs, jumped nearly 10 percent to $5.19 in after-market trading.

Fitbit sold 3.5 million devices in the reported quarter, beating estimates of 3.42 million, according to four analysts polled by FactSet. Average selling price increased 3 percent to $108 per device.

The company, which is popular for its colorful fitness trackers, is a late entrant to the smartwatch market and has been facing stiff competition from tech players with deeper pockets such as Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS).

Fitbit’s smartwatch Versa retails for about $200, while the price of the Apple Watch Series 4, which is capable of taking an electrocardiogram, begins at $399.

“Fourteen months ago, we had zero share in the smartwatch category. And today, we are the number 2 player in the U.S.,” Fitbit CEO James Park told analysts on a conference call.


Fitbit recently made tuck-in acquisitions in the healthcare market as it looks for a more predictable stream of revenue in the backdrop of continued sales declines for its tracker devices.

The company’s healthcare business grew 26 percent, and accounted for less than 10 percent of its total revenue.

Fitbit now expects fourth-quarter revenue to be more than $560 million, compared to average analysts’ estimate of $569.2 million, according to Refinitiv data.

Operating costs were down 17 percent to about $150 million from last year.

The company’s net loss narrowed to $2.1 million, or 1 cent per share, in the quarter ended Sept. 29, from $113.4 million, or 48 cents per share, a year earlier.

On an adjusted basis, the company earned 4 cents per share. Revenue rose marginally to $393.6 million from $392.5 million.

Analysts on average had expected the company to lose 1 cent per share, on revenue of $381.2 million.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta


Wall St. ends last day of haunted October in the black

NEW YORK (Reuters) – U.S. stocks rebounded for a second day on Wednesday as investors snapped up beaten-down technology and internet favorites and strong company results lifted spirits, even as the S&P 500 closed out its worst month in seven years.

The S&P 500 lost 6.9 percent in October, while the Nasdaq shed 9.2 percent, its biggest monthly loss since November 2008.

Fears of rising borrowing costs, global trade disputes and a possible slowdown in U.S. corporate profits spooked equity investors this month, with technology and internet names that had powered the market’s rally taking the biggest hit.

“People are just happy to have the month of October over,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“All of the fears that popped up last week are being pushed into the background right now. I don’t know if it’s going to have any legs to it. Just a few earnings in the next few days can change things a lot.”

On Wednesday, shares of Facebook Inc (FB.O) gained 3.8 percent after the social media giant said margins would stop shrinking after 2019 as costs from scandals ease.

Traders work on the floor of the New York Stock Exchange (NYSE) near the close of market in New York, U.S., October 31, 2018. REUTERS/Brendan McdDermid

The S&P communication services index .SPLRCL, which also houses Alphabet Inc (GOOGL.O) and Netflix Inc (NFLX.O), rose 2.1 percent. The S&P technology index .SPLRCT ended up 2.4 percent on the day.

Shares of Inc (AMZN.O) and Apple Inc (AAPL.O), which is due to report results after the bell on Thursday, climbed as well, by 4.4 percent and 2.6 percent respectively.

The Nasdaq gained 3.6 percent in the last two sessions, its biggest two-day percentage gain since June 2016.

General Motors Co (GM.N) shares jumped 9.1 percent to notch their biggest one-day gain since late May, after the No. 1 U.S. automaker posted robust quarterly results and forecast strong full-year earnings.

The Dow Jones Industrial Average .DJI rose 241.12 points, or 0.97 percent, to 25,115.76, the S&P 500 .SPX gained 29.11 points, or 1.09 percent, to 2,711.74 and the Nasdaq Composite .IXIC added 144.25 points, or 2.01 percent, to 7,305.90.

The Cboe Volatility Index .VIX, the most widely followed gauge of expected near-term gyrations for the S&P 500, had its lowest close since Oct. 23.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 30, 2018. REUTERS/Brendan McDermid

The Dow lost 5.1 percent for the month, its biggest monthly percentage decline since January 2016.

October also marked only the 12th time since the start of the current equity bull market that both stocks and U.S. Treasury bonds produced losses in the same month, based on preliminary data.

(For a graphic on ‘U.S. stocks vs. bonds’ click

Mostly stronger-than-expected results have pushed up third-quarter profit growth estimates for S&P 500 companies to 26.3 percent, according to I/B/E/S data from Refinitiv data.

Defensive sectors were the only decliners. The S&P consumer staples index .SPLRCS fell 0.9 percent.

Shares of Kellogg (K.N) fell 8.9 percent after cutting its full-year profit forecast due to higher advertising and distribution costs.

The financial sector .SPSY rose 1.4 percent and the S&P 500 regional banks index .SPLRCBNKS gained 1.9 percent, on the Federal Reserve’s proposal to ease regulations for U.S. banks with less than $700 billion in assets.

Advancing issues outnumbered declining ones on the NYSE by a 1.53-to-1 ratio; on Nasdaq, a 1.59-to-1 ratio favored advancers.

The S&P 500 posted 12 new 52-week highs and four new lows; the Nasdaq Composite recorded 38 new highs and 114 new lows.

About 9.8 billion shares changed hands on U.S. exchanges. That compared with the 8.7 billion-share daily average for the past 20 trading days.

Additional reporting by Shreyashi Sanyal & Sruthi Shankar in Bengaluru; editing by Nick Zieminski, James Dalgleish and Jonathan Oatis


GRAPHIC-U.S. stocks, bonds spook investors in October rout

NEW YORK (Reuters) – It may not be time to write an obituary for what is usually called a “balanced” investment portfolio.

Traders work on the floor of the New York Stock Exchange (NYSE) near the close of market in New York, U.S., October 31, 2018. REUTERS/Brendan McDermid

But October has been unusually cruel to people invested in both U.S. stocks and bonds on the assumption that one will rise while the other falls.

The month marked only the 12th time since the March 2009 dawn of the U.S. bull market that stocks and bonds fell in tandem.

(For a graphic on ‘U.S. stocks vs. bonds’ click

That is a nasty statistic for investors, including retirees, who hoped their investments would hold their value while they live on the dividends stocks pay and the coupons bonds offer.

Bonds did badly because of the jump in yields as benchmark U.S. 10-year Treasury note yields hit a 7-1/2-year high. Stocks fell because of rising yields and U.S.-China trade tensions.

“Typically during a stock market downturn we expect investors to exit stocks and park their money in bonds,” said Magdalena Johndrow, financial advisor at Johndrow Wealth Management LLC. “That didn’t happen in October.”

Mutual fund and exchange-traded fund investors responded to the market slide by retreating, pulling out more than $14 billion of both stocks and bonds, according to Refinitiv’s Lipper research service.

The rest of the year will continue to test investors, with a congressional election next month, further talks on U.S.-China trade issues and little clarity about whether the U.S. Federal Reserve will pull back on efforts to tighten monetary policy.

Johndrow said investors are waiting to see if market volatility is pointing to a recession or not, and that along with rising U.S. interest rates is keeping them from putting more money into bonds.

The simultaneous slide has also hurt institutional investors and hedge funds that hold both stocks and debt and look to balance their risk, such as “risk parity” funds.

Reporting by Trevor Hunnicutt and Richard Leong; editing by Diane Craft