Markets

The value of business inventories rose 0.2% in July, as expected by analysts and predicted by an MNI calculation, while business sales were also up 0.2%, a Commerce Department report Friday showed.

The University of Michigan's preliminary September consumer sentiment index reading was 95.3, compared to the final August 96.8 and the preliminary August 97.6, according to market sources.

Industrial production plunged 0.9% in August, the Federal Reserve reported Friday.

Municipal bond traders on Friday are looking ahead to next week’s new issue calendar.

Retail sales slid 0.2% in August after gaining a revised 0.3% in July, originally reported as a 0.6% increase, the Commerce Department said Friday.

The Empire State Manufacturing Survey showed "business activity continued to grow strongly in New York State."

In the week ended Sept. 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index was unchanged from 3.98% from the previous week. The BB40 Index is based on the price of 40 long-term bonds.

S&P Global Ratings cut its rating on Hartford, Conn.'s general obligation bonds by four notches to B-minus from BB and the rating on the Hartford Stadium Authority's lease revenue bonds by three notches to B-minus from BB-minus, the rating agency said on Thursday.

New York City hit the market with negotiated and competitive sales totaling over $1 billion Thursday as top-rated municipal bonds weakened.

The authority plans to sell new money and refunding bonds.