Market Summary Week of November 18, 2024

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week's Economic News

• The Consumer Price Index rose 0.2% in October, the same increase as in each of the previous three months. For the 12 months ended in October, the CPI increased 2.6%, up 0.2 percentage point from the same period ended in September. Prices, excluding food and energy, rose 0.3% in October and 3.3% over the last 12 months. Prices for shelter rose 0.4% in October, accounting for over half of the monthly increase. Food prices also increased over the month. Prices for energy were unchanged over the month after declining 1.9% in September.

• The Producer Price Index rose 0.2% in October following a 0.1% bump in September. Producer prices moved up 2.4% for the 12 months ended in October. Most of the October increase can be traced to a 0.3% in crease in prices for services. Goods prices inched up 0.1%. Producer prices less foods, energy, and trade services increased 0.3% in October after moving up 0.1% in September. For the 12 months ended in October, prices less foods, energy, and trade services rose 3.5%.

• Retail and food services sales rose 0.4% in October and increased 2.8% for the 12 months ended in October. Retail trade sales were up 0.4% last month and up 2.6% from last year. Nonstore (online) retailer sales were up 7.0% from October 2023, while food services and drinking places sales increased 4.3% over the same period.

• Import prices rose 0.3% in October following a 0.4% decline in September. The October increase was the largest one-month advance since April 2024. Fuel prices rose 1.5% last month after declining 7.5% in September, marking the largest monthly increase since April 2024. Despite the October increase, import fuel prices declined 13.6% for the year ended in October. Nonfuel import prices increased 0.2% for the second consecutive month in October. Import prices increased 0.8% from October 2023 to October 2024. Prices for exports increased 0.8% in October, which was the largest monthly rise since August 2023. Higher prices for nonagricultural and agricultural exports in October contributed to the monthly increase. Despite the October rise, export prices declined 0.1% over the past year.

• According to the Federal Reserve's latest report, industrial production declined 0.3% in October after falling 0.5% the previous month. A strike at a major producer of civilian aircraft, coupled with the lingering effects of Hurricanes Milton and Helene contributed to the October decline. Manufacturing fell 0.5% last month, while mining and utilities rose 0.3% and 0.7%, respectively. Industrial production in October was 0.3% below its year-earlier level.

• October 2024, the first month of fiscal year 2025, saw a monthly government deficit of $257.5 billion, well above the $66.6 billion deficit reported for October 2023. Government receipts were $326.8 billion, while expenditures totaled $584.2 billion.

• The national average retail price for regular gasoline was $3.052 per gallon on November 11, $0.017 per gallon below the prior week's price and $0.297 per gallon less than a year ago. Also, as of November 11, the East Coast price increased $0.010 to $3.002 per gallon; the Midwest price decreased $0.071 to $2.866 per gallon; the Gulf Coast price rose $0.011 to $2.630 per gallon; the Rocky Mountain price dipped $0.028 to $3.075 per gallon; and the West Coast price fell $0.021 to $3.924 per gallon.

• For the week ended November 9, there were 217,000 new claims for unemployment insurance, a decrease of 4,000 from the previous week's level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended November 2 was 1.2%, unchanged from the previous week's rate. The advance number of those receiving unemployment insurance benefits during the week ended November 2 was 1,873,000, a decrease of 11,000 from the previous week's level, which was revised down by 8,000. States and territories with the highest insured unemployment rates for the week ended October 26 were New Jersey (2.2%), California (2.0%), Puerto Rico (1.9%), Washington (1.7%), Nevada (1.6%), Rhode Island (1.6%), Alaska (1.5%), Massachusetts (1.5%), New York (1.5%), Illinois (1.4%), and Pennsylvania (1.4%). The largest increases in initial claims for unemployment insurance for the week ended November 2 were in California (+3,825), Michigan (+3,439), Ohio (+1,911), New Jersey (+1,317), and Kansas (+870), while the largest decreases were in Florida (-1,530), Georgia (-1,303), Missouri (-797), New York (-469), and Washington (-364).

Eye on the Week Ahead

The focus is on the housing sector this week. The report on housing starts for October is out on Tuesday. September saw the number of housing starts and issued building permits decline. Also out this week is the report on existing home sales for October. Sales fell in September from the previous month as did the median sales price.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

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