Dow declined 401, decliners over advancers better than 4-1 & NAZ pulled back 327.  The MLP index fell 3+ to 210 & the REIT index sank 8+ to the 339s.  Junk bond funds drifted lower & Treasuries were sold, taking the yield on the 10 year Treasury over 4%.  Oil dropped 3+ to the 85s & gold tum,bled 30 to 1646 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Yellen says inflation fight remains top priority for Biden after hot September report

  The stock Rose 99¢.
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Wells Fargo WFC Q3 2022 earnings

Applications for US unemployment insurance increased to a 6-week high, driven in part by a jump in Florida claims in the aftermath of Hurricane Ian.  Initial unemployment claims rose by 9K to 228K last week, according to the Labor Dept.  The estimate called for 225K new applications.  The 4-week moving average, which smooths out volatility from week to week, increased to 211K.  Continuing claims were little changed at 1.37M in the latest week.  On an unadjusted basis, initial claims increased by 32K to 199K last week.  The advance was led by a 10K jump in Florida after Hurricane Ian destroyed homes & businesses across the region.  Despite a recent decline in job openings & a rise in layoffs in sectors including technology & financial services, employers continue to hire at a strong pace. The US added more than 260K jobs in Sep while the unemployment rate retreated to a 5-decade low.

US Jobless Claims Reach Six-Week High

Gold futures marked their lowest settlement of the month, with prices down more than 3% for the week, as a 75 basis point interest rate rise by the Federal Reserve next month looked to be locked in the wake of higher than expected consumer price inflation in Sep.  Gold for Dec fell $28 (1.7%) to settle at $1648 an ounce, with the most-active contract at ending at its lowest since Sep 27.   Prices posted a weekly decline of 3.5%.  Gold continues to trade in a strong inverse relationship with the powerful US $ index.  The ICE US Dollar index was up 0.8% at 113.27, trading up 0.4% for the week.  Gold ended lower yesterday but off session lows in a whipsaw session that saw US stocks snap back from sharp losses in volatile activity across financial markets after the Sep consumer-price index came in hotter than expected, cementing expectations for a 75 basis point rise in the fed-funds rate in early Nov.  Investors also penciled in a higher peak for interest rates as the Fed battles stubborn inflation.  The University of Michigan survey revealed that consumer sentiment edged up to 59.8 in Oct from 58.6 in the previous month, while consumer expectations for inflation over the next year rose to 5.1% from Sep's one-year low of 4.7%.

Gold logs lowest finish month to date, down more than 3% for the week

Oil futures ended lower for the session, contributing to a weekly loss of nearly 8% for US benchmark crude prices. With many economists now forecasting a recession as their base case outlook for 2023, demand estimates for everything from energy products to industrial metals are taking a hit.  Oil has given back roughly ½ of the Oct gains this week thanks to the negative shift in policy & economic outlooks denting demand expectations, but with OPEC+ getting more serious with price supportive policy measures this month.  US benchmark West Texas Intermediate crude for Nov fell $3.50 (3.9%) to settle at $85.61 a barrel.

Oil futures finish lower for the session and week

Dow Jones Industrials