The Market in Pictures, October 10

by | Oct 10, 2025 | Blog, Charts

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

 

 

 

 

Disclosures

 

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed. 

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially. 

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. 

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Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198.

Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama.

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