The Consumer Price Index showed prices rose more than expected in October, increasing 0.3%, above the 0.2% that economists had anticipated. The core rate, which strips out food and energy, also increased more than anticipated, gaining 0.2% in October, versus the 0.1% that the Street had expected.
Housing starts for October were reported, showing an unexpected drop, as they fell 10.6% month-over-month to an annual rate of 529,000 units from an upwardly revised 592,000 last month. Economists had predicted 600,000 starts. Meanwhile, building permits also fell 4.0% month-over-month to an annual rate of 552,000 from last month’s upwardly revised 575,000. The expectation was for a gain to 580,000 units.
The Dow Jones Industrial Average lost 11 points (0.1%) to close at 10,426, the S&P 500 Index fell 1 point (0.0%) to 1,110, and the Nasdaq Composite declined 11 points (0.5%) to 2,193. Crude oil was $0.44 higher at $79.58 per barrel, and the Bloomberg gold spot price gained $0.50 at $1,141.20 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
