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November 16th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
The Producer Price Index for final demand fell 0.5% in October, the bureau of Labor Statistics reported. Prices for final demand goods decreased 1.4%, and the index for final demand services was unchanged. Prices for final demand rose 1.3% for the 12 months ended in October.
U.S. retail and food services sales for October 2023 were $705 billion, down 0.1% from the previous month and up 2.5% above October 2022, the Census Bureau reported. Total sales for the August 2023 through October 2023 period were up 3.1% from the same period a year ago. The August 2023 to September 2023 percent change was revised from up 0.7% to up 0.9%.
U.S. total business end-of-month inventories for September 2023 were $2,559.2 billion, up 0.4% from last month. U.S. total business sales were $1,879.3 billion, up 1.1% from last month.
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| MARKET MIRROR |
Wednesday, the Dow rose 163.51 points (0.47%) to close at 34,991.21, the Nasdaq rose 9.46 points (0.07%) to close at 14,103.84 and the S&P 500 rose 7.18 points (0.16%) to close at 4,502.88. The Russell 2000 rose 3.80 points (0.21 %) to close at 1,801.12, and the FT Wilshire 5000 Index rose 82.32 points (0.18%) to close at 45,224.91.
The 10-year Treasury note fell 29/32, bringing the yield to 4.528%. The 30-year Treasury bond fell 1 23/32, bringing the yield to 4.698%.
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AWARDS
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Do You Work With a Great Plan Adviser!
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Nominate your plan adviser today for the 2024 Retirement Plan Adviser of the Year awards. We need your help in identifying the best in the business. The deadline for nominations is November 30. 
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RESEARCH
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Don't miss your chance to participate in PLANSPONSOR's DC Survey!
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PLANSPONSOR’s annual DC Survey is closing soon. Be a part of the most widely used benchmarking data for the defined contribution retirement plan marketplace. Eligible plan sponsors that participate in the survey will get a free copy of an industry report that can be useful for plan benchmarking.
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ON THIS DATE: In 1776, Dutch colony Sint Eustatius became the first foreign government to recognize the fledgling U.S. In 1836, Kalakaua, the last king and second-to-last monarch of Hawaii, was born. In 1907, the Indian and Oklahoma territories collectively entered the U.S. as Oklahoma, the 46th state. In 1973, the Trans-Alaska Pipeline Authorization Act was signed by President Richard Nixon. The pipeline—which connects the oil fields of Prudhoe Bay in northern Alaska with the harbor at Valdez—became operational four years later. In 1988, Benazir Bhutto was elected prime minister of Pakistan and became the first woman in modern history to lead a Muslim country, serving as prime minister from 1988 to 1990 and again from 1993 to 1996. In 2001, the first film based on the Harry Potter book series opened. British author J.K. Rowling’s star creation—bespectacled boy wizard Harry Potter—made his big-screen debut in “Harry Potter and the Sorcerer’s Stone,” which opened in movie theaters across the U.S. In 2006, economist Milton Friedman, who was a leading proponent of monetarism and won the 1976 Nobel Prize for Economics, died at age 94.
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