Equity markets retreat on Thursday as fears of slowing earnings and recession took hold of the market again. The fear was driven by a rebound in the 10-year Treasury yield and weaker-than-expected results from a number of retailers. While the Q3 period was generally better than expected, the outlook for Q4 and 2023 has dimmed and brought the consensus figures for the entire S&P 500 down with them.

Economic data added to the doom and gloom on Wall Street. The Philly Fed's MBOS came in at -19 and much weaker than expected showing a deep contraction within one of the Northeast's busiest manufacturing centers. When added to the bulk of data the Philly Fed news points to a worsening outlook for 2023 and one that could bring a sustained economic contraction for the US and the S&P 500.