Investment Review - October 2025
- The equity indices had a positive month in September, with the S&P 500 rising 3.5%, the Nasdaq Composite rising 5.6%, and the Dow Jones Industrial Average rising 1.9%. The rally was supported by strong corporate earnings, Federal Reserve policy, and continuing signs of growth in the AI secular growth theme.
- The Treasury market had largely priced in the Federal Reserve’s recent and anticipated monetary policy moves. As a result, treasury yields were largely unchanged during the month with two-year yields remaining in the 3.6% range and 10-year treasuries moving down slightly from 4.22% to 4.15% during the month.
Key Investment Statistics
Sources: Bloomberg, Bureau of Labor Statistics, Dow Jones Publishing, FactSet, Institute for Supply Management, U.S. Bureau of Economic Analysis
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