Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+0.67%	+1.05%	+8.20%
S&P 500	-1.95%	+1.43%	+11.89%
Nasdaq	-4.48%	+0.62%	+12.47%
Russell 2000	-3.05%	-4.81%	+9.60%
MSCI EAFE	+1.40%	-1.12%	+10.70%
MSCI EM	-5.10%	-5.50%	+17.70%
Bloomberg U.S. Agg	+0.90%	+0.60%	-1.60%
Bloomberg U.S. Corp HY	-0.20%	-1.50%	+0.00%

Data as of: Friday, October 16, 2026

See important disclosures below.

Weekly Recap

10/12/2026 - 10/16/2026

U.S. Economy

• September core CPI and PPI exceeded expectations.

• Fed rate hike expectations declined despite persistent inflation.

Equity Market

• AI selloff pushed semiconductors down 11.4% for the week.

• Defensive sectors outperformed amid broad rotation from technology.

Bond Market

• Treasuries rallied, posting their strongest week since February.

• Long-term Treasury yields declined 16–17 basis points.

Around the Globe

• Crude oil surged 7.8% amid Strait of Hormuz disruptions.

• Ukraine resumed Russian refinery strikes despite ceasefire announcements.

The Week Ahead…

10/19/2026 - 10/23/2026

• Mon

  • NAHB Housing Market Index (Oct)

  • Earnings: Steel Dynamics, W. R. Berkley

• Tue

  • Housing Starts (Sep)

  • Building Permits (Sep)

  • Earnings: GE, GM, RTX, Netflix, United Airlines

• Wed

  • Mortgage Purchase Applications

  • Earnings: Meta, Tesla, IBM, Texas Instruments, Thermo Fisher

• Thu

  • Leading Economic Indicators (Sep)

  • Weekly Jobless Claims

  • Earnings: Blackstone, Honeywell, Lockheed Martin, Spotify, Comcast

• Fri

  • Manufacturing and Services PMI (Oct)
    Michigan Consumer Sentiment (Oct)
    Earnings: American Express, SLB

Markets enter the week of October 19 following a sharp technology selloff that raised concerns about AI investment returns and elevated valuations. Investors will closely monitor whether the recent rotation into defensive sectors continues as third-quarter earnings accelerate.

Corporate results will dominate headlines, with Netflix, Tesla, Meta, IBM, and several major industrial companies reporting. Investors will focus on AI infrastructure spending, profitability, and management guidance, particularly as questions surrounding capital expenditures and investment returns intensify. Results from transportation and industrial companies should also provide perspective on broader economic demand.

Economic releases will offer additional insight into consumer resilience and the Federal Reserve's policy outlook. September housing starts, building permits, and pending home sales will highlight housing market conditions, while October PMI readings and consumer sentiment will gauge business activity and confidence. With inflation remaining elevated, investors will assess whether incoming data supports expectations for an October Fed pause.

-Matt Shaw, CFA

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