U.S. Market Close: Inflation Data, Fed Outlook, and Meta AI on Mac

This CNBC business news update covers the latest U.S. market close and Friday open, focusing on investor reaction to inflation data, retail sales, and interest rate expectations. It also highlights a technology collaboration and key earnings reports to watch.

■ Market Performance
- Major averages rose Thursday as investors overlooked hot inflation data and a tech selloff.
- The Dow gained over 550 points, led by Nike; the S&P 500 and Nasdaq also advanced.
- Bond yields pulled back, supporting stocks, while several oil, consumer, and healthcare names reached all-time highs.

■ Inflation and Consumer Data
- September wholesale inflation posted its largest jump in four years, with PPI final demand above consensus.
- Retail sales exceeded forecasts, largely due to higher gas prices rather than increased purchase volumes.
- Economists discuss sticky inflation, income erosion, and the possibility of additional Fed rate hikes.

■ Fed Policy Outlook
- Former Philadelphia Fed President Patrick Harker comments on the likelihood of a rate increase at the end of the month.
- Diesel prices and Middle East tensions are noted as factors influencing inflation.

■ Technology and Earnings
- Apple and Meta are working to make Meta's Muse AI model run on Mac computers; Muse has been a top App Store download.
- Earnings from Travelers and several regional banks are on Friday's watch list.

■ Election and Economic Coverage
- The update mentions continuing coverage of how the economy and election may affect pocketbooks and portfolios.

This update suits viewers seeking a concise summary of U.S. market-moving news, inflation trends, and Fed policy signals. It provides an overview of key data points, analyst commentary, and corporate developments without offering investment advice. Viewers can use it to identify topics for further research.