Price Return Last Week
S&P 500 +0.9% S&P Mid Cap +1.4% Russell 2000 +1.9%
MSCI EAFE (0.4%) MSCI EM (0.4%)
10 Yr US Treasury Rate – rose from 4.07% to 4.08%
Source: Refinitiv Eikon
Recent News
AI Chip Export Cap – Bloomberg news reports that U.S. officials are considering setting a ceiling on how many artificial intelligence chips can be exported to certain countries. Recent discussions have focused on capping how many chips Middle Eastern countries, such as the United Arab Emirates and Saudi Arabia, could purchase. Previous restrictions have targeted China but other countries also saw restrictions out of fear that they may divert chips to China.
Source: MarketWatch
ECB Cuts Rates – The European Central Bank chose to lower interest rates on Thursday by 0.25%. This brings their key interest rate down to 3.25%. ECB President Christine Lagarde remarked that the “disinflationary process” was on track and “all the information we received in the last five weeks were heading in the same direction – lower.” Overall inflation in the eurozone fell below 2% last month for the first time in three years but core inflation remains above target, coming in at 2.7% most recently.
Source: Refinitiv Eikon, Thomson Reuters
Retail Sales – September: 0.4% (Reuters Poll est. 0.3%) August: 0.1%
Overall retail sales were slightly ahead of expectations but retail sales excluding motor vehicles, parts, and gas stations were much stronger than expected, rising 0.7% over the previous month, highlighting strength in consumer spending. Gas stations sales are down 10.7% over the last year, partly attributed to lower gasoline prices, but this has been offset by strong spending in other areas including clothing stores and food service and drinking establishments.
Source: Refinitiv Eikon, U.S. Census Bureau
The Sweeter The Juice – Gourmet strawberry company, Oishii, has recently entered the Chicago market selling their high-end strawberries at select Whole Foods markets throughout the city. The firm grows the strawberries in a vertical farm in the northeast that is set-up to mimic the growing environment of the Japanese Alps. Oishii claims that the berries last longer and are two to three times sweeter than typical supermarket strawberry. A package of eight strawberries costs $10.
Source: Chicago Tribune
Upcoming Events
10/21 – Notable Earnings Reports: Nucor
10/22 – Notable Earnings Reports: Danaher, GE, GM, Lockheed Martin, 3M, PulteGroup, RTX, Verizon
10/23 – Notable Earnings Reports: Amphenol, Boeing, Coca-Cola, AT&T, Vertiv, IBM, ServiceNow, T-Mobile, Tesla
10/24 – New Home Sales, Notable Earnings Reports: American Airlines, Dow, Honeywell, Southwest Airlines, Northrop Grumman, Union Pacific, UPS, Valero
10/25 – Durable Goods, Notable Earnings Reports: Aon, Colgate-Palmolive
Source: Refinitiv Eikon
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