11/16/2022
U.S. equities are lower in today's market action. The move to negative territory comes as October’s inflation picture has become fully developed, courtesy of the Import Price Index, which fell at a slower pace than expected. In other economic news, retail sales rose at a faster rate than anticipated, while mortgage applications were up for the first time in eight weeks. Earnings reports gave varied results, as Target missed earnings expectations and delivered disappointing guidance, while Lowe’s posted a positive earnings surprise and raised its full-year outlook. Treasury yields are mixed, the U.S. dollar is declining, and crude oil prices are lower, while gold is gaining ground. European stocks are lower following a host of inflation data, and as geopolitical tensions surrounding the war in Ukraine continues to put a damper on sentiment. Asian stocks ended the day lower in a quiet trading session, as markets in mainland China and Hong Kong were unable to continue a recent rally.