Summary Of the Markets Today:

• The Dow closed down 333 points or 0.98%,
• Nasdaq closed down 1.62%,
• S&P 500 closed down 1.34%,
• Gold $1,964 up $28.30,
• WTI crude oil settled at $88 up $1.62,
• 10-year U.S. Treasury 4.911% up 0.064 points,
• USD Index $106.58 up $0.330,
• Bitcoin $28,242 down $300,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Privately‐owned housing units authorized by building permits in September 2023 were down 7.2% year-over-year. Privately‐owned housing starts in September were also down 7.2% year-over-year.  Privately‐owned housing completions were up 1.0% year-over-year. Residential construction remains in the doldrums.

The October 18, 2023 Beige Book shows most Districts indicated little to no change in economic activity since the September report. Consumer spending was mixed, especially among general retailers and auto dealers, due to differences in prices and product offerings. Tourism activity continued to improve, although some Districts reported slight slowing in consumer travel, and a few Districts noted an uptick in business travel. Banking contacts reported slight to modest declines in loan demand. Consumer credit quality was generally described as stable or healthy, with delinquency rates still historically low but slightly increasing. Real estate conditions were little changed and the inventory of homes for sale remained low. Manufacturing activity was mixed, although contacts across multiple Districts noted an improving outlook for the sector. The near-term outlook for the economy was generally described as stable or having slightly weaker growth. Expectations of firms for which the holiday shopping season is an important driver of sales were mixed. [This report was prepared at the Federal Reserve Bank of St. Louis based on information collected on or before October 6, 2023. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.]

Here is a summary of headlines we are reading today:

• India Looks To Green Hydrogen For Steelmaking As Coking Coal Costs Rise
• Energy Remains Top Priority In China’s $1 Trillion Belt And Road Initiative
• Oil Jumps Higher On Inventory Draws
• Rising Rates, Geopolitical Tensions, And Debt Maturities Create Risky Mix
• The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar
• Fed Chair Powell to deliver key speech Thursday. Here’s what to expect
• Rite Aid lost more than $1 billion in months before bankruptcy filing
• Beige Book Find “Little Change” As Outlook Turn Weaker But “Recession” Mentions Tumble
• Inflation: Milk, cheese and egg prices fall as petrol rises
• The Fed: Powell might be a bit more hawkish than his Fed colleagues on Thursday
• Market Snapshot: Dow falls almost 300 points with Treasury yields near 16-year highs, tech earnings ahead

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 13 points or 0.04%,
• Nasdaq closed down 0.25%,
• S&P 500 closed down 0.01%,
• Gold $1,936 up $1.70,
• WTI crude oil settled at $87 up $0.55,
• 10-year U.S. Treasury 4.838% up 0.130 points,
• USD Index $106.19 down $0.050,
• Bitcoin $28,525 up $57,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Industrial production increased in September 2023 0.1% year-over-year – the three industrial production components manufacturing (red line on the graph below), utilities (green line on the graph below), and mining (orange line on the graph below) increased -0.8%, 2.0%, and 3.4% respectively year-over-year. Overall the manufacturing component remains in a recession and does not indicate an improving trend – and manufacturing represents approximately 20% of the economy.

Advance estimates of U.S. retail and food services sales for September 2023 were up 3.4% year-over-year (blue line on the graph below – unadjusted data). If one adjusts for inflation, retail and food sales were up 1.5% (red line on the graph below). This year-over-year growth rate is similar to last month thereby showing almost no acceleration month-over-month. Please do not be fooled by the bullshit reporting throwing out “Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday.” There is no resilience of shoppers in the U.S. considering that gas stations are over 100% of the increase in spending year-over-year.

Several economic indicators suggest that while the labor market remains tight, consumers and businesses are approaching the end of the year with caution. In a new survey, 46% of companies expect a recession, with 24% actively planning for one. That number jumps to 52% for companies with more than 5,000 employees, according to new survey results released Wednesday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.

