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NDS Weekly Market Update 10.20.25 - Earnings Reports Give Support to Market

NDS Wealth Advisors |

Equity markets finished in the green last week as corporate earnings largely came in above estimates lifting market sentiment. 
For the week, the S&P 500 gained 1.71%, the DJIA increased 1.56%, and the Nasdaq climbed 2.14%. The Russell 2000 jumped 2.41% as small cap companies have continued to benefit as interest rates have pushed lower. International equities were mixed on the week with developed (MSCI-EAFE) up 0.68% and emerging markets (MSCI-EM) down by a modest 0.28%. Fixed income had a strong week, with the U.S. Barclays Aggregate gaining 0.45% as interest rates declined across the yield curve. Gold added on another 2% to meteoric run to close at $4,225/oz. while oil (wti) closed the week at $57.49 per barrel.
With the U.S. Federal government shutdown continuing, the economic data releases from the government will also take a pause. The major exception will be this week’s CPI report as its considered “special” and essential since it is used to calculate COLA adjustments for U.S. beneficiaries. The IMF recently released their manufacturing index in contraction (49.1) and their services index at (50.0) which signals no contraction or expansion. It is more of a confirmation of what we are feeling, a slowing economy but not necessarily a recession now.
Markets sentiment was lifted last week with strong results from several money center banks which included JP Morgan Chase, Goldman Sachs, Wells Fargo, and Bank of America.  Strong corporate results are important, giving the extended valuations the equity market is currently trading at. This week will include results, from Netflix, Intel, IBM, Coca-Cola, and Tesla just to name several expected.
We are watching closely the earnings reports that are coming in, paying close attention to how companies are navigating this slowing economy and uncertainty around tariffs. The equity markets have been quite resilient in 2025 and still have quite a bit of momentum behind them. 
“We all know Americans love their statistics – in sport, obviously. And in finance too.”  - Evan Davis