• U.S. equities posted gains in October, bolstered by optimism around trade talks with China, strong earnings, and easing from the Fed, although Chairman Powell signaled a likely pause on future rate cuts. The S&P 500® and the S&P SmallCap 600® both gained 2%, while the S&P MidCap 400® gained 1%.
  • International markets also gained, with the S&P Developed Ex-U.S. and the S&P Emerging BMI both up 4%.
  • Enhanced Value continued to outperform in October, and Value again outperformed Growth. Year-to-date, Low Volatility remains the top performing factor index, up an impressive 26%.