Monthly Market Update (October): 3 Things You Need to Know

Although this year has felt spooky, the U.S. stock market rallied in October after enduring several straight months of losses, leading to optimism that the end of the bear market may be in sight.

Here are 3 things you need to know:

  1. The S&P 500 ended the month up 8%. Ten of the 11 sectors of the S&P 500 rose during the month, with energy stocks leading the way higher.
  2. Gilts (a UK Government liability in sterling) led the way in fixed income thanks to the fiscal U-turn and a new Prime Minister after a disastrous decline under former PM Liz Truss. But they’re still down -35% year-to-date (in US Dollar terms).
  3. U.S. WTI Oil had a good month as the OPEC+ group cut production, and it’s far and away the best year-to-date performer (+15%).


  1. Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (; Bloomberg; FactSet; Deutsche Bank.
  2. Indices:
    • The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
    • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
    • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
    • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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