U.S. equities finished October on a strong note, with the S&P 500® up 2%, thanks to blockbuster earnings from Big Tech on the final trading days of the month. Optimism surrounding a potential trade deal between the U.S. and China and anticipation of the Fed’s recent rate cut propelled risk-on sentiment through the month, although Fed Chair Powell’s recent hawkish remarks spooked markets.
Gains were powered by mega-cap strength, with the S&P 500 Top 50 up 4%. Meanwhile, smaller-caps had a challenging time, with the S&P MidCap 400® and S&P SmallCap 600® down 0.5% and 1% respectively.
Information Technology led among sectors while Financials and Materials lagged.dashboard-us-2025-10
