Key Dates/Data Releases
11/3: S&P Global manufacturing PMI
11/4: International trade in goods and services, JOLTS
11/5: S&P Global services PMI
11/7: Employment Situation
Market Updates
The Markets (as of market close October 31, 2025)
Stocks moved generally higher last week, largely driven by solid corporate earnings from some big tech firms. The S&P 500 and the NASDAQ each reached record highs during the week, extending a significant rally. The push higher was moderated somewhat by the Federal Reserve’s cautious stance on future rate cuts. Despite a lack of updated economic information, the Fed identified concerns about the potential for a weakening job market and stubbornly elevated inflation rates. While trade tensions between the U.S. and China were tempered following a meeting between President Trump and Chinese leader Xi Jinping, analysts cautioned that underlying issues still had not been resolved. Following last week’s interest rate cut, U.S. Treasury yields rose sharply, extending a three-session rally that pushed the 10-year Treasury yield to a three-week high. Despite an early-week rally, crude oil prices dipped lower last week, primarily due to concerns of global oversupply and increased production.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- The release of most economic data has been delayed due to the government shutdown.
- The Federal Open Market Committee lowered the federal funds rate by 25 basis points to 3.75%-4.00% following its meeting last week. This marks the lowest range for the federal funds rate since 2022. The decision was based on a 10-2 vote, with Stephen I. Miran preferring to lower the target range for the federal funds rate by 50 basis points, while Jeffrey R. Schmid voted for no change to the target range for the federal funds rate. In seeking to achieve its mandate of maximum employment and inflation at 2.0% over the longer run, the Committee based its rate cut on rising downside risks to employment and elevated inflation.
- The federal government enjoyed a surplus of $198 billion in September, the last month of fiscal year 2025. Government receipts were $544 billion, while expenditures totaled $346 billion. For fiscal year 2025, total receipts were $5,235 billion, while outlays were $7,010 billion, leaving a deficit of $1,775 billion, which was less than the FY2024 deficit of $1,817 billion.
- The national average retail price for regular gasoline was $3.035 per gallon on October 27, $0.016 per gallon above the prior week’s price but $0.062 per gallon less than a year ago. Also, as of October 27, the East Coast price increased $0.008 to $2.910 per gallon; the Midwest price rose $0.068 to $2.873 per gallon; the Gulf Coast price climbed $0.024 to $2.580 per gallon; the Rocky Mountain price dropped $0.025 to $2.972 per gallon; and the West Coast price dipped $0.060 to $4.106 per gallon.
Eye on the Week Ahead
There will be little relevant economic data available during the government shutdown.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
IMPORTANT DISCLOSURES
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
10/27: Durable goods orders
10/29: FOMC meeting statement
10/30: GDP
10/31: Personal Income and Outlays
The Markets (as of market close October 24, 2025)
The major stock market indexes continued to climb last week, with the S&P 500 and the NASDAQ reaching new record highs. Investors were buoyed by a strong start to the third-quarter earnings season, particularly for major banks, with most companies reporting better-than-expected earnings and profits. On the global front, the announcement of a meeting between the United States and China muted concerns surrounding trade tariffs. While consumer prices rose in September, the advance was softer than expected, bolstering hopes for an interest rate cut by the Federal Reserve following its meeting this week. Among the market sectors, information technology and communication services were the leading performers. Ten-year Treasury yields were generally lower last week, dipping below 4.0%. Gold prices, which had been on a notable rally, declined last week, largely due to profit-taking and a reduction in safe-haven demand. Crude oil prices were volatile throughout the week, falling to their lowest levels in months, only to surge later in the week after the U.S. sanctioned two major Russian oil firms.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- The release of most economic data has been delayed due to the government shutdown.
- The Consumer Price Index (CPI) increased 0.3% in September following a 0.4% rise in August. Note: The September CPI data collection was completed before the government shutdown. In September, prices for gasoline rose 4.1% and were the largest factors in the overall monthly increase. Prices for energy rose 1.5% over the month. Food prices increased 0.2% last month. Consumer prices less food and energy rose 0.2% in September after rising 0.3% in each of the two preceding months. The CPI rose 3.0% for the 12 months ended in September after rising 2.9% over the 12 months ended in August. Prices less food and energy also rose 3.0% over the last 12 months. Energy prices increased 2.8% for the year. Prices for food increased 3.1% since September 2024.
