October provided investors with some respite from the drawdowns that have generally defined risk-asset performance in 2022. Despite persistently high inflation, market participants appeared to favorably digest third quarter earnings results as stocks broadly rallied. Through Oct. 28, 71% of S&P 500 Index companies had reported a positive earnings-per-share surprise (according to FactSet and based off actual reporting results for 52% of S&P 500 companies). These results generally boosted investor sentiment and helped the S&P 500 return 8.1% during the month, this year’s best monthly gain behind July’s 9.2%.
Read the full commentary for updates on various sectors of the market.