Tuesday's Markets Update (October 17, 2023)

19 Oct 2023 by rate3

On Tuesday, Nasdaq ended flat, as investors adjusted to rising Treasury yields and concerns about higher interest rates. US retail sales data outperformed expectations, reinforcing the belief that the economy is strong and will continue to drive the Fed's interest rate hikes. Nvidia fell after the Commerce Department announced plans to restrict the sale of AI chips to China. BTC and ETH remained almost unmoved after correcting following Monday's run.

Details

Retail sales rose 0.7% in September, beating expectations, despite high prices and borrowing costs. Sales were strongest at miscellaneous store retailers, nonstore retailers, motor vehicles and parts dealers, and gasoline stations. Excluding autos, gas, building materials, and food services, retail sales rose a robust 0.6%.