- Existing-home sales rose 1.5% in September 2025. According to National Association of Realtors® Chief Economist Lawrence Yun, “As anticipated, falling mortgage rates are lifting home sales. Improving housing affordability is also contributing to the increase in sales.” Since September 2024, sales of existing homes have risen 4.1%. At a 4.6-month supply in September, unsold inventory was up 1.3% from the prior month and 14.0% from a year ago. The median existing-home price was $415,200 in September, down 1.7% from the August price of $422,400 but up 2.1% from one year ago ($406,700). Sales of existing single-family homes rose 1.7% in September from August and 4.5% from September 2024. The median existing single-family home price in September was $420,700, down from the August price of $427,700 but higher than the September 2024 price of $411,400.
- The national average retail price for regular gasoline was $3.019 per gallon on October 20, $0.042 per gallon below the prior week’s price and $0.125 per gallon less than a year ago. Also, as of October 20, the East Coast price decreased $0.050 to $2.902 per gallon; the Midwest price fell $0.007 to $2.805 per gallon; the Gulf Coast price declined $0.067 to $2.556 per gallon; the Rocky Mountain price dropped $0.052 to $2.997 per gallon; and the West Coast price dipped $0.047 to $4.166 per gallon.
Eye on the Week Ahead
There will be little relevant economic data available during the government shutdown, with the exception of this week’s Federal Open Market meeting.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
IMPORTANT DISCLOSURES
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
10/23: Existing home sales
10/24: New home sales
The Markets (as of market close October 17, 2025)
Last week saw another period of volatility in the stock market, largely driven by U.S.-China trade tensions, the ongoing government shutdown, and concerns over the health of the banking sector. Despite market swings throughout the week, stocks ultimately pushed higher by week’s end, with each of the benchmark indexes listed here posting gains. The financial sector was a major source of volatility last week after reports of loan issues related to alleged fraud at some regional banks sparked credit concerns. However, stronger-than-expected third-quarter earnings data from some major banks helped quell investor consternation. The 10-year Treasury yields dipped below 4.00% midweek before climbing later in the week. Crude oil prices declined for the third straight week, while gold prices surged past $4,300.00 per ounce earlier in the week before settling at nearly $4,250.00.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- The release of most economic data has been delayed due to the government shutdown.
- The national average retail price for regular gasoline was $3.061 per gallon on October 13, $0.063 per gallon below the prior week’s price and $0.110 per gallon less than a year ago. Also, as of October 13, the East Coast price ticked down $0.032 to $2.952 per gallon; the Midwest price fell $0.121 to $2.812 per gallon; the Gulf Coast price decreased $0.096 to $2.623 per gallon; the Rocky Mountain price dropped $0.017 to $3.049 per gallon; and the West Coast price dipped $0.013 to $4.213 per gallon.
Eye on the Week Ahead
There will be little relevant economic data available during the government shutdown.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
IMPORTANT DISCLOSURES
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
10/15: Consumer Price Index
10/16: Producer Price Index, retail sales
10/17: Housing starts, import and export prices, industrial production
As of Market Close October 10, 2025
Wall Street was marked by volatility throughout last week. Major indexes, particularly the S&P 500 and the NASDAQ, reached new record highs earlier in the week, driven by an advance in AI stocks and favorable corporate earnings reports. However, the market endured a significant selloff last Friday, reversing much of the week’s earlier gains. Investor sentiment turned negative following a threat by President Trump to impose a “massive increase in tariffs” on Chinese imports, reigniting fears of a trade war. As a result, the S&P 500 declined following a seven-day winning streak. The Dow also declined, while the NASDAQ saw the sharpest losses, with tech shares among the biggest decliners. The government shutdown continued into its second week, increasing uncertainty and delaying the release of key economic data. Ten-year Treasury yields fell below 4.10%, while gold prices climbed above $4,000.00 per ounce, a jump that could be a sign of investor anxiety over deficits and potential inflation.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- The release of most economic data has been delayed due to the government shutdown.
- The national average retail price for regular gasoline was $3.124 per gallon on October 6, $0.006 per gallon above the prior week’s price but $0.012 per gallon less than a year ago. Also, as of October 6, the East Coast price ticked up $0.001 to $2.984 per gallon; the Midwest price rose $0.005 to $2.933 per gallon; the Gulf Coast price increased $0.047 to $2.719 per gallon; the Rocky Mountain price decreased $0.044 to $3.066 per gallon; and the West Coast price dipped $0.012 to $4.226 per gallon.