CoreLogic’s Single-Family Rent Index (SFRI) shows annual U.S. single-family rent growth eased again in August 2023 but renters are still feeling the pinch. The average American renter household spends about 40% of its income on housing costs, with lower-income tenants bearing much of the brunt of inflation. The SFRI’s low tier saw the largest year-over-year rental cost gain in August (up by 4.2%), while the high tier registered a 2.4% annual increase. Molly Boesel, principal economist for CoreLogic added:

While annual single-family rent growth has returned to a moderate pace, more than three years of substantial increases will have a lasting impact on tenants’ budgets. Single-family rents grew by 30% since February 2020, and small drops in some areas barely put a dent in the overall, cumulative increase. For example, even though rents in the Miami metro area have declined by 0.5% since August 2022, they are still 51% higher than they were before the pandemic began.

Here is a summary of headlines we are reading today:

• EV Battery Costs Could Surge By 22%
• Goldman’s Grim Forecast: Shipping Industry Faces Prolonged Downturn
• Russian Oil Shipping Rates Jump As The U.S. Sanctions Price Cap Evaders
• Oil Markets Remain On Edge As Biden Heads To Israel
• Homebuilder sentiment drops to 10-month low, as mortgage rates soar
• S&P 500 closes little changed Tuesday as Treasury yields pop on hot retail sales data: Live updates
• Retail sales rose 0.7% in September, much stronger than estimate
• Wages overtake inflation for first time in nearly two years
• Market Extra: ‘Bond math’ shows traders bold enough to bet on Treasurys could reap dazzling returns with little risk
• 5 charts that show how the housing market crashed and burned in 18 months
• Shares of bankrupt Rite Aid plunge despite meme-stock chatter

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 314 points or 0.93%,
• Nasdaq closed up 1.20%,
• S&P 500 closed up 1.06%,
• Gold $1,932 down $9.10,
• WTI crude oil settled at $87 down $0.87,
• 10-year U.S. Treasury 4.706% up 0.079 points,
• USD Index $106.19 down $0.450,
• Bitcoin $28,425 up $1,391,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Business activity edged lower in New York State, according to firms responding to the October 2023 Empire State Manufacturing Survey. The headline general business conditions index fell seven points to -4.6. New orders fell slightly, while shipments were little changed. Last month’s modestly positive report should be ignored. Manufacturing remains in a recession. The New York Fed is the first district to report on manufacturing for October.

Here is a summary of headlines we are reading today:

• Big Oil Shares Up As Israel-Hamas Conflict Intensifies
• Glut Of Synthetic Diamonds Sparks Trouble For Lab-Grown Producers
• Indonesia Eyes “Critical Mineral Agreement” With U.S. For Nickel Exports
• Saudi Arabia’s Crude Oil Exports Slumped To 28-Month Low In August
• Meta’s unique approach to developing AI puzzles Wall Street, but techies love it
• Stocks close higher, Dow rallies 300 points as optimism over earnings outweighs higher rates: Live updates
• Israel-Hamas war live updates: Blinken meets with Israeli president, promises U.S. support; Gaza-Egypt border still closed
• Trump hit with partial gag order in DC elections case, barred from publicly targeting Jack Smith, potential witnesses
• 53% of Gen Z see high cost of living as a barrier to financial success. They’re ‘buckling down,’ expert says
• Moderna’s stock slides to three-year low as co-founder sells more shares

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 39 points or 0.12%,
• Nasdaq closed down 1.23%,
• S&P 500 closed down 0.50%, (low 4,328)
• Gold $1,941 up $58.30,
• WTI crude oil settled at $88 up $4.72,
• 10-year U.S. Treasury 4.623% down 0.088 points,
• USD Index $106.62 up $0.030,
• Bitcoin $26,758 up $45,
• Baker Hughes Rig Count: U.S. +3 to 622 Canada +13 to 193

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Export and import prices continue to deflate. Prices for U.S. imports declined 1.7 percent for the year ending in September 2023, whilst U.S. exports decreased 4.1 percent over the past year. This makes some sense as international trade is flat.

