WEEK IN PERSPECTIVE: Week Ending October 24, 2025

CPI, earnings, and trade optimism drive markets to record highs

Markets surged to fresh record highs this week, driven by a trio of supportive catalysts: softer inflation data, upbeat earnings, and improving trade sentiment. Investors rotated back into equities, extending last week’s rebound and signaling renewed confidence in the macro backdrop.

🔹 Key Index Performance

Index	Weekly Change
Russell 2000	+2.5%
Nasdaq Composite	+2.3%
S&P MidCap 400	+2.3%
Dow Jones Industrial	+2.2%
S&P 500	+1.9%

📰 Market Drivers

• Inflation Relief: September CPI rose just 0.3% vs. 0.4% expected, reinforcing expectations for further Fed rate cuts and lifting investor sentiment.

• Earnings Strength: Several large-cap companies beat estimates and raised guidance, boosting confidence in corporate profitability heading into Q4.

• Trade Optimism: Despite midweek volatility from mixed U.S.-China signals, markets shrugged off uncertainty and rallied into the weekend.

📊 Sector Highlights

• Tech Leads: Information technology gained 2.8%, with semiconductors up 2.9% on strong demand and earnings.

• Energy Rallies: Up 2.4% amid rising oil prices following new U.S. sanctions on Russian oil firms.

• Industrials Rise: Up 2.1%, supported by strong defense sector earnings.

⚖️ Risk-On Rotation

Defensive sectors lagged, with consumer staples (-0.6%) and materials (-0.2%) underperforming. The Vanguard Mega Cap Growth ETF (+2.3%) tracked closely with the Nasdaq, underscoring continued leadership from top tech names even as broader participation improved.

Looking ahead:

Next week’s mega-cap earnings will be closely watched for confirmation of the current bullish trend.

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