Eye on the Week Ahead
Inflation data for September is ordinarily out this week with the release of the Consumer Price Index. However, the government shutdown has delayed the release of this information.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
Important Disclosures
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
10/7: International trade in goods and services
10/10: Monthly Treasury statement
As of Market Close October 3, 2025
Investor optimism over AI companies and expectations of interest rate cuts helped propel stocks last week. The S&P 500, the Dow, and the NASDAQ reached record highs despite the government shutdown, which caused delays in the release of key economic data (see below). In addition to surging AI stocks, major tech and chip stocks also drove the market. Information technology and health care led the market sectors, while energy showed weakness due to slumping crude oil prices. Ten-year Treasury yields eased slightly during the week, partially due to uncertainty over the employment sector. Bearish crude oil prices were dragged lower by expectations of a production increase by OPEC+.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- Ordinarily the Bureau of Labor Statistics would release the jobs data for September and the weekly unemployment statistics. However, that information is unavailable due to the government shutdown.
- The number of job openings was unchanged at 7.2 million in August. The number of job openings for July was revised up by 27,000 to 7.2 million. In August, both hires and total separations were little changed at 5.1 million. Within separations, both quits (3.1 million), and layoffs and discharges (1.7 million) were little changed.
- Manufacturing expanded in September but at a slower pace than in the previous month. The S&P Global US Manufacturing Purchasing Managers’ Index™ registered 52.0 in September, down from 53.0 in August. Although up for a ninth successive month, new orders rose in September only modestly and at a pace below the survey average. Exports were a source of demand weakness, falling overall for a third month in a row. Tariffs were reported to have weighed on export sales, especially to Canada and Mexico.
- Similar to the manufacturing sector, growth in the services sector signaled a weaker expansion of business activity in September. Slower growth was linked to a softer expansion of new work despite an improvement in foreign demand for the first time in six months. On the price front, cost pressures remained elevated, driven principally by tariffs and higher salary payments, with increases passed on to purchasers. The S&P Global US Services PMI® Business Activity Index™ recorded 54.2 in September, down from 54.5 in August but above the 50.0 no-change mark that separates growth from contraction.
- The national average retail price for regular gasoline was $3.118 per gallon on September 29, $0.055 per gallon below the prior week’s price and $0.061 per gallon less than a year ago. Also, as of September 29, the East Coast price decreased $0.047 to $2.983 per gallon; the Midwest price declined $0.080 to $2.928 per gallon; the Gulf Coast price fell $0.044 to $2.672 per gallon; the Rocky Mountain price decreased $0.074 to $3.110 per gallon; and the West Coast price dipped $0.034 to $4.238 per gallon.
Eye on the Week Ahead
There isn’t a great deal of economic data this week. However, investors likely will be looking ahead to next week when the latest Consumer Price Index is released.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
Important Disclosures
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
9/30: JOLTS
10/1: S&P Global Manufacturing PMI
10/3: S&P Global Services PMI, Employment Situation
As of Market Close on September 26, 2025
Despite a rebound on Friday, stocks closed last week mostly lower. Each of the major market indexes, the S&P 500, the Dow, and the NASDAQ, declined in value following a record-setting rally that lasted several weeks. Investors pondered the impact of new tariffs on certain imports announced by President Trump as well as mixed signals from the Federal Reserve as inflation remained somewhat elevated, although within expectations (see below). On the plus side, gross domestic product enjoyed a strong rebound in the second quarter (see below), while jobless claims also fell, possibly suggesting a resilient labor market. Among the market sectors, big tech stocks saw some declines amid concerns that AI-fueled valuations might be too high. Shares within the health care sector slid as some pharmaceutical stocks in Asia and Europe fell in reaction to the new tariffs. Ten-year Treasury yields closed higher, rebounding from a five-month low from the previous week. Crude oil prices marked their largest weekly gain in over three months, driven higher by escalating geopolitical tensions.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- According to the third and final estimate, gross domestic product (GDP) increased at an annual rate of 3.8% in the second quarter. In the first quarter, GDP decreased 0.6%. The increase in GDP in the second quarter primarily reflected a decrease in imports (-29.3%), which are a subtraction in the calculation of GDP, and an increase in consumer spending (+2.5%). These movements were partly offset by decreases in investment (-13.8%) and exports (-1.8%).
- Personal income increased 0.4% in August, according to estimates released by the U.S. Bureau of Economic Analysis. Disposable (after-tax) personal income also rose 0.4% last month. Consumer spending, as measured by personal consumption expenditures (PCE), increased 0.6% in August, while the PCE price index, a measure of inflation, increased 0.3%. Core prices rose 0.2% last month. Over the last 12 months, consumer prices have risen 2.7%, while core prices increased 2.9%.
