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Market Brief – Friday 10/15/21

Stocks rose in overnight trading then raced higher in early trading. Treasury yields also rose in overnight trading and went higher in early trading.

Retail sales rose +0.7% in September and slowed to +13.95% from this time last year. Excluding food and energy, core retail sales rose +0.8% in September.

The NY Empire State Manufacturing Index expanded at a slower rate as it fell to 19.8 in October from 34.3 the prior month.

The preliminary University of Michigan Consumer Confidence Survey shows a slight decline in sentiment as both current conditions and expectations fell slightly. Inflation expectations rose while 5-year inflation expectations fell.

Stocks and Treasury yields closed higher on the day.