We have a decent amount of grist for the stock market mill this morning, with key earnings reports joining key economic news. Pre-market indexes have slid into the red from early-morning highs, but are leveling off currently: the Dow is -133 points, -0.27%, the S&P 500 -19, -0.28%, the Nasdaq -92, -0.37% and the small-cap Russell 2000 -10, -0.39%.Jobless Claims Remain Historically LowThursday morning Weekly Jobless Claims are out again ahead of today’s open, with an Initial Jobless Claims headline of 206K b ...

Core Insights - Wholesale inventories have increased by 0.5%, marking the second largest inventory increase of 2025, tied with February's figures [1] - Sales have decreased by 0.2%, the weakest performance since May of this year, indicating a concerning trend as inventories rise while sales decline [2] Inventory and Sales Data - The increase in wholesale inventories is significant, with the current level being the highest since January [1] - The decline in sales, expected to rise by 0.4% to 0.5%, instead fell by 0.2%, highlighting a mismatch between inventory levels and sales performance [2] Employment Claims - There was a drop of 100,000 in continuing claims, although initial claims showed a questionable drop that reversed this week [2] - Seasonal adjustments related to the Thanksgiving holiday may have influenced the claims data, as continuing claims are reported a week later than initial claims [3]

Inventory Trends - Wholesale inventories increased by 05%, tying with February 2025 for the second-largest inventory increase of the year, only surpassed by January 2025 [1] - Sales decreased by 02%, marking the weakest sales performance since May of this year [2] - The undesirable trend of rising inventories and declining sales is highlighted [2] Economic Indicators - Continuing claims showed a decrease of 100,000 [2] - Initial claims had a questionable drop the previous week, which was reversed this week [2] Seasonal Factors - Seasonal adjustments related to the Thanksgiving holiday are likely influencing the continuing claims data [3] - Continuing claims data lags initial claims by one week [3]

Market Performance - U.S. stocks experienced a positive trading session, with the Dow Jones increasing by 1.20% to 46,299.83, gaining over 500 points [1] - The NASDAQ rose by 0.66% to 22,224.05, while the S&P 500 increased by 0.91% to 6,598.00 [1] - Health care shares saw a significant jump of 2.4%, while information technology stocks had a modest rise of 0.1% [1] Company Updates - Elastic N.V. (NYSE:ESTC) shares fell by 15% to $69.96 despite posting strong second-quarter earnings [4] - authID Inc (NASDAQ:AUID) shares dropped by 22% to $1.3350 following the announcement of a registered direct offering valued at approximately $3.675 million [4] - Pasithea Therapeutics Corp (NASDAQ:KTTA) shares decreased by 21% to $0.3337 after releasing interim Phase 1 trial data for PAS-004 [5] - Iveda Solutions Inc (NASDAQ:IVDA) shares surged by 28% to $0.8351 due to a new manufacturing partnership in Egypt [9] - Nuvve Holding Corp (NASDAQ:NVVE) shares increased by 42% to $0.2327 after entering a Memorandum of Understanding for transportation electrification [9] - Enviri Corporation (NYSE:NVRI) shares rose by 29% to $17.50 following a $3.04 billion clean earth sale to Veolia [9] Economic Indicators - The University of Michigan's consumer sentiment index increased to 51.0 in November from a preliminary reading of 50.3 [2][12] - U.S. wholesale inventories remained flat at approximately $908 billion in August, compared to a revised 0.1% gain in July [12] - The S&P Global composite PMI rose to 54.8 in November, up from 54.6 in October, exceeding market expectations [12] - The S&P Global services PMI increased to 55 in November, while the manufacturing PMI declined to 51.9, marking the lowest reading in four months [12]

Economic Indicators - PPI (Producer Price Index) experienced a monthly decrease for the first time since April [1] - Wholesale inventories increased by 110 from the mid-month reading, moving from 210 [1] - Trade sales increased by 14%, exceeding expectations of 210 up 1.4%, marking the best performance since February's 2% increase and the second-best number of the year [1][2] - There was a positive revision in trade sales from up 3/10 to up 7/10 [2] Fixed Income Market - The 4% level is a key point of focus, representing the low yield close of 2025 [3] - The market anticipates potential challenges in reaching this level due to debt and deficit issues [3] - The market is closely monitoring the 10-year and 30-year Treasury auctions scheduled at 1:00 PM Eastern [3] Inventory and Sales - Tariff-related issues have impacted inventories [2] - Sales are effectively reducing inventory levels, which is viewed positively [2]

Group 1 - U.S. wholesale inventories increased by 0.1% in July, slightly below the initial estimate of 0.2%, indicating businesses are not aggressively rebuilding inventory after second-quarter depletions [1] - Year-over-year, inventories advanced by 1.3% in July, with notable increases in grocery inventories (2.0%), apparel (1.9%), and prescription medication (1.8%), while motor vehicle stocks decreased by 1.6% [2] - In the second quarter, inventories decreased at an annualized rate of $32.9 billion, contributing a negative 3.29 percentage points to GDP, but this was offset by a record 4.95 percentage point contribution from a smaller trade deficit [3] Group 2 - Wholesaler sales rose by 1.4% in July, following a 0.7% increase in June, leading to a decrease in the time required to clear shelves from 1.29 months in June to 1.28 months in July [4]

Sales Performance - June wholesale sales exceeded expectations, rising by 03% month-over-month [1] - This represents the largest month-over-month trade sales increase since March, which saw an increase of 08% [1] - The highest month-over-month increase in sales occurred in February, with a rise of 2% [2] Inventory Levels - The final reading for inventories indicates an increase of 01% [2] - This is a downgrade from the mid-month reading of 02% [2] - The 01% inventory increase matches the level seen in April [3] - To find a higher inventory level, one must go back to March, which saw an increase of 03% [3] - The highest inventory increase this year occurred in January, with a rise of 08% [3] Interest Rates and Bond Auctions - The 10-year interest rate is at 422% [3] - The rate has remained relatively stable in the low 420s for the past three sessions [3] - A 30-year bond auction is scheduled for 1:00 PM Eastern [4] - The 30-year bond auction will be for $25 billion [4] - A historic four-week bill auction is scheduled for $100 billion [4]