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
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-2610-38.