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By Staff Reporters

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U.S. stocks ended higher in a quiet day, trimming some of the week’s losses. Choppy action this week has come amid uncertainty regarding the ultimate economic impact of aggressive central bank monetary policy tightening, and as investors speculate on the trajectory of future rate hikes. Employment data dominated the economic calendar, as jobless claims ticked higher. Equity news was upbeat, as Ciena Corporation rallied after beating the Street’s expectations, while Dow component Chevron Corporation and Exxon Mobil Corporation both said their 2023 capital expenditures will be at the high end of their guidance.

Additionally, the US Federal Trade Commission is seeking to block Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc., saying the tie-up between the Xbox maker and popular gaming publisher would harm competition.

Ironically, Google, Oracle, Microsoft and Amazon will share in the Pentagon’s $9 billion contract to build its cloud computing network, a year after accusations of politicization over the previously announced contract and a protracted legal battle resulted in the military starting over in its award process.

More specifically, on Oct. 14th, Kroger announced that it would merge with Albertson’s Companies in a hulking ~$25 billion deal that would combine the top two largest US supermarket chains by annual sales.

And, after news that two large creditors plan to cooperate in dividing up the assets of used car company Carvana Co. (NASDAQ: CVNA), the stock collapsed to under $4. It will drop to $1 soon, unless management can produce a miracle.

Finally, Treasury yields rose, and the U.S. dollar declined, while crude oil prices lost ground, and gold was higher while Asian stocks finished mixed as Hong Kong markets jumped on optimism of further easing of COVID restrictions in the city. European stocks were mostly lower as the global markets continued to grapple with recessionary concerns as monetary policies tighten.

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