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October 13th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending October 7, the advance figure for seasonally adjusted initial claims was 209,000, unchanged from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 2,000 from 207,000 to 209,000. The four-week moving average was 206,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 208,750 to 209,250.
The Consumer Price Index for All Urban Consumers rose 0.4% in September on a seasonally adjusted basis, after increasing 0.6% in August, the Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.7% before seasonal adjustment.
Interest on a 30-year fixed-rate mortgage averaged 7.57% for the week ending October 12, up from last week when it averaged 7.49%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.92%. Interest on a 15-year fixed-rate mortgage averaged 6.89%, up from last week when it averaged 6.09%. A year ago at this time, the 15-year FRM averaged 6.09%.
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| MARKET MIRROR |
Wednesday, the Dow lost 173.73 points (0.51%) to close at 33,631.14, the Nasdaq lost 85.46 points (0.63%) to close at 13,574.22 and the S&P 500 lost 27.34 points (0.62%) to close at 4,349.61. The Russell 2000 lost 39.04 points (2.20%) to close at 1,734.25, and the FT Wilshire 5000 Index lost 354.75 points (0.81%) to close at 43,685.47.
The 10-year Treasury note lost 32/32, bringing the yield to 4.701%. The 30-year Treasury bond lost 2 3/32, bringing the yield to 4.855%.
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PRODUCTS
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Investment Product and Service Launches
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PGIM enhances target-date funds; Pantheon announces new private credit secondaries fund; Morgan Stanley at Work launches charitable giving solution; and more. 
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ON THIS DATE: In 1792. the cornerstone for the White House, the official office and home of every president and first lady since 1800 (when John and Abigail Adams moved in near the end of his term), was laid. In 1903, the Boston Americans (later Boston Red Sox) defeated the Pittsburgh Pirates to win the first modern World Series. In 1943, Italy declared war on Nazi Germany, following surrender to Allied forces and the removal of dictator Benito Mussolini from power. In 1946, after being approved by French voters in a referendum, the constitution of the Fourth Republic was adopted in France. In 1950, the film “All About Eve,” starring Bette Davis and Anne Baxter, premiered in both Paris and New York City; known for its acid wit, it won six Academy Awards, including best picture. In 1991, one week after the assassination of Anwar Sadat, voters in Egypt approved Hosni Mubarak as the country’s new president. In 1998, the archbishop of Turin, Italy, announced that carbon-14 dating indicated that the Shroud of Turin dates only to the Middle Ages, rather than the first Century A.D., although the origins of the shroud remain controversial. In 2010, Chilean workers were rescued 69 days after their mine collapsed in the Atacama Desert, Chile.
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