Market Pulse: Week of 10/20/2025

Oct 26

  
      
      Last Week
      1-Month (Trailing)
      YTD
    

  
      DJIA
      +2.20%
      +2.20%
      +10.96%
    

      S&P 500
      +1.92%
      +2.90%
      +15.49%
    

      Nasdaq
      +2.31%
      +4.20%
      +20.16%
    

      Russell 2000
      +3.05%
      +3.10%
      +11.30%
    

      MSCI EAFE
      +0.56%
      +2.05%
      +25.70%
    

      MSCI EM
      +1.70%
      +3.73%
      +31.78%
    

      Bloomberg U.S. Agg
      +0.15%
      +0.54%
      +4.35%
    

      Bloomberg U.S. Corp HY
      +0.45%
      +0.03%
      +3.09%
    

Data as of: Friday, October 24, 2025, 4:00 p.m. ET

See important disclosures below.

10/20/2025 - 10/24/2025

U.S. Economy

September CPI came in cooler than expected, supporting views for additional Fed rate cuts this year.

Government shutdown remains unresolved, likely extending into November as negotiations stall in Congress.

Equity Market

S&P 500, Nasdaq, and Dow all hit record highs on strong earnings and easing of expectations.

Roughly 30% of S&P companies reported, with 84% beating estimates and blended earnings growth near +9%.

Bond Market

Treasury yields fell slightly, flattening the curve amid expectations the Fed could end quantitative tightening this coming week.

Market pricing still signals two additional rate cuts in 2025 as inflation trends cool.

Around the Globe

WTI crude jumped 7.6% after U.S. sanctions targeting Russia’s largest oil firms.

U.S.–China trade tensions rose as Washington weighed new export curbs ahead of the President Trump–President Xi meeting next week.

The Week Ahead…

10/27/2025 - 10/31/2025

Mon

```
Durable Goods Orders (Sep)
```
```
Europe Retail Sales (y/y)
```

Earnings: Keurig Dr Pepper, NXP Semiconductors, Cadence Design, Whirlpool

Tue

```
Consumer Confidence (Oct)
```
```
FHFA House Price Index (Aug)
```

Earnings: UnitedHealth, PayPal, Sherwin-Williams, American Tower, Visa, Booking, EA, Mondelez

Wed

```
FOMC Meeting
```
```
Pending Home Sales (Sep)
```

Earnings: Verizon, Boeing, CVS, Caterpillar, Fiserv, Google, Microsoft, Meta, Starbucks, ServiceNow, Chipotle, Equinix, MGM

Thu

```
GDP (Q3)
```
```
Weekly Jobless Claims
```

Earnings: Mastercard, Eli Lilly, Merck, Comcast, Bristol Myers Squibb, Estée Lauder, Cigna, Amazon, Apple, Gilead, Illumina, Stryker

Fri

```
Core PCE (Sep)
```
```
Employment Cost Index (Q3)
```

Earnings: Charter, AbbVie, ExxonMobil, Chevron, Colgate-Palmolive

The final week of October brings a packed calendar of earnings and economic data. Monday kicks off with September’s Durable Goods Orders and European retail sales, offering an early read on global demand trends. Reports from Keurig Dr Pepper, NXP Semiconductors, Cadence Design, and Whirlpool will set the tone for the week’s corporate results.

On Tuesday, investors will parse October’s Consumer Confidence and August’s FHFA Home Price Index for clues on consumer sentiment and housing strength. Earnings from UnitedHealth, PayPal, Sherwin-Williams, American Tower, Visa, Booking, EA, and Mondelez will provide a broad view across sectors.

The midweek focus will be squarely on the Federal Reserve’s FOMC meeting, where a 25-basis-point rate cut is widely expected. Thursday’s GDP report and jobless claims data will further gauge economic momentum, while heavyweights like Apple, Amazon, and Mastercard headline earnings. The week concludes with September’s Core PCE inflation and the Employment Cost Index, key inputs for the Fed’s policy outlook.

-Matt Shaw, CFA

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This report and the opinions provided herein are for informational purposes only, are not a solicitation, and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or investment. All opinions expressed herein constitute the author’s judgement as of the date of this document and are subject to change without notice. Statements made are not facts, including statements regarding trends, market conditions and the experience or expertise of author are based on current expectations, estimates, opinions and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties and other factors. Past events and trends do not predict or guarantee or indicate future events or results. Information cited in this report has been drawn from sources believed to be reliable and was captured at a point in time. Therefore, the data is subject to change and its accuracy is not guaranteed. DJIA, S&P, Russell 2000, and NASDAQ indices are referenced directly; MSCI EAFE, MSCI EM, BB U.S. Aggregate, Bloomberg U.S. Corp. HY, and all sector figures refer to the respective ETFs as a representative figure. Ategenos does not own or control and is not affiliated with any third-party content provided via hyperlink, quoted, or cited herein. Investors seeking more information should contact their financial advisor. Investing involves risk, including the possible loss of principal. It is not possible to invest directly in an index. Past performance does not guarantee future results. Ategenos is an investment adviser registered with the SEC. SEC registration does not imply any specific level of training or skill.

Matt Shaw