U.S. equities zigzagged throughout October as uncertainty surrounding the election and a second stimulus package instilled volatility.
Global developed market equities declined in October as earnings became more of a concern among companies throughout various industries. In the U.S., the S&P 500 Index dropped the most ever for the week leading up to a presidential election. Emerging market equities faired better than developed markets in October, as a weakening U.S. dollar helped buoy emerging market currencies and stocks.
Growth, momentum, and quality factors of the S&P 500 Index led markets up until October when a reverse occurred, shifting focus back to higher beta, more volatile stocks. Analysts believe that election results may eventually offer a fiscal stimulus program that may help reignite some economic expansion.
Sources: Bloomberg, Standard & Poors
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