Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, November 12th, and I'm your host, Kim Khan. Our top story so far.

Retail sales had a strong month in October, as the economy remained in good shape and consumers moved

past concerns about a port strike. That's according to the CNBC NRF retail monitor released

by the National Retail Federation. There's been some speculation from analysts that consumers

would hold back during the month due to economic and election concerns. NRF CEO Matthew

Shea said, Healthy spending resumed in October

as consumers continue to benefit from this year's job gains and higher wages. Inflation is

mostly limited to services at this point, and prices for some retail goods are actually falling.

October sales are set the stage for a good start to the holiday shopping season. Total retail sales,

excluding automobiles and gasoline, were up 0.74% seasonally adjusted month over month. They were

up 4.13% year over year. That compared with a decrease of 0.32% month over month and an increase

of 0.55% year over year inyear in September when shoppers showed caution due

to geopolitical tensions, a strike at East and Gulf Coast ports, and the end of student loan

relief programs. Corrie tail sales, excluding restaurants, in addition to automobile dealers

and gasoline stations, were up 0.83% on a month-over-month comparison and up 4.59% year-over-a-year.

The official retail sales figures are due Friday, with economists predicting a 0.3% rise in the

headline number and a 0.2% rise in core retail sales. Looking to a retail landscape with

tariffs, Pantheon macroeconomist Samuel Toombs says, the best hope for households

is that retailers absorb a chunk of the rise in import prices. PPI data show that retailers' gross

margins remain bloated after they surged between mid-20201 and mid-2020. The evidence from the late

2010s is mixed, with some studies showing retailers reduced margins,

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