Shopping Sprees Boost Economy as Jobless Claims Drop Unexpectedly

Retail stores have seen a bigger bump in sales than expected last month. Despite some hurricanes causing chaos, new jobless claims dropped by surprise. This good news has traders thinking a rate cut by the Fed is almost guaranteed next month. More numbers are coming out later today, including how well the housing market is doing. Mortgage rates have been bouncing around, so it's interesting to see how it affects buyers and builders. The quarter's sales are up, showing good economic growth even with lower prices.

Gas station sales took a hit, and so did furniture and electronics stores. But other stores, like clothing and health shops, did great. Amazon also had a big day, shooting up the stock charts. The jobless claims drop was a surprise, but hurricanes might delay more filings for next week. The Boeing strike and other hurricanes are also contributing to the rise in claims. Experts think there's a 92% chance of a Fed rate cut next month, and an 84% chance for December. But hurricanes are making it tough to read the economic data. Some of the top retail stocks include DoorDash, SharkNinja, and Freshpet. The S&P 500 is up 0.6% today, and it's been climbing all year.

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