University of Michigan preliminary consumer sentiment fell back about 7% this October following two consecutive months of very little change. Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%. However, long-run expected business conditions are little changed, suggesting that consumers believe the current worsening in economic conditions will not persist. Nearly all demographic groups posted setbacks in sentiment, reflecting the continued weight of high prices.

Here is a summary of headlines we are reading today:

• JPMorgan CEO Dimon: World Is Facing Most Dangerous Time In Decades
• U.S. Oil Drillers Add 4 Rigs, Brent Crude Hits $90
• The U.S. Allocates $7 Billion Of Grants To Hydrogen Production Hubs
• Desperate And Incompetent: Hamas May Have Acted Alone
• Oil Prices Rally As The U.S. Enforces Sanctions On Russian Exports
• Israel-Hamas war live updates: Civilians scramble to flee north Gaza ahead of expected Israeli ground offensive
• S&P 500 closes lower on Friday, but notches second straight positive week: Live updates
• Pharmacy staff from Walgreens, other chains could stage nationwide walkout and rallies in coming weeks
• Crypto’s role in the Israel-Hamas war comes under scrutiny: CNBC Crypto World
• Economists Warn Of “Bigger” Middle East War, But Yellen Downplays Its Economic Impact
• Market Snapshot: Dow turns lower as U.S. stocks fall amid Middle East tensions
• Bond Report: 10-, 30-year yields have biggest weekly drops in months as investors flock to safety on Middle East tensions

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 174 points or 0.51%,
• Nasdaq closed down 0.63%,
• S&P 500 closed down 0.62%, (low 4,325)
• Gold $1,882 down $5.40,
• WTI crude oil settled at $83 down $0.07,
• 10-year U.S. Treasury 4.709% up 0.114 points,
• USD Index $106.57 up $0.750,
• Bitcoin $26,709 down $55,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Consumer Price Index for All Urban Consumers (CPI-U) rose over the last 12 months 3.7% (blue line on the graph below) whilst the CPI-U less food and energy rose 4.1% over the last 12 months (red line on the graph below). I was expecting higher numbers and the BLS suggests inflation levels are being sustained by higher shelter and gasoline.

In the week ending October 7, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 206,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 208,750 to 209,250.

Here is a summary of headlines we are reading today:

• U.S. Oil Defies Odds, Races Towards Annual Production Record
• UAW’s Standoff With Big Three Automakers Intensifies
• Oil Moves Down On Massive Inventory Build
• France Tightens Energy-Saving Measures To Avoid Another Crisis
• Getting to 2% inflation won’t be easy. This is what will need to happen, and it might not be pretty
• Dow closes more than 150 points lower as inflation data reignites interest rate fears: Live updates
• Bitcoin’s resilience above $25,000 is a ‘silver lining’ in grim crypto market, says Wolfe Research
• Israel-Hamas war live updates: Britain orders deployment of military assets to Mediterranean; at least 27 Americans killed
• Mortgage rates near 8%, an ‘inventory crisis’: Homebuyers face a ‘tricky’ market, expert says
• Household Budgets Are “On Thin Ice”
• Mark Hulbert: The stock market likes to climb a wall of worry — but now that’s crumbling

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 66 points or 0.19%,
• Nasdaq closed up 0.71%,
• S&P 500 closed up 0.43%, (low 4,261)
• Gold $1,887 up $12.10,
• WTI crude oil settled at $84 down $1.98,
• 10-year U.S. Treasury 4.571% down 0.084 points,
• USD Index $105.78 down $0.005,
• Bitcoin $26,759 down $638,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The Producer Price Index for final demand advanced 2.2% for the 12 months that ended in September 2023 (blue line on the graph below). My forecast is that inflation will continue to worsen for the rest of this year.

