November 9, 2026

October was an interesting month for investors. While the major market averages finished the month modestly lower, the underlying performance of the stock market was considerably better than the headline numbers would suggest. We saw a meaningful rotation away from some of the largest technology companies and into other areas of the market, including energy, health care, utilities, and consumer staples. At the same time, the economy continued to demonstrate resilience, inflation remained elevated, and the Federal Reserve found itself balancing strong economic growth against the possibility that additional interest rate increases may be necessary.