The Corner October 2025

Perspectives – October 27, 2025

Our work continues to support a secular bull market driven by economic growth, consumer spending, and transformative technologies. Corporate earnings continue to rise, proof it margins are still expanding, and the markets anticipate that the Federal Reserve (Fed) will cut short-term interest rates 25 basis points again this month. We believe this could boost the equity market and hasten economic activity. Our year-end target for the S&P 500 remains 7000, and we expect it will reach 7200 early next year. Our long-term target for this secular bull market is 10,000–13,000 for the S&P 500 by 2029–2030. This month, we will look at average stock market performance over a presidential term and the effects of revisions in nonfarm payrolls. We’ll then review the sectors in the U.S. equity market and briefly describe how to use the overbought/oversold list we publish every week.