Monthly Download: October 2025

Market returns remained positive in October despite heightened volatility around tariff escalation, high profile defaults, and concerns around a bubble in artificial intelligence spending. Strong earnings reports from large US Banks and Technology leaders like Microsoft, Google, Apple, and Amazon drove the S&P 500 to new highs. The Federal Reserve delivered an additional 25 basis point cut to the Fed Funds rate as expected but threw cold water on the certainty of future rate cut expectations given lack of data due to the government shutdown.