CONSUMER SENTIMENT SINKS, INFLATION FEARS HIT CYCLE HIGH

US consumer sentiment slid to 46.3 in October, within half a point of May's record low, according to the University of Michigan's preliminary survey. Consumer-discretionary stocks, including names in $XLY, are exposed to that pullback. Year-ahead inflation expectations climbed to 4.7% from 4.6% in September, as households cite persistently high prices for durable goods. Survey director Joanne Hsu said the decline was steepest among consumers with smaller stock portfolios and lower incomes, while wealthier, stock-owning households held up far better.