Hi All — Brian here, I hope you had a wonderful October and November is off to a good start. With the election in the rearview mirror, it’s time to start thinking about year-end planning. It also means it’s time for the inaugural edition of our new monthly newsletter, which we hope you enjoy.

Today’s edition highlights what happened in October. Moving forward you can expect these monthly summaries delivered directly to your inbox during the first week of the following month. This inaugural newsletter is meant to give you a sneak peek and introduce you to the format and flow.

Zooming out, the goal of this newsletter is to provide a closer look at key developments that moved the markets over the past month, share relevant thought pieces from our team, and discuss how these trends might impact your portfolio.

As always, we are here to support you, so please don’t hesitate to schedule a call or reply directly to this email if you’d like to discuss any of these topics in more detail.

OCTOBER MARKET PERFORMANCE

OCTOBER MARKET SUMMARY

• In October, markets experienced volatility, with equities declining after a strong start to the year. Investor concerns focused on growth risks, election-related uncertainty, and potential policy shifts impacting inflation and interest rates, despite resilience in the US economy.

• The September CPI report showed inflation easing less than anticipated, with a 0.2% monthly and 2.4% annual increase. Both figures were 0.1 percentage point higher than projections. Core inflation remained somewhat elevated at 3.3%, driven by rising medical care, auto insurance, and airline fares.

• Nonfarm payrolls rose by 12,000 in October, falling short of expectations and reflecting impacts from the Boeing strike and hurricanes. The unemployment rate remained steady at 4.1%, while job creation figures for August and September were revised down by 112,000.

• Third-quarter GDP grew at an annualized 2.8%, slightly below estimates and the previous quarter’s 3.0% rate, with consumer spending and federal government outlays as key contributors.

ONE BIG THING: EARNINGS IN FOCUS

One big thing that moved the markets in October was the rollercoaster start to the third-quarter earnings season. (Not those new smooth steel rollercoasters either. More like the rickety old wooden ones.)

It got off to a promising start, with six of the biggest U.S. banks delivering earnings beats, sending the markets soaring. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite each notched fresh record closes throughout October.

But at the same time, all three major market indexes closed the month in the red, due once again to earnings. In the final weeks of October, many mega-cap tech companies handed in report cards, and the market was not pleased with the results.

Specifically, Microsoft and Meta’s massive investments in artificial intelligence didn’t pay off as much as investors hoped, stoking concerns that the AI boom could be poised to go bust.

The majority of major companies have now posted results, but the ride isn’t over yet. Roughly a quarter of S&P 500 components are set to report in November.

Please don't hesitate to reach out to our team if you have any questions heading into the end of the year.

FEATURED POST

What If Your Kids Decide Against College?

College has long been a staple of education. Many parents strongly encourage their children to attend university in hopes of securing a brighter future and a more promising career path. By and large, a college education still provides those advantages to graduates. Regardless, a growing number of teenagers are deciding against attendance, for a variety of reasons.

College remains a great option. But it’s not the only option.

If a child decides against attending college, this decision can be jarring for parents concerned about their child’s future, and it raises questions about tax-advantaged savings plans earmarked for a college education. But college savings plans like 529 accounts aren’t limited to four-year universities, and neither is financial success.

If your child is on the fence about college, it’s important to explore the leading alternatives, and to consider what the next generation truly needs to succeed in the evolving workforce.

But first, why is college falling out of favor?

Click here to keep reading →

KEEP READING

CLOSING REMARKS

As we continue to navigate these dynamic times, staying informed and proactive remains key to managing your investments effectively.

Our team at Griffin Asset Management is here to help you make the most of the opportunities and challenges ahead.

If you have any questions or would like to discuss your financial strategy, please don’t hesitate to reach out.

We’re always available to set up a call and provide the personalized advice you need. Thank you for your continued trust and partnership.