The Market in Pictures, October 24

by | Oct 24, 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 strength expanding to earnings dominance, US-China competition, and implications of easy money. Have a great weekend!

 

Beckham: People obsess over the Mag 7 concentration, but there are plenty of large-cap stocks moving higher

 

 


Source: Bespoke as of 10.21.2025

 

 

Brett: and in 2025, it’s earnings growth that’s driving the index higher, not just valuations

 

 

 

John: though to this point, strong earnings growth has mostly been a large cap story

 

 

 

 

Brad: When it comes to winners and losers, those with weaker balance sheets are playing catch-up now that the rate-cutting cycle has resumed

 

Data as of 10.17.2025

 

 

John Luke: with the same story for companies losing money

 

Source: Apollo as of 10.20.25

 

 

Dave: This all comes on top of a stretch where the most expensive stocks have been the biggest winners

 

 

 

Brian: and traditionally, defensive stocks have been lagging throughout the entire bull run

 

 

 

JD: Large US companies have become profitability machines

 

Source: BlackRock

 

 

Jake: which continues to provide justification for the global appetite for US stocks

 

Source: Apollo as of 10.22.2025

 

 

Dave: and the outlook ahead shows no change in those superior fundamentals

 

Source: Strategas as of 10.17.2025

 

 

Joseph: Resource reliance fears have abruptly shifted from Middle East oil to Chinese rare earths

 

Data as of September 2025

 

 

John Luke: and while there are pockets of important regions around the world, it’s a US vs. China world

 

Data as of September 2025

 

 

Ten: It’s no longer in vogue to trade with China, but it’s undeniable that its exports have become cheaper

 

Data as of September 2025

 

 

Ten: and other countries around the world have more than filled in for the reduced US imports

 

Data as of September 2025

 

 

Beckham: Relative to history, this 3rd year of the bull has been pretty darn strong

 

Graphic via Bloomberg as of 10.09.2025

 

 

Dave: and we’re moving into the historically strong month of November

 

 

 

JD: A whole lot of money has been printed since the global financial crisis

 

Data as of 10.21.2025

 

 

John Luke: and the higher rates are having an impact on the federal budget

 

Data as of August 2025

 

 

Dave: Unlike the unproductive interest spending at the government level, we’re getting massive levels of spending at the corporate level that at least has a shot to be productive

 

Data as of September 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. 

Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of 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. ACA-2510-27.

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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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