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Market Recap
WEEK OF OCT. 20 THROUGH OCT. 24, 2025
The S&P 500 index rose 1.9% last week to a new closing high as September consumer price data came in softer than expected while companies including Intel ( INTC ) and International Business Machines ( IBM ) surpassed earnings expectations. The S&P 500 ended Friday's session at 6,791.69. The market benchmark also reached a fresh intraday high on Friday at 6,807.11.
The week's gain brought the S&P 500 into positive territory for the month. It's now up 1.5% for October and 15% for the year.
Data released on Friday showed US consumer prices rose less than expected in September, while core inflation surprisingly ticked down, reinforcing expectations for another interest rate cut next week.
The report, which had been delayed by the ongoing government shutdown, showed the consumer price index rose 0.3% month on month in September, slower than August's 0.4% climb and lower than the Bloomberg-polled consensus estimate for a 0.4% increase. Annually, inflation accelerated to 3% from August's 2.9%, but was below Wall Street's 3.1% estimate.
Core inflation, which excludes the volatile food and energy components, slowed to 0.2% from 0.3% in August. The annual core measure eased to 3% from 3.1%. The market expected both measures to remain unchanged.
The technology sector led the week's gains, climbing nearly 2.8%, followed by a 2.4% rise in energy and a 2.1% increase in industrials. Consumer discretionary and health care rose 1.9% each. Financials, real estate and communication services also added at least 1% each while materials edged up 0.6%.
International Business Machines ( IBM ) was among the top gainers in technology, climbing 9.3% as the company lifted its full-year revenue growth outlook and reported better-than-expected third-quarter results. Revenue is now anticipated to rise by more than 5% in constant currency terms for 2025, the computer and software company said, compared with its previous projections for growth of at least 5%.
Intel's ( INTC ) shares also gave the tech sector a lift, rising 3.4%. The chipmaker reported it turned a profit in the third quarter as revenue unexpectedly rose, thanks to artificial intelligence boosting demand for computing power.
The energy sector's advance came as crude oil futures also rose on the week. Halliburton ( HAL ) was the sector's top gainer, jumping 19% as the company reported higher-than-expected Q3 adjusted earnings per share and revenue. Analysts at HSBC and RBC upgraded their investment ratings on the stock after the report.
Not all sectors rose during week. Consumer staples shed 0.6% and utilities edged down 0.2%.
Molson Coors Beverage ( TAP.A ) was among the top decliners in consumer staples, falling 4%. The beverage and brewing company unveiled plans to cut 400 salaried positions across its Americas business by the end of this year as part of a restructuring plan aimed at streamlining operations.
This week's earnings schedule features a number of large companies including Visa (V), UnitedHealth Group (UNH), Microsoft (MSFT), Alphabet (GOOG, GOOGL), Meta Platforms (META), Caterpillar (CAT), Boeing (BA), Apple (AAPL), Amazon.com (AMZN), Eli Lilly (LLY), Mastercard (MA), Merck (MRK), Exxon Mobil (XOM), AbbVie (ABBV) and Chevron (CVX).
Economic data may be light if the US government shutdown continues. The shutdown has caused a delay in closely watched government data releases including the September jobs report.