The meeting minutes for the Federal Reserve’s Federal Open Market Committee (FOMC) minutes for September 19-20, 2023 show participant’s views [major concerns or comments listed below]:

… participants remarked that the finances of some households were coming under pressure amid high inflation and declining savings and that there had been an increasing reliance on credit to finance expenditures. In addition, tighter credit conditions, waning fiscal support for families, and a resumption of student loan payments were viewed by several participants as having the potential to weigh on the growth of consumption. 

… participants noted improved business conditions from an increased ability to hire and retain workers, better-functioning supply chains, or reduced input cost pressures. A few participants commented that their business contacts had reported difficulties passing on cost increases to customers. Several participants judged that, over coming quarters, business activity would be restrained by tighter financial conditions, such as higher interest rates and more constrained access to bank credit.

… Many participants commented that they expected that the autoworkers’ strike would, in the near term, result in a slowdown in production of motor vehicles and parts and possibly put upward pressure on automobile prices, but that these effects would be temporary. 

… Some participants observed that payroll growth remained strong but had slowed in recent months to a pace closer to that consistent with maintaining a constant unemployment rate over time. Most participants commented that the pace of nominal wage increases had moderated, and a few also mentioned that the wage premium for job switchers had come down. They noted, however, that nominal wages were still rising at rates above levels generally assessed to be consistent with the sustained achievement of the Committee’s 2 percent inflation objective, given current estimates of trend productivity growth.

… Several participants remarked that, despite the recent rise in energy prices, food and energy prices over the past year had contributed to a decline in overall inflation. … Participants observed that, notwithstanding recent favorable developments, inflation remained well above the Committee’s 2 percent longer-run objective and that elevated inflation was continuing to harm businesses and households—particularly low-income households. 

… Participants generally noted there was still a high degree of uncertainty surrounding the economic outlook. One new source of uncertainty was that associated with the autoworkers’ strike, and many participants observed that an intensification of the strike posed both an upside risk to inflation and a downside risk to activity. A majority of participants pointed to upside risks to inflation from rising energy prices that could undo some of the recent disinflation or to the risk that inflation would prove more persistent than expected. 

… A majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted. All participants agreed that the Committee was in a position to proceed carefully and that policy decisions at every meeting would continue to be based on the totality of incoming information and its implications for the economic outlook as well as the balance of risks.

… Several participants commented that, with the policy rate likely at or near its peak, the focus of monetary policy decisions and communications should shift from how high to raise the policy rate to how long to hold the policy rate at restrictive levels. 

… A vast majority of participants continued to judge the future path of the economy as highly uncertain. Many noted data volatility and potential data revisions, or the difficulty of estimating the neutral policy rate, as supporting the case for proceeding carefully in determining the extent of additional policy firming that may be appropriate.

Here is a summary of headlines we are reading today:

• New Process Makes Green Hydrogen And Graphene From Plastic
• Israel-Hamas Conflict Sends Shockwaves Through Steel Market
• The Nuclear Microreactor Race Is Heating Up
• Qatar Signs 27-Year Deal To Supply France With LNG
• U.S. Treasury: G7 Price Cap Has Significantly Reduced Russia’s Oil Income
• Fed officials see ‘restrictive’ policy staying in place until inflation eases, minutes show
• Birkenstock slides about 10% in stock market debut after opening at $41 per share
• Days Of Low VIX Numbered As Financial Conditions Turn The Screw
• FOMC Minutes Echo ‘Hawkish Tone’ From Meeting; Fed To “Proceed Carefully”
• The Fed: Fed minutes show officials wary about the outlook and wanting to move carefully

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 135 points or 0.40%,
• Nasdaq closed up 0.58%,
• S&P 500 closed up 0.52%, (low 4,357)
• Gold $1,874 up $9.70,
• WTI crude oil settled at $86 down $0.55,
• 10-year U.S. Treasury 4.659% down 0.123 points,
• USD Index $105.76 down $0.320,
• Bitcoin $27,397 down $219,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The NFIB Small Business Optimism Index decreased half of a point in September to 90.8. September’s reading marks the 21^st consecutive month below the 49-year average of 98. Twenty-three percent of owners reported that inflation was their single most important problem in operating their business, unchanged from last month and tied with labor quality as the top concern. Bill Dunkelberg, NFIB Chief Economist stated:

Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy. Sales growth among small businesses have slowed and the bottom line is being squeezed, leaving owners few options beyond raising selling prices for financial relief.

