The S&P 500 advanced 7% in October easily making up for its September losses. For the month, growth outperformed value and large caps outperformed small-cap stocks. Going a little deeper, high beta or those with higher volatility than the market easily outperformed low volatility stocks. And the aggressive sectors, such as consumer discretionary, energy, and financials outperformed the more conservative sectors such as utilities and consumer staples.
Broad-based commodities, thanks to a weaker dollar, elevated inflation, and supply shortages, continued to work as well.
For the week ahead, for the week ahead, it’s a busy one. Here’s a shortlist. Earnings season resumes and coming into this week over 80% of companies that have reported earnings have beaten estimates. On Wednesday, it’s all about the Federal Reserve. Here, the Fed is expected to announce details of their tapering of the bond-buying program, and on Friday, we get a look at October’s job report which is expected to show a sizeable increase in jobs added.
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