It’s time to review last month’s key events and look ahead to what’s coming in the market and economic landscape. Download the latest edition of the Month-in-Review, developed by the Prime Capital Financial Investment Team!
Quick Takes
- Mixed Markets. October was more eventful for stocks than September due to a flurry of earnings reports from major companies. The S&P 500 rose in the first half of the month amid strong bank earnings but erased all the gains on the final day of October on disappointing earnings forecasts.
- Inflation and Interest Rates. The 10Y treasury yield rose significantly in October from under 3.8% at the beginning of the month to nearly 4.3% by the end of the month. Meanwhile, the Consumer Price Index rose more than expected YoY, increasing 2.4% versus the forecasted 2.3%.
- Tech Selloff. Technology stocks including Microsoft, Meta, and Apple sold off amid concerns about high AI infrastructure and product development costs and disappointing forecasts for Q4. Apple reported weak China results and missed analysts’ expectations on services revenue while Meta indicated more capital expenditure on AI infrastructure ahead.
- Geopolitics. Conflict continued to rage in the Middle East in October as Israel remains at war with Iran, Hamas, and Hezbollah. The conflict escalated during the month after Iran fired missiles into Israel on October 1 and Israel retaliated hitting Iranian military targets later in the month.
Want to Learn More? Read Here.
For a year end review, give us a call today!
This article is not to be construed as financial advice. It is provided for informational purposes only and it should not be relied upon. It is recommended that you check with your financial advisor, tax professional and legal professionals when making any investment or any change to your retirement plan. Your investments, insurance and savings vehicles should match your risk tolerance and be suitable as well as what’s best for your personal financial situation.
