Investors got more treats than tricks in October, as markets continued their recent trend higher.

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Markets posted solid gains for the month as strong corporate earnings helped offset concerns about the economic outlook. While the Fed delivered a quarter-point rate cut as expected, Chairman Jerome Powell struck a more cautious tone about future cuts, tempering expectations for aggressive easing ahead. Despite some mixed signals, investor sentiment remained relatively upbeat throughout the month.

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The Nasdaq 100 led the charge higher, surging 4.81% as tech companies continued to deliver robust earnings results. The Dow Jones Industrial Average and S&P 500 weren't far behind, climbing 2.59% and 2.34% respectively. The CRSP US Small Cap Index lagged its larger peers, eking out a modest 0.30% gain as smaller companies remained more sensitive to interest rate uncertainty. In a departure from the trend, value stocks struggled during the month, with growth handily outpacing value as a style. Sectors were mixed, with five finishing positive and six ending in the red.

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International markets also participated in the October rally, though they trailed their US counterparts. Developed international stocks advanced 1.77%, while emerging markets gained 1.46%. Global sentiment benefit from stabilizing economic data overseas, though lingering concerns about growth in key regions kept gains somewhat muted.

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Bonds posted a positive month as interest rates edged lower. Aggregate US bonds rose 0.62% as the 10-year Treasury yield fell from 4.16% to 4.11%, providing support for bond prices. The Fed's 25 basis point rate cut marked a continued shift in monetary policy, though Powell's more hawkish language about the path forward suggests policymakers remain data-dependent and in no rush to ease aggressively.

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As we head toward the final stretch of the year, October reinforced an important lesson: markets can move higher even when everything doesn’t line up perfectly. Earnings strength has provided support, but the Fed's caution and sector-level divergence suggest the road ahead may have some curves. Having a financial plan you can stick with through both confident and uncertain periods helps ensure short-term market movements don't derail your longer-term aspirations.

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Move over SpaceX, there's a new sheriff in town.

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OpenAI completed a secondary share sale that valued the company at $500 billion, making it the world's most valuable private company. 

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The sale allowed current and former employees to cash out stock that had been held for at least two years.

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While OpenAI authorized up to $10.3 billion in shares for sale, only $6.6 billion actually changed hands - a sign that insiders remain confident the company's value will continue climbing.

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This comes as competition for AI talent intensifies. Tech companies have been heavily recruiting each others employees, so the sale opportunity was seen as a reward for those who chose to stay with the ChatGPT-maker.

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From nonprofit research lab to half-trillion-dollar juggernaut in just a decade, that’s an impressive learning curve even for AI.

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While shoppers grab groceries at Walmart, Walmart’s grabbing the whole shopping center.

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The retail giant snagged a Norwalk, Connecticut plaza for $44.5 million in October, marking its third such purchase in 2025.

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Back in 2018, Walmart announced a plan to reimagine spaces around its stores as "town centers" that could include local food vendors, gyms, and recreation centers.

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However, while the acquisitions might finally bring that vision to life, a Monroeville Mall purchase the company made back in January comes with a little extra baggage.

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Walmart wanted a store in Monroeville 20 years ago, but got denied by local authorities. Now it owns the entire mall and has applied for a full demolition and rebuild to match its vision.

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Sometimes patience pays off, especially when you have millions to spend on real estate.

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Broad Market Returns

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Market Health Indicator

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The Market Health Indicator (MHI) measures market health on a scale of 0 - 100, analyzing various market segments such as economics, technicals, and volatility. Higher scores indicate healthier market conditions.

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Fun Facts

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• The word "bookkeeper" is the only unhyphenated English word with three consecutive double letters.

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• There’s science behind your shower thoughts. When we take a warm shower, we experience an increased dopamine flow that makes us more creative.

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• The Spice Girls formed in 1994 and were originally named Touch before changing their name in 1995 (they wanted to spice things up).

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• The Ancient Romans used to drop a piece of toast into their wine for good health. Hence why we "raise a toast."

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The information presented is not investment advice - it is for educational purposes only and is not an offer or solicitation for the sale or purchase of any securities or investment advisory services. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser when making investment decisions.

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