October 17, 2025
United States Market Summary
U.S. stocks finished the week higher after shaking off the prior Friday’s slide (the S&P 500’s worst day since April). Sentiment improved early on as Washington and Beijing appeared to dial back trade tensions, dovish remarks from several Fed officials nudged rate-cut odds higher, and fresh M&A headlines in AI supported risk appetite. Earnings season also helped: with roughly 12% of S&P 500 constituents reported by Friday morning, about 86% beat estimates (FactSet), including better-than-expected results from large banks such as JPMorgan, Citigroup, and Wells Fargo.1 Mid-week, risk assets wobbled after two U.S. regional lenders disclosed loan-fraud problems, stoking credit-quality worries and lifting the VIX to its highest since April. The Fed’s Beige Book painted a mixed picture—overall activity “little changed,” steady employment, easing wage growth, consumer spending “inching down,” and more firms trimming headcount, consistent with Chair Powell’s message that downside risks to employment argue for continued easing even with inflation still above target.2
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Warren Gerow is an independent investment wealth consultant at Sightline Wealth Management.
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