The US markets ended marginally lower on Thursday following the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in the month of September. The Labor Department said its consumer price index rose by 0.2 percent in September, matching the increase seen in August. Street had expected consumer prices to inch up by 0.1 percent. The report also said core consumer prices, which exclude food and energy prices, climbed by 0.3 percent for the second consecutive month. Core prices were expected to rise by 0.2 percent. Meanwhile, the Labor Department said the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August. Street had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent in September from 3.2 percent in August, while economists had expected the pace of growth to remain unchanged. The bigger than expected increase by consumer prices further offset optimism the Federal Reserve will continue to aggressively lower interest rates in the coming months. Besides, negative sentiment was also generated in reaction to a separate Labor Department report showing first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended October 5th. The report said initial jobless claims climbed to 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. Street had expected jobless claims to edge up to 230,000. With the much bigger than expected increase, jobless claims reached their highest level since hitting a matching figure in the week ended August 5th, 2023.
Dow Jones Industrial Average fell 57.88 points or 0.14 percent to 42,454.12, Nasdaq dropped 9.57 points or 0.05 percent to 18,282.05 and S&P 500 was down by 11.99 points or 0.21 percent to 5,780.05.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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