The Market In 5 Minutes: Chaos In Catalonia, Black Monday's 30th Anniversary

IN THE NEWS

Benzinga

Today marks the 30-year anniversary of the worst day in U.S. stock market history. Here’s a look at what went down, why it happened, and what we learned: Link

Michigan’s unicorn population has increased by one. The Ann Arbor-based firm Duo Security's valuation soared north of $1 billion with the announcement of a $70 million Series D funding round Wednesday: Link

When it comes to steel, traders know product price movement correlates with stock price movement. Steel mills know it, too: Link

Wall Street Journal

Catalonia’s leader defied an ultimatum from Madrid on Thursday by failing to renounce his push for independence, prompting the Spanish government to gear up for stripping the region of some of its powers: Link

China’s economy expanded at a robust 6.8% pace in the third quarter, meeting market expectations, as traditional growth drivers such as manufacturing and exports gained steam: Link

Reuters

President Donald Trump’s drive to overhaul the U.S. tax code headed for a pivotal moment on Thursday, with Senate Republicans poised to approve a budget measure that would help them pass tax legislation without Democratic support: Link

Japan’s securities watchdog is investigating Toshiba Corp’s accounting in its latest earnings statement to see if it properly handled losses incurred by its U.S. nuclear unit, a source with knowledge of the matter said on Thursday: Link

Bloomberg

Maybe the secret to success on Wall Street is being nice: Link

After months of congressional investigations into Russian interference with U.S. elections, legislation is gaining traction in the Senate that would impose new disclosure requirements for political advertising on Facebook FB, Twitter TWTR, Google GOOG and other social media: Link

ECONOMIC DATA

• USA Initial Jobless Claims for Oct 13 222.0K vs 240.0K Est; Continuing Claims for Oct 6 1.89M vs 1.90M Est
• USA Philadelphia Fed Manufacturing Index for Oct 27.90 vs 20.00 Est; Prior 23.8
• Kansas City Federal Reserve Bank President Esther George is set to speak in Altus, Oklahoma at 9:30 a.m. ET.
• The index of leading economic indicators for September will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Pivotal upgraded Adobe ADBE from Sell to Neutral
• RBC upgraded Mercer MERC from Sector Perform to Outperform
• Goldman downgraded Nike NKE from Buy to Neutral
• Macquarie downgraded Sprint S from Outperform to Neutral
• Mizuho downgraded Allergan AGN from Buy to Neutral

This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here.