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By Staff Reporters
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U.S. equities finished lower in choppy action amid a full slate of economic reports, including the Import Price Index, which fell at a slower pace than expected to complete October’s inflation picture. In other economic news, retail sales rose at a faster rate than anticipated, the Federal Reserve’s report on industrial production and capacity utilization marked an unexpected decline for both, and business inventories rose less than predicted. Housing data was also in focus, as the NAHB Housing Market Index indicated home builder sentiment dropped more than expected and to a fresh post-pandemic low, while mortgage applications were up for the first time in eight weeks.
Earnings reports offered 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. In other equity news, shares of Discover Financial are rising after the company announced that it would resume its share repurchase program.
Treasury yields were lower, the U.S. dollar declined slightly, and crude oil prices fell, while gold gained modest ground. European stocks were lower following a host of inflation data in the region, and as geopolitical tensions surrounding the war in Ukraine continued 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.
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Filed under: Alerts Sign-Up, Alternative Investments, Financial Planning, Investing | Tagged: DAILY UPDATE: Stocks Down Amid Mixed Economic Data, mixed economic data, stocks down |
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