The Markets are improving but only a touch as we roll into the close having been lower earlier after sentiment soured from yesterday as concerns around middle east tensions escalated with more attacks on Israel from the North raising fears that Hezbollah may join the conflict. September PPI printed slightly higher which raised a slight concern for CPI tomorrow. A lightweight 10yr auction sent yields higher which didn’t help initially. We also saw the Birkenstock IPO open well below the initial price which is not going to help sentiment to unfreeze the IPO market. Keep an eye on the Russell 2,000 as it has failed right on the 1,800 level for 2 days now… Nasdaq has been the slight outperforming today even though volumes are down over 8% on avg.
Some things that stood out today..