Dear Investor,
In October 2025, the US stock market showed resilience amid a mix of strong corporate earnings and macroeconomic developments. Key drivers included robust corporate earnings growth, with S&P 500 earnings expected to rise 10% year-on-year in the third quarter. This was supported by optimism about AI developments and favorable interest rate expectations from the Federal Reserve, which cut interest rates by 25 basis points. Economic indicators remained mixed: unemployment remained low at 4.3%, but job growth slowed, which may prompt the Fed to provide further support. The next Fed meeting is in December.
The S&P 500 index rose by 2.3% in October. The ES Stock Trading system recorded a profit of 4.4%, bringing the total profit for the year to 19.68%.
Micron Technology Inc and Lam Research Corp were the biggest winners for the ESST system. Unfortunately, Shopify Inc was the biggest loser.
November is generally a strong month for the stock markets. Hopefully this will be the case again this year.
Sincerely,
Henry van Ginkel