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October 27th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending October 21, the advance figure for seasonally adjusted initial claims was 210,000, an increase of 10,000 from the previous week’s revised level of 200,000, the Department of Labor reported. The four-week moving average was 207,500, an increase of 1,250 from the previous week’s revised average of 206,250.
New orders for manufactured durable goods in September, rose following two consecutive monthly decreases, increasing $13.2 billion or 4.7% to $297.2 billion, the Census Bureau announced. This followed a 0.1% August decrease. Excluding transportation, new orders increased 0.5%. Excluding defense, new orders increased 5.8%. Transportation equipment, also up following two consecutive monthly decreases, led the increase, $12.3 billion or 12.7% to $109.2 billion.
Interest on a 30-year fixed-rate mortgage averaged 7.79% for the week ending October 26, up from last week when it averaged 7.63%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 7.08%. Interest on a 15-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.92%. A year ago at this time, the 15-year FRM averaged 6.36%.
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| MARKET MIRROR |
Thursday, the Dow fell 251.63 points (0.76%) to close at 32,784.30, the Nasdaq fell 225.62 points (1.76%) to close at 12,595.61 and the S&P 500 fell 49.54 points (1.18%) to close at 4,137.23. The Russell 2000 gained 5.57 points (0.34%) to close at 1,657.00, and the FT Wilshire 5000 lost 429.50 (1.02%) to close at 41,533.03.
The 10-year Treasury note increased 30/32, bringing the yield to 4.847%. The 30-year Treasury bond increased 1 4/32, bringing the yield to 4.990%.
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PRODUCTS
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Investment Product & Service Launches
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Centro API integration; MassMutual announces new fixed deferred annuity; American Trust Wealth launches mobile app, client portal; and more. 
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ON THIS DATE: In 1932, poet and novelist Sylvia Plath—whose best-known works include “The Bell Jar” and “Lady Lazarus”—was born. In 1961, the first Saturn rocket was successfully launched, and years later the Saturn V was the launch vehicle used in the Apollo Moon-landing flights. In 1978, Anwar Sadat of Egypt and Menachem Begin of Israel were awarded the Nobel Prize for Peace for negotiations that resulted first in the Camp David Accords, then in a peace treaty between their countries. In 1979, Saint Vincent and the Grenadines, an island country lying within the Lesser Antilles in the eastern Caribbean Sea, achieved its independence from the U.K. In 2000, at a concert near Tel Aviv, Israel the music of German composer Richard Wagner, which many associate with the Nazi regime, was played for the first time in public in Israel. In 2004, the Boston Red Sox ended the “Curse of the Bambino”—an alleged hex on the team that resulted from its 1920 sale of Babe Ruth to the New York Yankees—by defeating the St. Louis Cardinals to win the World Series title, the team’s first in 86 years. In 2014, singer-songwriter Taylor Swift released “1989,” which she described as her first “official pop album;” it was a blockbuster hit and won the Grammy Award for best album of the year. In 2017, Catalonia’s parliament voted to declare the region independent from Spain, resulting in the Spanish government dismissing that legislative body and calling for new elections, in which the majority of seats were claimed by the pro-independence movement.
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