August 2023 sales of merchant wholesalers were down 1.7% from August 2022. Total inventories were down 1.0% from the revised August 2022 level. The August inventories/sales ratio for merchant wholesalers was 1.36. The August 2022 ratio was 1.35. Overall, my view is that this economic sector is little changed from one year ago.

The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the September 2023 Survey of Consumer Expectations, which shows that inflation expectations increased slightly at the short- and medium-term horizons, while they decreased at the longer-term horizon. Labor market expectations were mixed with unemployment expectations deteriorating and perceived job loss risk improving. Households’ perceptions and expectations for credit conditions deteriorated slightly.

Here is a summary of headlines we are reading today:

• Crude Prices Begin Retreat After Monday’s Surge
• Copper Prices Decline As Global Renewable Hopes Fall Short
• U.S. Oil Exports Hit Record In H1: EIA
• Tesla Vehicles Now Priced To Compete With Traditional ICE Vehicles
• Investors Dump Renewable Energy Funds At A Record Pace
• Dow adds more than 100 points to notch third positive day, as falling Treasury yields lift stocks: Live updates
• There’s a ‘good likelihood’ that the market bottom is in, Fundstrat says
• Bank of England warns U.S. tech stock valuations may be out of whack
• NY Fed Survey Finds Surge In Household Delinquency Expectations, Worst Since April 2020 Covid Crash
• People struggle to leave Israel as flights book up

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 197 points or 0.59%,
• Nasdaq closed up 0.39%,
• S&P 500 closed up 0.63%, (low 4,284)
• Gold $1,876 up $31.10,
• WTI crude oil settled at $86 up $3.57,
• 10-year U.S. Treasury 4.795% up 0.079 points,
• USD Index $106.04 up $0.008,
• Bitcoin $27,614 down $292,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

No releases today due to Columbus Day et al

Here is a summary of headlines we are reading today:

• U.S. Prices At The Pump Decline, Trend Set To Continue
• Why Tin Prices Continue To Decline
• The New Global Oil Market Order Hangs In The Balance After Hamas Attacks Israel
• Oil Prices Rally After Hamas Attack Alters Geopolitical Risk Premium
• Dow closes nearly 200 points higher, as investors shake off rising oil prices from Israel-Hamas war: Live updates
• Israel orders total siege of Gaza; nine Americans confirmed dead in Hamas attack: Live updates
• Morgan Stanley says stock market may break down again so buy these top dividend payers
• Stocks making the biggest moves midday: General Dynamics, United Airlines, Spotify and more
• Vast Majority On Wall Street Think Next 100bps Move In 10Y Yields Is Lower
• Futures Movers: Oil prices rally by more than 4% as Hamas attack on Israel raises risks to Middle East supplies

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed up 288 points or 0.87%,
• Nasdaq closed up 1.60%,
• S&P 500 closed up 1.18%, (low 4,220)
• Gold $1,845 up $12.80,
• WTI crude oil settled at $83 up $0.57,
• 10-year U.S. Treasury 4.795% up 0.079 points,
• USD Index $106.07 down $0.260,
• Bitcoin $27,980 up $484,
• Baker Hughes Rig Count: U.S. -4 to 619 Canada -11 to 180

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The markets were hoping for small employment gains in expectation that the Fed would stop raising the federal funds rate but instead, the total nonfarm payroll employment rose by 336,000 in September 2023 with the unemployment rate unchanged at 3.8%. The largest job gains occurred in leisure and hospitality (96,000); government (73,000); and health care (65,900). Any job gains over 150,000 is considered enough to provide jobs to those newly entering the workforce. The September employment gain was the second largest of 2023.

