The equity rally that has dominated much of 2025 showed resilience in the week ending Oct. 31: major U.S. indices finished the week modestly higher (S&P 500 and Nasdaq advancing while the Dow was essentially flat on Friday), leaving the S&P about +16% year-to-date as investors balance strong corporate earnings against macro risks.

U.S. equity markets posted strong gains last week, with all major indices closing at record highs. The S&P 500 rose 1.92%, the Nasdaq gained 2.31%, the Dow added 2.20%, and the Russell 2000 climbed 2.50%.

Markets delivered a strong performance last week, buoyed by upbeat corporate earnings and a modest improvement in economic sentiment, even as the government shutdown continued to cast a shadow over the data calendar.

U.S. equities sank last week as renewed U.S.–China trade tensions took center stage, and the ongoing government shutdown added more clouds to the outlook. For the week, S&P 500 fell 2.4%, the Dow dropped 2.7%, and the Nasdaq declined 2.5%.

U.S. equities continued to push to new all-time highs this past week and closed out another strong calendar quarter. The Dow Jones and S&P 500 gained 5.7% and 8.1% in the third quarter, adding to strong year-to-date gains, while the tech-heavy Nasdaq and small cap Russell 2000 surged even higher with returns of 11.4% and 12.4%, respectively.