Liz Ann Sonders Re-poster

Taking a look at market performance so far this month, the S&P 500 has seen an overall increase of 0.9%. However, the underlying investment strategies reveal a notable split. Standing at the forefront of the factor space is Low Volatility, which has achieved a 4.0% gain. On the opposite side, Momentum, Pure Growth, and High Beta represent the only three U.S. equity factor indices that have fallen into negative territory over the same timeframe.

Examining sector trends makes it easier to understand this divergence. For the current month, Information Technology stands as the single S&P 500 sector to record a loss. This specific weakness has consequently placed a disproportionately heavy drag on the High Beta, Pure Growth, and Momentum strategies.

@SPDJIndices

The most recent update from @AAIISentiment for the week ending 10/14/26 highlights a few slight changes in market perspectives. Optimism among respondents decreased slightly, bringing bullish sentiment down to 38.7% from the previous 40.3%. Meanwhile, pessimistic views experienced a minor increase, with bearish sentiment rising to 41.6% compared to 39.0%. Furthermore, the special question featured this week invites AAII members to share insights regarding their current investing approach.

I am eagerly anticipating my upcoming appearance on @BloombergTV. You can expect me to participate in #TheClose at approximately 3pm ET this afternoon.

Despite experiencing a strong upward trend over the previous twelve months, the KBW Bank Index has recently seen a considerable pullback. Since reaching its highest point in August, the index has dropped by nearly 14%.

[Past performance is no guarantee of future results]

We have some encouraging economic news to share regarding the September Empire Manufacturing Index. The overall index experienced a remarkable surge, reaching 25.5. This performance easily surpassed the anticipated estimate of 12.0 and showed a massive improvement compared to the previous reading of 7.6.

When we dive into the specific details of the report, incoming new orders saw a substantial expansion, climbing to 23.2 from a prior figure of just 2.0. The shipments category followed a similar upward trend, recovering nicely to 13.1 after previously sitting at a negative 3.2.

On the flip side, a couple of metrics experienced slight declines. The prices paid category cooled off a bit, dropping to 59.5 from the earlier 63.1 mark. Additionally, the employment measure saw a very minor decrease, edging down to 10.3 compared to the previous 10.6.

Here is a look at the latest unemployment figures. Recent data shows that initial jobless claims reached 199k. While this number is an increase from the prior count of 198k, it still falls slightly below the estimated 200k. As for continuing claims, the total stood at 1.710M, which edged just past the 1.709M projection but remained lower than the previous level of 1.714M.

When breaking down the statistics geographically, the most significant upward shifts occurred in CA (+4.3k), IL (+1.1k), and NJ (+0.9k). On the other hand, the largest declines were recorded in HI (-0.3k), MI (-0.1k), and IA (-0.1k).

Voici un examen plus approfondi des éléments spécifiques de l’IPP de septembre qui contribuent directement au PCE, lequel constitue le principal indicateur de l’#inflation privilégié par la Fed.

Voici les derniers chiffres de l’IPP de septembre, qui méritent un examen plus attentif dans le contexte de l’#inflation. L’indice global a progressé de +6,3 % sur un an, dépassant largement les +5,4 % prévus. Il s’agit également d’une accélération par rapport à la précédente lecture de +5,6 %, révisée à la hausse après une première estimation de +5,4. Par ailleurs, l’indice sous-jacent a augmenté de +5,0 % sur un an, dépassant à la fois les +4,4 % prévus et le chiffre précédent de +4,8 %.

Voici les dernières données de l’IPP de septembre concernant #inflation. L’indice global a enregistré une hausse de +1,3 % sur un mois, un résultat nettement supérieur aux +0,6 % estimés. De plus, la période précédente a été révisée à la hausse, passant de +0,4 % initialement annoncé à +0,5 %. Du côté des indicateurs sous-jacents, la hausse mensuelle s’est élevée à +0,7 %. Ce résultat a également dépassé les +0,3 % prévus et la valeur précédente de +0,2 %.

Retail sales for September grew by 0.8% on a month-over-month basis. This result comfortably beat the estimated increase of 0.3%, though it followed a prior gain of 1.3%. When excluding automobiles, sales climbed by 0.9%, compared to a 1.4% rise in the previous period. Meanwhile, the control group saw a modest uptick of 0.1%, which is a shift from its prior growth of 1.2%.

A recent look at housing market data from @Redfin reveals some interesting shifts that took place during the month of September. Throughout that period, the number of people listing their properties for sale exceeded the amount of active purchasers by over 60%. This growing gap highlights a continued cooldown in purchasing activity, a trend that is taking place as mortgage interest rates keep climbing.

According to recent data from Bloomberg @economics, the proportion of CPI components that increased by more than 3% on a 12-month basis fell to 48% in September. This marks a decrease from the 51% observed during August. Furthermore, when analyzing the numbers on a six-month annualized basis, the share of these rising components dropped from 43% down to 38%.

Fueled by artificial intelligence, the upward pressure on pricing continued without interruption throughout September. During this time, the cost of computer software experienced an unprecedented year-over-year jump, climbing by a record 28%.

Elevated borrowing expenses and ongoing worries about affordability are clearly influencing home financing choices today. During the week that ended on Oct. 9, adjustable-rate mortgages made up 10.5% of all mortgage applications, marking their highest proportion in a year. @MBAmortgage

Workers in the United States have seen their pay decrease for six months in a row. Data for September shows that real average hourly earnings dropped by 0.7% on a year-over-year basis. At the same time, weekly earnings recorded their initial reduction since May.

Here is a look at the performance of various market sectors and indexes from yesterday, along with their MTD and YTD results.

Examining the statistical relationship linking the 10y yield with the S&P 500

Evaluating the Performance of the Baskets

Please refer to the visual graph and accompanying data grid for Tensor10.

Suivi des baisses de l’indice et du pourcentage de surperformance