• What caused the dive in US Treasury yields?
• How were the Biden-Xi talks?
• What's the Walmart Q3 outlook and why do investors worry?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
34,897.23(-0.27%)
4497.02 (-0.13%)
14,066.27 (-0.27%)
Opening price as of 11/16/2023 compared to last close
IN THE HEADLINES
US Treasury Yields Dive Following Soft CPI
US Treasury yields took a significant dive following weaker-than-expected consumer inflation data in October, hinting at a potential pause in the Federal Reserve interest rate hikes. Key indicators like the two-year yields dropped to a two-week low, falling by 22 basis points, while the benchmark 10-year yield dropped 18.7 basis points, reaching a two-month trough. The report, showing unchanged consumer prices due to lower gasoline costs and a core rate increase of 0.2%, supports beliefs that the Fed may not tighten further. Futures now imply a 65% chance of a rate cut in May 2024, compared to 34% previously. Read more
Biden-Xi Talks Lead to Little but a Promise to Keep Talking
The Biden-Xi talks, after a year-long hiatus, resulted in constructive discussions and agreements on issues like fentanyl production and military communications. Despite differences, the meeting aimed to improve diplomatic relations, address key challenges, and foster a candid exchange between the leaders. Read more
Shoppers Flock to Walmart for Savings in Q3, Yet Cautious Outlook Unsettles Investors
Walmart continued its strong quarterly performance, benefitting from its low-price reputation. Although the company's financials surpassed expectations, a more reserved outlook due to cautious consumer spending in late October led to a more than 6% drop in premarket shares. The pattern of restrained spending, echoed in reports from other retailers like Macy's, Target, and Home Depot, indicates consumers are holding back due to rising costs. Despite revenue growth and positive adjusted earnings, Walmart's Q3 experienced a slight drop in comparable store sales compared to the previous quarter. Read more
TradeUP TIDBITS
Stores Are Finally Giving Shoppers a Break on Prices
For over a year, shoppers have pulled back on buying a range of discretionary items from cargo pants to patio furniture as prices for essential purchases such as food have gone up. Now, some retailers say inflation has cooled in many categories, which could further impact sales growth. Watch the Full Video
INVESTOR TIPS
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