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Anna's Markets Recap

_{Just facts, you think for yourself}

Saturday, 5:12 AM

October 11, 2025

Good morning news friend! Here is a quick recap of what happened in the markets this week. 📰🌟

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What do members of Congress know that you don’t?

Last week, they showed their hands. We saw a wave of selling, especially in big tech. One representative’s spouse dumped dozens of blue-chip stocks in a single day, including Amazon, Apple, and Alphabet.

More interesting? A member of the Armed Services Committee sold his BlackRock and Microsoft shares. Another on the powerful Ways and Means Committee offloaded a major infrastructure bond.

Is this just routine portfolio shuffling, or are they getting out before something happens?

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What Moved Markets Last Week

The U.S. equity market experienced a sharp reversal after touching record highs mid-week. Investor optimism from positive corporate news was ultimately overwhelmed by persistent macroeconomic anxieties, culminating in a significant sell-off on Friday. For the week, the Dow Jones Industrial Average fell 2.60%, marking its largest weekly decline since August.

The primary market drivers were the ongoing partial U.S. government shutdown and the resulting data vacuum. The postponement of the September jobs report and Consumer Price Index (CPI) release shifted investor focus squarely to the Federal Reserve. The minutes from the September FOMC meeting, released on Wednesday, October 8, and a speech by Fed Chair Jerome Powell on Thursday, October 9, were scrutinized for insights into the Fed's stance on inflation and its rate-cutting trajectory.

The week's trading concluded on a bearish note following the release of the University of Michigan's preliminary Consumer Sentiment Index on Friday, October 10. The index fell to a five-month low of 55.0, as consumers expressed mounting concerns over a stalling job market and high prices. This report was a key catalyst for the late-week downturn, erasing earlier gains and exposing the market's fragile confidence.

old prices reflected the week's volatile sentiment. The metal rallied early in the week on safe-haven demand driven by the government shutdown and expectations of Fed rate cuts, with futures climbing past $4,070 per ounce on Wednesday. Prices subsequently pulled back as investors took profits, with gold finishing the week around $4,000.40 per ounce, for a modest weekly gain of 0.61%.

Tech and Growth

The technology sector saw a significant divergence in performance as investors began to differentiate between winners and losers in the artificial intelligence space.

The AI hardware market faced a major competitive shift. On Monday, Advanced Micro Devices (AMD) announced a multi-billion-dollar deal to supply AI chips to OpenAI, directly challenging NVIDIA's (NVDA) long-standing dominance. AMD shares rallied over 25% on the news, while NVIDIA's stock declined nearly 5% on the week.

In the AI cloud sector, competition intensified. Lingering concerns over OpenAI's multi-year agreement with Oracle (ORCL) weighed on Microsoft (MSFT), while analysts noted a strategic shift by Amazon (AMZN) Web Services to offer more specialized AI services.

Tesla (TSLA) shares were volatile, initially rallying over 5% on Monday ahead of a product teaser before falling on Tuesday after the unveiling of a lower-cost Model Y raised concerns about the impact on profit margins. This pivot highlighted a broader market shift from rewarding innovation to prioritizing profitability amid economic uncertainty. Broadcom (AVGO) was a notable outperformer, with its stock rising from $335 to $345 as an analysis on October 10 highlighted its position as a primary beneficiary of the AI infrastructure build-out.

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Banks and Financials

The financial sector remained in a holding pattern as investors awaited the start of the Q3 earnings season. With little company-specific news, financial stocks traded as a proxy for broad economic sentiment, drifting lower with the market. Bank of America (BAC), which announced on October 8 that it would report earnings on October 15, saw its shares fall below $50. Similarly, payment processors Visa (V) and Mastercard (MA) declined, reflecting concerns over the weakening consumer sentiment data.

Consumer Goods and Healthcare

Defensive sectors saw pockets of significant strength, particularly in pharmaceuticals and select retail.

Major pharmaceutical stocks rallied following reports of a potential agreement between Pfizer and the Trump administration to align drug prices in exchange for tariff exemptions. The news lifted the entire sector, with Eli Lilly (LLY) and AbbVie (ABBV) posting strong gains. Eli Lilly also benefited from positive four-year data for its ulcerative colitis drug, Omvoh, announced on October 7, while AbbVie announced positive Phase 2 trial results for BOTOX on October 6.

Costco (COST) was a standout performer in retail. On Wednesday, October 8, the company reported an 8% sales increase for the five-week period ending October 5, driven by a remarkable 26.1% increase in "digitally-enabled" sales. The strong report sent the stock up for the week, closing at $929.93.

Energy and Industrials

Positive company-specific news in the energy and industrial sectors was insufficient to offset macroeconomic headwinds.

Exxon Mobil (XOM) delivered two significant positive updates during the week. On October 6, the company projected a potential Q3 earnings boost of up to $300 million from liquids price changes. On October 9, it announced a major deal to re-enter Iraq's Majnoon oil field. Despite this, the stock fell from $114.20 to $112.91, pressured by the broader market sell-off and underlying weakness in crude oil prices.

Home Depot (HD) stock drifted lower as investors weighed conflicting dynamics in the U.S. housing market. While high mortgage rates are expected to keep the market "frozen," a resulting "lock-in effect" may spur spending on home renovations, benefiting Home Depot's professional customer segment.

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Baked with love,

Anna Eisenberg ❤️