Weekly Market Bullets

for the week ending 10/23/2026

• US Equity Markets were mixed last week amid volatile trading, as fears of financing for AI projects hurt AI-related stocks, leading investors to rotate into other areas of the market. The S&P 500 fell 0.5% for the week and is now up 11.4% for the year. The Nasdaq dropped 0.7% for the week to bring its gains for the year to 11.7%, while the Russell 2000 (small cap stocks) rebounded last week, up 2.0%, and is now up 11.9% for the year.

• Global Equity Markets declined last week as rising energy prices and civil unrest in Europe weighed on investor sentiment. Developed Markets were down 0.1% for the week and are now up 7.0% for the year. Emerging Markets dropped 1.8% for the week to bring its gains for the year to 12.4%.

• US Interest Rates dropped again last week as geopolitical tensions rise. An escalation in tensions in the Middle East and growing unease about the US economy drove investors to US Treasuries last week. The yield on the US 10-Year Treasury dipped back below 5.0% during the week before closing at 5.00% vs. 5.08% the prior week. Investors are currently placing a 69% probability of a Fed rate hike before the end of the year, likely in December.

• Monetary Policy may not be that tight after all....Based on the Federal Reserve's survey of business CFOs for Q3 2026, only 19% of firms indicated that financing costs or access to credit are constraining their investments or ability to spend. These results come despite the notable rise in interest rates over the last few months. This may provide further comfort for the Fed to continue to raise rates if they deem it appropriate to do so.

Market Data

for the week ending 10/23/2026