October 2019 Recap11/04/2019

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Despite month-ending worries about the prospects for a long-term U.S.-China trade deal, equity markets closed out an otherwise upbeat October as investors were relieved that corporate profits have not slowed as much as previously feared. In fact, during the busiest week of the third quarter earnings season, unexpectedly strong results helped send the S&P 500 to its second record high set during the month. So far, around two-thirds of S&P 500 companies have reported quarterly earnings and of those,75% posted better-than-expected results.

At-a-Glance

  • Prospects for a partial trade deal with China and a stronger-than-expected corporate earnings season drove a second month of equity gains.
  • For the month, the Dow Industrials gained 0.59% and the tech-heavy Nasdaq Composite jumped 3.71%. The Dow extended its YTD gain to 18.19%, while the Nasdaq is up 26.06% for the year.
  • Swayed lower by another quarter-point Fed rate cut, 10-year Treasury yields ended the month at 1.69%, down from an October high of 1.84%.
  • The U.S. Dollar Index capped its worst month since January 2018, hurt by easing trade tensions and weakened U.S. economic data. The currency fell 1.9% in October.

 

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The Monthly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.

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