Afternoon Note
Major indices are moving lower from their morning highs, with the Russell 2000 outperforming its peers.

The Ten-Year Treasury Yield (TNX) also fell 6 basis points to 4.242% as investors digest a big batch of economic news.

The market pulled back to the lows of the session following the release of the Fed’s favorite inflation indicator “PCE”. The inflation gauge came in at +0.2% m/m, unchanged from the prior month and in-line with consensus. Personal Income accelerated to +0.6% m/m from +0.3% last month and above estimates of +0.3%. Personal Spending grew 0.4% m/m, below the prior month’s growth of 0.6%, but ahead of estimates of 0.3%.

Notably, the “Supercore” PCE rose 0.36% m/m in October, marking its largest jump since March.

The Chicago Purchasing Managers Index (PMI) fell to 40.2 from 41.6 last month and below expectations of 44.

Pending home sales saw their third consecutive monthly gain at +2% m/m in October surpassing consensus of -2%.

Seven of eleven sectors are moving higher this afternoon. Technology (XLK) is the worst performer in response to earnings results and/or guidance from HP Inc. (HPQ), Autodesk, Inc. (ADSK), CrowdStrike Holdings, Inc. (CRWD), and Dell Technologies Inc. (DELL).
The best performers are Health Care (XLV) and Real Estate (XLRE).

The market remains in Greed mode heading into Thanksgiving as the market is eyeing some extra gravy.

The mood is muted ahead to the Thanksgiving holiday which will see the markets close tomorrow and close early on Friday.
Wishing you all a great Thanksgiving!
| Tweet |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
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| 9/29/2026 1:38 PM | Weak Tone |
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| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
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| 9/17/2026 1:29 PM | Bounce Back Thursday |
| 9/17/2026 9:45 AM | TIME FOR WARSH TO LEARN BLACKJACK AND BOXING |
| 9/16/2026 1:19 PM | Setting the Stage |
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