- Sales of new single-family houses in August were 20.5% above the July rate and 15.4% above the August 2024 estimate. Inventory of new houses for sale in August represented a supply of 7.4 months at the current sales pace, which is 17.8% below the prior month’s estimate of 9.0 months and 9.8% under the rate from a year ago. The median sales price of new houses sold in August was $413,500. This was 4.7% above the July price of $395,100 and 1.9% higher than the August 2024 price of $405,800. The average sales price of new houses sold in August was $534,100. This was 11.7% above the July price of $478,200 and 12.3% above the August 2024 price of $475,600.
- While sales of new homes soared in August, existing home sales declined last month. Sales of existing homes ticked down 0.2% in August. According to the National Association of Realtors®, “Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.” Since August 2024, existing home sales were up 1.8%. Unsold inventory of existing homes sat at a 4.6-month supply, unchanged from the July estimate. The median existing home price was $422,600, down from the July price of $425,700 but up from the August 2024 price of $414,200. Sales of existing single-family homes decreased 0.3% in August but were up 2.5% from a year ago. The median existing single-family home price was $427,800 last month, down from $432,000 in July but higher than the August 2024 price of $419,800.
- New orders for durable goods in August, up following two consecutive monthly decreases, increased 2.9%, according to the U.S. Census Bureau. The August advance followed a 2.7% July decrease. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 1.9%. Transportation equipment, also up following two consecutive monthly decreases, led the overall increase, climbing 7.9%. Since August 2024, new orders for durable goods have risen 7.1%.
- The international trade in goods deficit was $85.5 billion in August, down $17.3 billion, or 16.8%, from July. Exports of goods for August were $176.1 billion, $2.3 billion, or 1.3%, less than July exports. Imports of goods for August were $261.6 billion, $19.6 billion, or 7.0%, less than July imports. For the year, exports declined 0.4% and imports decreased 4.1%.
- The national average retail price for regular gasoline was $3.173 per gallon on September 22, $0.005 per gallon above the prior week’s price but $0.012 per gallon less than a year ago. Also, as of September 22, the East Coast price increased $0.014 to $3.030 per gallon; the Midwest price rose $0.027 to $3.008 per gallon; the Gulf Coast price decreased $0.058 to $2.716 per gallon; the Rocky Mountain price ticked up $0.004 to $3.184 per gallon; and the West Coast price dipped $0.001 to $4.272 per gallon.
- For the week ended September 20, there were 218,000 new claims for unemployment insurance, a decrease of 14,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended September 13 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended September 13 was 1,926,000, a decrease of 2,000 from the previous week’s level, which was revised up by 8,000. States and territories with the highest insured unemployment rates for the week ended September 6 were New Jersey (2.4%), California (2.0%), Connecticut (2.0%), Washington (2.0%), Massachusetts (1.9%), Puerto Rico (1.9%), Rhode Island (1.9%), the District of Columbia (1.7%), Nevada (1.7%), Illinois (1.6%), New York (1.6%), and Oregon (1.6%). The largest increases in initial claims for unemployment insurance for the week ended September 13 were in New York (+1,482), South Carolina (+1,220), Virginia (+920), Massachusetts (+869), and Arizona (+812), while the largest decreases were in Texas (-4,917), Connecticut (-4,540), Michigan (-3,944), Illinois (-1,153), and California (-1,139).
Eye on the Week Ahead
Most of the attention this week will be focused on the September jobs report. Employment growth has notably stalled over the past several months and is not expected to accelerate any time soon.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
Important Disclosures
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.
Key Dates/Data Releases
9/23: Existing home sales
9/24: New home sales
9/25: Durable goods orders, GDP, international trade in goods
9/26: Personal Income and Outlays
The Markets (as of market close September 19, 2025)
The stock market continued its record-setting run last week with the Dow, the S&P 500, and the NASDAQ each reaching new record highs. The small caps of the Russell 2000 also hit a new high for the first time in four years, which signaled a broadening of the rally beyond tech stocks. The major impetus for last week’s market performance was the Federal Reserve’s decision to trim interest rates (see below) for the first time this year. In addition, the Fed projects that more rate cuts are possible before the end of this year, which investors view as a positive for economic growth and corporate earnings. While inflation appears to have moderated somewhat, the Fed’s challenge is to support a cooling job market without reigniting inflationary pressures. The interest rate cut also influenced the bond market, with 10-year Treasury yields ticking higher as bond prices declined. Crude oil prices fell on concerns about waning global demand, abundant supplies, and implications from the aforementioned interest rate cut.
