The Market in Pictures, October 10

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from money supply to inflation and rates, low quality and high quality businesses, and expectations for earnings and stocks going into Q4. Have a great weekend!

Beckham: The current stretch of fiat debasement is not just a US thing

Dave: but we have a clear history here of being good at creating money to meet our spending “needs”

Source: Raymond James as of 10.08.2025

Ten: The actual figures may be different, but the inflation paths for developed regions have been remarkably similar

Data as of 10.09.2025

Brett: but for now, only the US central bank is expected to continue its rate-cutting cycle

Data as of 10.08.2025

John Luke: in past cycles, cutting rates in non-recessionary times has created a nice tailwind for financial assets

Source: Capital Group as of 10.03.2025

Brad: The run in stocks of weaker businesses has been amazing

Joseph: with unprofitable tech companies a particular area of recent strength

Brad: Next week, we’ll see money-center banks kick off the Q3 earnings season

Source: Goldman Sachs as of 10.03.2025

Mark: and we’re heading in with a relatively low bar for earnings expectations

Data as of 10.03.2025

Dave: and, rare of late, no quarter-long drop in consensus expectations throughout the quarter

Data as of 10.03.2025

JD: Regardless of the quarter’s outcome, US company profits are the envy of the world

Data as of 10.08.2025

Dave: and the picture looks just fine heading into 2026

Data as of 10.02.2025

Dave: The move of the past 6 months has been among the best ever

Source: Strategas as of 10.08.2025

Brad: and with Q4’s positive tendencies, no reason to expect an imminent reversal and sustained downturn

Source: Strategas as of 10.03.2025

Brian: The run in tech stocks has outlasted the bears, who have continually called for a top

Graphic via @LarryAdamsRJ as of 10.07.2025

Jake: and despite pockets of speculation, conditions are far more normal and healthy than they were when the dot-com bubble peaked

Data as of 10.09.2025

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