October 2025

The S&P 500 gained another +3.5% in September, driven mainly by the Fed’s decision to cut interest rates for the first time this year. The central bank cited weakening labor data for their decision, as the unemployment rate rose to 4.3%, and only 22k jobs were added in August, missing expectations for the fourth consecutive month. Investors are also expecting two additional rate cuts before the end of the year. However, with inflation continuing to rise, these lower borrowing costs will obviously contribute to these inflationary pressures. This, along with the government shutdown and tariff uncertainty, will remain headwinds for growth… but as long as consumers continue to purchase goods and services at higher prices, our corporate earnings will continue to rise, and the S&P will march higher!  

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