The Market in Pictures, October 30

by | Oct 30, 2026 | Blog, Charts

Our team looks at a lot of research throughout the day. Here are a handful of charts we think are good summations of investor activity, from a sharp October rotation out of tech and AI worries spreading into credit, to earnings climbing against flat valuations, energy-driven inflation weighing on sentiment, and seasonal tailwinds heading into the midterms. Have a great weekend!

Mark: October has been a tale of two markets, with defensives and energy surging while tech and communication services slide

Dave: with much of that driven by worry that the AI spending boom is in its peak growth

 

 

Jake: which has weighed heavily on the Mag 7 in recent weeks

 

 

John Luke: Meanwhile, the AI buildout is piling more borrowing onto what governments are doing

 

 

Joseph: and credit investors are starting to ask for more in return

 

Brad: Even so, analysts keep raising the bar on earnings, from this year all the way out to 2028

 

 

Beckham: and it’s not just the big caps doing the heavy lifting

 

Brett: yet investors have been reluctant to pay up for it

 

Ten: In energy, the biggest winners this year have been the middlemen, not the drillers

 

Dave: and higher energy prices are keeping headline inflation stickier than hoped

 

Graphic as of 10.28.2026

 

JD: with a growing economy adding fuel of its own

Source: Apollo as of 10.28.2026

 

Dave: The mood on Main Street seems gloomier than warranted

 

 

Dave: though a lot of how people feel about the economy is becoming more dependent on their political leaning

 

Source: University of Michigan as of 10.23.2026

 

Matt: Looking ahead, corporate buyers are about to return in force as earnings season wraps up

 

 

Dave: and with the midterms next week, seasonality may lend support if history is any guide

 

 

Brian: plus, markets in uptrends have generally performed better than those that weren’t

 

 

 

John Luke: For consumers, years of cumulative price increases sting regardless of year-over-year growth rates

 

Graphic as of 10.29.2026

 

John Luke: though with yields where they are, bonds finally have some potential to help portfolios

 

Source: J.P. Morgan as of 10.22.2026

 

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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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