October 2025 Market Update

In this October market update, Chief Investment Officer Brian Andrew, CFA®, discusses how U.S. equities extended their advance last month, with the S&P 500 up roughly 3% amid renewed investor confidence and resilient corporate earnings. Market breadth continued to improve, as gains broadened beyond mega-cap leaders to include industrials, utilities, and consumer sectors. While volatility lingered due to tariff tensions, oil price swings, and global growth concerns, sentiment stayed constructive following another Federal Reserve rate cut in September. Inflation has proved slower to retreat, with services costs and trade policies keeping pressure on prices, but expectations for additional rate cuts before year-end have bolstered risk appetite. As we enter the final stretch of 2025, attention turns to how earnings results, Fed communications, and geopolitical developments will shape opportunities across equities, bonds, and global markets.

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