Stock Market Indexes
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- As expected, the Federal Open Market Committee cut the federal funds rate by 25 basis points, bringing the range to 4.00%-4.25%. This reduction is the first since December and was nearly unanimous, with newly appointed Governor Stephen Miran favoring a 50-basis-point decrease. In reaching its decision, the Fed noted that growth of economic activity moderated in the first half of the year, while job gains have slowed and the unemployment rate edged up but remained low. Inflation remained somewhat elevated. The Committee indicated that uncertainty about the economic outlook remained heightened, while the downside risks to employment have risen. The Fed expects to lower interest rates by another 50 basis points by the end of 2025 and by 25 basis points in 2026, slightly more than projected in June.
- Estimates of U.S. retail and food services sales for August rose 0.6% from the previous month and climbed 5.0% from August 2024. Retail sales for July were revised up 0.1 percentage point to 0.6%. Retail trade sales were up 0.6% from July 2025 and 4.8% from last year. Nonstore (online) retailer sales were up 2.0% in August from the previous month and 10.1% from last year. Sales at food services and drinking places increased 0.7% last month and 6.5% from August 2024.
- Both import and export prices exceeded expectations last month. U.S. import prices advanced 0.3% in August following a 0.2% increase in July. Prices for U.S. imports were unchanged from August 2024 to August 2025. A 0.8% decline in import fuel prices was offset by a 0.4% rise in nonfuel import prices, which was the largest monthly increase since April 2024. Prices for U.S. exports increased 0.3% in August after rising 0.3% the previous month. Higher prices for nonagricultural exports drove the increase. U.S. export prices rose 3.4% over the 12-month period ended in August, the largest 12-month increase since the comparable period ended December 2022.
- Industrial production (IP) ticked up 0.1% in August after decreasing 0.4% in July. Manufacturing output rose 0.2% last month after edging down 0.1% in July. Within manufacturing, the production of motor vehicles and parts increased 2.6%, while factory output rose 0.1%. Mining moved up 0.9%, while utilities decreased 2.0%. Over the last 12 months, total industrial production has risen 0.9%.
- The number of residential building permits issued in August was 3.7% less than the July estimate and 11.1% below the August 2024 rate. Issued building permits for single-family homes fell 2.2% in August from the prior month. Residential housing starts in August were 8.5% below the July estimate and 6.0% less than the August 2024 rate. Single-family housing starts in August were 7.0% under the July figure. Residential housing completions in August were 8.4% above the July estimate but 8.4% below the August 2024 rate. Single-family housing completions in August were 6.7% above the July estimate.
- The national average retail price for regular gasoline was $3.168 per gallon on September 15, $0.024 per gallon below the prior week’s price and $0.012 per gallon less than a year ago. Also, as of September 15, the East Coast price decreased $0.047 to $3.016 per gallon; the Midwest price declined $0.074 to $2.981 per gallon; the Gulf Coast price increased $0.041 to $2.774 per gallon; the Rocky Mountain price fell $0.060 to $3.180 per gallon; and the West Coast price rose $0.079 to $4.273 per gallon.
- For the week ended September 13, there were 231,000 new claims for unemployment insurance, a decrease of 33,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended September 6 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended September 6 was 1,920,000, a decrease of 7,000 from the previous week’s level, which was revised down by 12,000. States and territories with the highest insured unemployment rates for the week ended August 30 were New Jersey (2.7%), Rhode Island (2.1%), California (2.0%), Massachusetts (2.0%), Washington (2.0%), Puerto Rico (1.9%), the District of Columbia (1.8%), Minnesota (1.8%), Nevada (1.7%), New York (1.7%), and Oregon (1.7%). The largest increases in initial claims for unemployment insurance for the week ended September 6 were in Texas (+15,346), Michigan (+3,018), Connecticut (+1,454), North Dakota (+684), and Minnesota (+325), while the largest decreases were in New York (-3,623), Tennessee (-2,994), California (-1,702), Illinois (-1,063), and Massachusetts (-830).
Eye on the Week Ahead
There’s plenty of economic data available this week covering several sectors. The latest information on sales of existing and new homes is out this week. The final estimate for the second quarter gross domestic product is also available later in the week. Data on inflation closes out the week with the release of the personal consumption expenditures price index for August.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
IMPORTANT DISCLOSURES
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.
Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc
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