Market Update Newsletter Oct. 11 2023

All three indexes closed in the green yesterday with the Dow up .4%, S&P 500 up .52%, and the Nasdaq up .58%. Bitcoin still in the $27k range.

Markets are on the way to break a 3 day winning streak as PPI data came in slightly higher than expected. Packaged goods prices rose 0.5% last month compared to 0.3% expected. This means inflation is still driving our prices higher, albeit slower. The Fed will look at this data and hopefully have a dovish interpretation.

Israel and Hamas fights are continuing. Gaza is surrounded by IDF (Israeli Defense forces) and the goal is to destroy any military capabilities Hamas has.

Exxon Mobil (XOM) will be buying Pioneer (PXD), the largest producer of oil in the permian. Seeing M&A activity is a welcome sign that business is still ongoing and some of it is even booming.

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