Mid-Week Market Minute 11.13.24

Stocks Mixed; Retail Sales Data on Friday

Stocks were mixed in early trading this week as investors continued to digest the election results amid several key economic reports. As of Wednesday morning, the S&P 500 was higher by about 0.2% on the week, while the MSCI EAFE (international developed index) was lower by 1.8%. Meanwhile, bonds continued to struggle against the backdrop of higher interest rates, as the yield on the 2-year and 10-year Treasury notes traded around 4.37% and 4.43%, respectively, mid-week.

Wednesday morning brought the highly anticipated CPI inflation report from the Bureau of Labor Statistics (BLS). The report showed CPI inflation rose 2.6% on a year-over-year basis, in line with expectations. Core CPI, which excludes food and energy, showed prices expanded by 3.3% over the past year. All told, the report held few surprises for investors and was largely as anticipated.

Later this week, we’ll another look at inflation in the form of the Producer Price Index (PPI) on Thursday with retail sales data on Friday. Retail sales serve as a key measure of consumer spending and is expected to show another month of healthy gains. Retails sales are expected to increase by 0.3% for October, slightly lower than the previous month’s reading of 0.4%.

Source: GSAM, CNBC, JPMorgan, FactSet

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