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October 11th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In September, the Consumer Price Index for All Urban Consumers rose 0.2%, seasonally adjusted, and rose 2.4% over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.3% in September; up 3.3% over the year.
In the week ending October 5, the advance figure for seasonally adjusted initial claims was 258,000, an increase of 33,000 from the previous week’s unrevised level of 225,000, the Department of Labor reported. This is the highest level for initial claims since August 5, 2023 when it was 258,000. The four-week moving average was 231,000, an increase of 6,750 from the previous week’s unrevised average of 224,250.
Interest on a 30-year fixed-rate mortgage averaged 6.32% for the week ending October 10, up from last week when it averaged 6.12%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.57%. Interest on a 15-year fixed-rate mortgage averaged 5.41%, up from last week when it averaged 5.25%. A year ago at this time, the 15-year FRM averaged 6.89%.
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| MARKET MIRROR |
Thursday, the Dow fell 57.88 points (0.14%) to close at 42,454.12, the Nasdaq fell 9.57 points (0.05%) to close at 18,282.05 and the S&P 500 fell 11.99 points (0.21%) to close at 5,780.05. The Russell 2000 lost 12.17 points (0.55%) to close at 2,188.42, and the FT Wilshire 5000 Index lost 120.25 points (0.21%) to close at 57,769.83.
The 10-year Treasury note was unchanged, bringing the yield to 4.069%. The 30-year Treasury bond decreased 3/32, bringing the yield to 4.366%.
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PRODUCTS
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Product & Service Launches
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The Standard, Family First partner to offer caregiving benefits; Corebridge Financial launches a registered index-linked annuity; and Arta Finance offers life insurance solutions with Prudential. 
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ON THIS DATE: In 1958, the unmanned U.S. deep-space probe Pioneer 1 was launched into lunar orbit. In 1962, the Second Vatican Council, announced by Pope John XXIII in 1959, opened and lasted for three years. In 1971, John Lennon’s song “Imagine” was released as a single. In 1974, the Nuclear Regulatory Commission was established by President Gerald R. Ford to oversee the civilian use of nuclear materials in the U.S. In 1975, the TV sketch comedy and variety show “Saturday Night Live” debuted on NBC. In 1984, U.S. astronaut Kathryn Sullivan became the first woman to walk in space. In 1991, during the confirmation hearings of Clarence Thomas—who had been nominated to the U.S. Supreme Court—lawyer Anita Hill testified before the Senate Judiciary Committee and accused him of sexual harassment; Thomas was narrowly confirmed, 52–48. In 2000, at a ceremony in London, the International Women of the Year Association awarded the title Greatest Woman Achiever of the Century to Russian cosmonaut Valentina V. Tereshkova, the first woman in space. In 2002, Congress passed a bill granting President George W. Bush broad authority to use force against Iraq.
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