Market Recap: 10.13.25

Weekly Market Recap

Summary

Markets stumbled Friday after a relatively quiet week, jolted by a tariff-related statement from the Trump administration. All three major indices ended the week down nearly 2.5%, with most sectors closing between 1.5% and 3% lower. Utilities were the standout, posting solid gains, while Consumer Staples managed a modest advance. A mix of factors, including the ongoing government shutdown, worsening US-China trade dynamics, and a shaky global fiscal backdrop, combined to deliver one of the market’s roughest sessions since Liberation Day.

10-Year Treasury Yield

• Current Rate: 4.06% (as of October 10, 2025)
• Week-over-Week Movement: –6bps (from 4.12% on October 3, 2025)

Major U.S. Equity Indices Performance

• S&P 500: 6,715.79 → 6,552.50 (-2.43% WoW)
• DJIA: 46,758.28 → 45,558.87 (-2.57% WoW)
• Nasdaq Composite: 22,780.51 → 22,204.43 (-2.53% WoW)

Notable Market Events

• Macroeconomic Data: President Trump referenced a “massive increase” in Chinese tariffs, responding to what some interpret as increasingly hostile trade tactics from Beijing. China’s refusal to purchase US soybeans and its rollout of stricter rare-mineral export rules this month caught markets off guard, reigniting tariff concerns many investors had considered resolved.
• Economic Policy: In an unprecedented move, the White House began cutting federal jobs across several departments in response to the ongoing shutdown. Agencies affected included Health and Human Services, Homeland Security, and Commerce. The layoffs coincided with a missed jobs report on October 4, further clouding the market’s view of the labor landscape. Private sector estimates varied widely in the absence of official data.
• Business: In the latest chapter of high-stakes AI dealmaking, OpenAI announced a multi-billion-dollar agreement with Advanced Micro Devices (AMD) for computing chips. These deals have drawn scrutiny for their circular nature, as tech giants race to secure hardware for AI development. Oracle (ORCL) shares slipped after the company reported underwhelming profitability in its cloud computing division.
• Markets: Gold and Silver extended their historic bull run as investors sought refuge from equity market volatility. Silver overtook Gold on a year-to-date basis, rising 73% compared to Gold’s 52%, despite Gold’s stronger performance earlier in the year. Soybean futures continued to slide following the President’s tariff remarks.

Stock Sector Performance

All performance numbers and market events are sourced from Bloomberg as of market close 10/10/2025.

Disclosures

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