Interestingly, the household survey of the employment report showed only 90,000 employment gains against the headline establishment survey gain of 336,000 which throws into question the large gains of the establishment survey.

In August 2023, consumer credit decreased at a seasonally adjusted annual rate of 3.8%. Revolving credit increased at an annual rate of 13.9%, while nonrevolving credit decreased at an annual rate of 9.8%. I personally do not like the Federal Reserve’s methods for calculating changes in growth – I use year-over-year growth to remove the volatility. Using year-over-year methodology, consumer credit growth fell to 4.0% (blue line on the graph below), and adjusting for inflation growth was 2.0% year-over-year (red line on the graph below). The bottom line is that overall consumer credit is growing around the historical average, however, credit card (revolving credit) use has returned to the levels seen in the higher inflation periods of 1970s to 2000.

 

Here is a summary of headlines we are reading today:

• WTO Forecasts Global Trade Slowdown Amid Economic Headwinds
• U.S. Oil Rigs Decrease for Second Week Running, Gas Rigs Rise
• Central Banks Continue To Boost Gold
• Oil Traders Should Be Weary Of A Bear Trap
• Russia Escalates War With Nuclear Tests And Civilian Killings
• Dow soars nearly 300 points Friday as stocks reverse sharp losses after hot jobs report: Live updates
• Here’s where the jobs are for September 2023 — in one chart
• Wall Street will seek confirmation inflation is easing in the week ahead after Friday’s jobs report
• 10-year Treasury yield rises after strong U.S. jobs report
• Market Extra: Why 5% bond yields could wreak havoc on the market
• Treasury yields are climbing: ‘There’s never really been such an attractive opportunity for fixed-income investments’

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Summary Of the Markets Today:

• The Dow closed down 10 points or 0.03%,
• Nasdaq closed down 0.12%,
• S&P 500 closed down 0.13%, (low 4,226)
• Gold $1,835 down $0.30,
• WTI crude oil settled at $82 down $1.73,
• 10-year U.S. Treasury 4.712% down 0.023 points,
• USD Index $106.33 down $0.470,
• Bitcoin $27,475 down $175,

*Stock data, cryptocurrency, and commodity prices at the market closing.

---

Click here to read our Economic Forecast for October 2023

---

Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The labor shortage continues to hinder Main Street as 43% (seasonally adjusted) of all small business owners reported job openings they could not fill in the current period, up three points from August. Bill Dunkelberg, NFIB Chief Economist stated:

Small business owners have spent the first three quarters of 2023 working to recruit and retain qualified employees for their businesses, but it still remains a top challenge. Owners continue to raise compensation to attract the right employees.

The goods and services deficit was $58.3 billion in August, down $6.4 billion from $64.7 billion in July. August exports were down 6.9% year-over-year. August imports were down 6.3% year-over-year. The graph below adjusts the import and export year-over-year values for inflation and deflation. The bottom line is that imports are telling us that consumer spending is weak.

In the week ending September 30, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 208,750, a decrease of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 211,000 to 211,250.

 

Here is a summary of headlines we are reading today:

• Zirconium Nitride Outshines Platinum In Fuel Cell Performance
• The Rise Of Nuclear Power In The Middle East
• Argentina’s Oil Production Surges As Political Instability Soars
• India Warns That OPEC+ Oil Supply Cuts Could Have Unintended Consequences
• U.S. Shale Is Reluctant To Drill Despite Rising Oil Prices
• S&P 500 closes slightly lower as traders brace for Friday’s big jobs report: Live updates
• GM’s stock hits three-year low amid UAW strike, potential air bag recall
• Trust In Congress Below 20% Third Month In A Row
• As 75,000 Kaiser healthcare workers walk off the job, Tenet Healthcare could be next to face a strike
• Cathie Woods’ ETFs sold more than $25 million worth of Tesla stock

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.