Global Weekly Equities Report - October 23, 2026

Executive Summary

Reporting period: Monday 19 – Friday 23 October 2026.

The selling narrowed to a single company. The S&P 500 fell 0.47% and the Nasdaq 0.71%, but Communication Services lost 4.36% — nearly four points worse than any other sector — because Meta fell about 9% on record quarterly revenue of roughly 64.6 billion dollars. Investors read the capital-expenditure line rather than the revenue line. Information Technology, which fell 7.70% a week earlier, was essentially flat at -0.13%.

Beneath the index the market improved materially. The equal-weighted S&P 500 rose 1.14% and the Russell 2000 1.96% while the cap-weighted index fell 0.43% — the third consecutive week the average stock beat the index, and the first in which small caps led outright. Eight of eleven sectors rose. Energy gained 1.60% and Health Care 1.45%; only Communication Services, Industrials and Information Technology fell.

Yields fell for a second week. The ten-year Treasury closed at exactly 5.00%, down 9 basis points, and the thirty-year at 5.33%, down 10. The ten-year has now fallen 29 basis points from its 5.29% close at September month-end. Market-implied odds of a rate increase at this week's FOMC meeting have collapsed to roughly 10%, from 64% at the end of September.