Briefing Research

Data has been light this week, but picks up today with weekly initial jobless claims before the open.

They're expected to remain historically low, near 200,000, according to Briefing.com. Another data point today is the leading economic index from the Conference Board at 10 a.m.

ET, with Briefing.com consensus at negative 0.2% for September, worse than August's drop of 0.1%.

Major indexes built on gains Wednesday in a broad rally led by AI and other tech names after earnings from SpaceX.

The S&P 500 index slightly outpaced the S&P 500 equal weight index, indicating the strength in mega caps, but the equal weight index posted moderate gains.

Inflation and consumer spending come into focus tomorrow at eight thirty AM Eastern Time with the consumer price index for September.

Consensus is for a sharp zero point six percent month-over-month increase in headline CPI, according to briefing.com, but only a zero point two percent rise in core CPI that excludes volatile food and energy prices.

"Based on comments from Fed officials, we're focusing on the monthly prints and inflation breadth," said Colin Martin, head of fixed income research and trading at the Schwab Center for Financial Research.

Sixty percent of CPI components rose by more than three percent on a year-over-year basis in August, and we'll need to see that share decline to be more confident that inflation is moving meaningfully lower.

September existing home sales arrive at ten AM Eastern Time today.

The market expects a downbeat number, according to briefing.com. Mortgage rates hit a three-year high last week, with implications for consumer spending and economic growth.

Though bank earnings could set the tone, these days oil prices often drive the market.

Yesterday, oil rose as Ukraine and Russia traded attacks on energy facilities, and the market reacted to weekend attacks on Saudi Arabia by the Iran-backed Houthis.

[upbeat music] You're listening to New Focus on Wealth.

Joining me now, Patrick O'Hare with briefing.com, a lot source of news that you can use, both economic stock market and much, much more.

It's a site I've been using for twenty-five plus years.

Mr. O'Hare, let's talk current market conditions.

It sounds about right.

Thanks very much.

It's Patrick O'Hare with briefing.com, a reliable source of domestic and international news that you can use.

Check them out at briefing.com. Find me online at roblockshow.com.

But there are a lot of weird things going on in the economy right now.

And in the stock market, one person who gets paid to put all that stuff in perspective and explain it to us is Patrick J. O'Hare, the chief market analyst for briefing.com. Pat joins us right now.

It's good to have you with us.

Hey, David, great to be back with you.

I hope you're right.

I hope we end every bit as good, if not better, at the end of the year because it's been a pretty wild ride for the last nine months.

Pat O'Hare, Chief Market Analyst for briefing.com.

Thank you very much for the time, sir.

In data Friday, the University of Michigan final consumer sentiment report showed a slight improvement from the preliminary, but remained historically soft at 48.1%.

Briefing.com consensus was for no change to the preliminary 47.8%.

Inflation expectations for the long-term stayed at 3.4%.

On Friday, major indexes rose as oil fell and yields dipped from early peaks.

People Incorporated climbed 11% on a Wall Street Journal report that MGM Resorts might buy the magazine company.

Meta Platforms, which rose sharply earlier last week on excitement over its Muse AI assistant, saw profit-taking that took shares down more than 3%.

The stock was up 36% in September coming into Friday, Briefing.com noted.

And Dell rose 5%, supported by positive news from Morgan Stanley.

The company told Reuters that particular data center remains on its schedule.

Yesterday's seven-year Treasury note auction wrapped up the week's slate with a thud as demand looked soft, briefing.com reported.

Foreign demand was particularly disappointing.

That followed soft demand for a five-year note auction Wednesday that also pushed yields higher.

A tight labor market can ultimately push wages higher, and layoff levels have been low.

Today brings the final September University of Michigan consumer sentiment soon after the open.

The preliminary reading of forty-seven point eight percent was historically weak, and briefing.com consensus is for no change to the final headline today.

Inflation expectations are another element to watch, rising to three-point four percent for the long term from August's three-point three percent in the preliminary report.