TLDR

MARKET RECAP → Stocks slipped on Thursday, with the S&P 500 (VOO) and Dow Jones (DIA) pulling back from record highs as economic data revealed persistent inflation concerns.

TD BANK SETTLES $3B FINE WITH DOJ → TD Bank paid a $3 billion fine to settle DOJ claims of facilitating money laundering for a drug cartel. 💰 No criminal charges, but a big compliance wake-up.

INFLATION SLIGHTLY HIGHER IN SEPTEMBER → Inflation ticked up 2.4% in September, slightly above forecasts, driven by rising shelter costs. 📊 Despite this, experts expect the Fed to continue its rate cuts​(

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

TD Bank Settles $3B Fine With DOJ

💰 TD Bank agreed to pay a massive $3 billion fine to settle charges with the Department of Justice over allegations of facilitating money laundering for a Mexican drug cartel. The settlement marks one of the largest penalties for such a case.

🔍 The DOJ accused TD Bank of failing to detect suspicious transactions linked to drug trafficking. The bank allegedly ignored warning signs and compliance protocols, allowing millions to flow through the accounts.

📉 Despite the hefty fine, TD Bank avoided criminal charges, focusing on tightening internal controls and compliance measures moving forward. The case underscored the importance of financial institutions’ role in preventing illicit activity.

TODAY’S TOP NEWS

Inflation Slightly Higher In September

📊 The Consumer Price Index (CPI) rose 2.4% in September 2024, slightly above expectations. Core inflation, excluding food and energy, increased by 3.3%.

💡 The higher inflation reading was driven by shelter prices, which were up 4.9% year-over-year, contributing to over 65% of the total core inflation increase.

🔍 Despite the higher-than-expected figure, experts believe it won't derail the Federal Reserve’s plans to cut interest rates in November as inflation continues to trend down toward the Fed's 2% target​.

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