US benchmark equity indexes ended higher Tuesday as markets assessed the latest corporate results, while the International Monetary Fund upgraded its 2024 US economic growth outlook. The IMF stated that the improved US economic growth outlook for this year is attributed to stronger outturns in consumption and nonresidential investment.
Global headline inflation is projected to hit 3.5% in Q4 next year, slightly below the average during the two decades prior to the coronavirus pandemic. There are indications that the battle against price growth has largely been won, as noted by IMF Economic Counsellor Pierre-Olivier Gourinchas in a blog post.
Redbook reported that US same-store retail sales were up 4.6% year over year for the week ended Oct. 19, which was slower than a 5.6% increase the prior week. This slowdown is attributed to holiday promotions, including Amazon Prime Days, following the Columbus Day holiday. In the commodities market, November West Texas Intermediate crude oil closed up $1.53, settling at $72.09 per barrel.
Meanwhile, December Brent crude, the global benchmark, was last observed rising $1.71 to $76.00, following China’s additional steps to stimulate its lagging economy. Concurrently, the Biden Administration is advocating for a ceasefire in the Middle East. In corporate news, General Motors logged gains that exceeded expectations in its Q3 results and raised the mid-point of its 2024 earnings guidance.
Consequently, the automaker’s shares increased by 10%. On the other hand, Genuine Parts experienced a significant downturn, with shares plummeting nearly 20% after the company revised its full-year adjusted earnings outlook downward following a disappointing Q3 performance..