The September CPI, delayed due to the government shutdown, rose 0.3% month-on-month, better than the expected 0.4%. The annual rate fell to 3%, also better than the forecast and previous value of 3.1%, though still well above the Fed’s target.
The White House confirmed a meeting between the leaders of the two countries in South Korea, but our side gave few details. Trump suspended trade talks with Canada, after Ontario ran ads mocking him using Reagan’s views on tariffs.
Before market open, stock indexes moved higher again, breaking above the upper range of consolidation since Oct 10 (~$674) and hitting new record highs. The next resistance zone is $678–682, with the key pivot level moving up to around $673.
10-year and 20-year Treasury yields were little changed, around 4% and 4.5% respectively. Most stocks rose. Quantum computing and nuclear energy names rebounded sharply after recent pullbacks. Earnings winners included F +3%, PG +3.5%, and HCA +3%, showing moderate gains. DECK fell sharply (-13%), gold miner NEM dropped another -6%, down nearly 20% from its highs. INTC turned profitable and gained +6%.
Despite the new index highs, most large-cap tech stocks showed little change. Next week, over one-third of S&P 500 companies will report earnings, including AAPL, AMZN, GOOGL, META, and MSFT. With this earnings season mostly settled, risk control remains the main focus for the medium term.
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