Today's Scoop:

Hey friends, here’s what you need to know today…

1. Higher price tags haven’t stalled consumer spending yet.

2. US factories are coming back to life.

3. The housing shortage doesn’t look like it’s getting better anytime soon.

S&P 500: 4,373.20
1Mo: -2% | 1Yr: +18% | 5Yr: +58%

The market wavered and ended flat today as investors struggled to emotionally reconcile the optimistic economic data on consumer spending and manufacturing with the fear that policymakers will restrict the economy further.

Americans kept spending in September despite rising costs. The Commerce Department reported retail sales rose by 0.7%, more than double what economists expected, and outpacing inflation in price tags. Higher gas prices and spending at the pump raised the overall spending figure. Consumers spent less on things like electronics, appliances, and retail clothing.

US factories are coming back to life. The Federal Reserve said industrial production rose to its highest level in nearly five years in September. This is mainly due to significant contributions from the mining and manufacturing sectors despite the autoworker strikes at the end of the month. American spending has been resilient, keeping factories busy. Policymakers have been trying to slow business activity to reduce inflation, so strong spending and production figures spark concern for more restrictive policies.

There’s no end in sight for the housing shortage. The National Association of Home Builders reported home builder confidence sank for the third month to the lowest level since January. Home affordability has fallen near record lows, sidelining both buyers and sellers and stalling the market. Available homes on the market have reached multi-year lows, and the low supply has kept home prices high. Pessimistic builders lead to less construction and more insufficient supply.

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• Uber faces mounting lawsuits to stop sexual assaults

• Goldman Sachs profits have yet to recover

• Bank of America earns more in interest

• Johnson & Johnson refocuses on drugs and devices

• Microsoft cuts staff at LinkedIn

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What is earnings season?

Public companies are required to report on their financial health every quarter. We get a look at their sales, expenses, and profits (aka earnings). The end of the quarter, when most companies give their reports, is called earnings season. It doesn’t outshine pumpkin spice latte season, but it’s a big deal on CNBC.

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