Festive October happens to be a stark contrast to September. Stock market has rallied out of the depths of September. Today, the rally seemed to be powered by multiple factors. There was contextually +ve economic data indicating that consumer spending rose, wage growth slowed and PCE (Personal Consumption Expenditure) price index rose as expected in September. PCE price index not going over the expectation is a good sign. This was enough to cause optimism that inflation might be starting to cool (still early to tell but at least it is not bad). This raises the possibility that Feds will slow the rate hike speed after the FOMC meeting next week (Nov 2nd rate hike of 0.75 is generally assumed) albeit nobody is expecting the Feds to say that yet anyway. Amazon's dismal quarterly report and weak guidance was overshadowed by Apple's stellar performance (relatively speaking) thereby powering Nasdaq and S&P out of downward spiral (at least for now).
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