The S&P 500 Index gained 1.92 percent, the Nasdaq Composite Index gained 2.31 percent and the Dow Jones Industrial Average gained 2.20 percent.1,2
S&P, Dow Set New Highs on Friday
Stocks rose out of the gate as optimism returned to markets. Strength in the tech sector—and whispers of an imminent end to the government shutdown—pushed all three market averages higher.3
But the strong start turned mixed as some pressure on megacap tech stocks pulled down the Nasdaq. But while tech stocks regrouped, attention shifted to the Dow Industrials, which hit a record intraday high of 47,000 and a record close.4
Sentiment soured midweek as weaker-than-expected earnings results from two megacap tech companies dragged down technology names. Markets came under further pressure following news that the administration was considering restrictions on U.S.-made software exported to China. The S&P, Dow, and Nasdaq all closed lower on Wednesday.5
But the mood brightened Thursday as more megacap tech companies announced strong Q3 results, and as the White House confirmed a scheduled meeting with China.
News on Friday that inflation rose more slowly than expected boosted all three averages. The S&P 500 and Dow Industrials hit all-time intraday and closing highs.6
Inflation Eases
The Consumer Price Index report, delayed due to the government shutdown, showed prices rose by 3.0 percent in September on an annualized basis, slightly cooler than the 3.1 percent forecast.
This news paved the way for the Fed to stick with its penciled-in rate cut at its two-day meeting, which ends on October 29.
In addition to the upbeat inflation news, Q3 corporate earnings–one of the key drivers of stock prices–have been beating expectations 80% of the time as of Friday.7
Economic Data To Watch
Monday: Durable Goods.
Tuesday: Case-Shiller Home Price Index. Consumer Confidence.
Wednesday: Trade Balance in Goods. Retail & Wholesale Inventories. Pending Home Sales. Federal Open Market Committee meeting, Day 2. Fed Interest Rate Decision. Fed Chair Press Conference.
Thursday: Gross Domestic Product (GDP). Weekly Jobless Claims. Fed Official Michelle Bowman speaks.
Friday: Personal Consumption & Expenditures (PCE) Index. Dallas Fed President Logan, Cleveland Fed President Hammack, and Atlantic Fed President Bostic speak.
Source: Investors Business Daily - Econoday economic calendar; October 24, 2025. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
Upcoming Earnings Reports
Monday: Welltower Inc. (WELL), Cadence Design Systems, Inc. (CDNS), Waste Management, Inc. (WM)
Tuesday: Visa Inc. (V), United Health Group Incorporated (UNH), NextEra Energy, Inc. (NEE), Booking Holdings Inc. (BKNG), Southern Copper Corporation (SCCO), American Tower Corporation (AMT)
Wednesday: Microsoft Corporation (MSFT), Alphabet Inc. (GOOG/GOOGL), Meta Platforms, Inc. (META), Caterpillar Inc. (CAT), ServiceNow, Inc. (NOW), Verizon Communications Inc. (VZ), The Boeing Company (BA), KLA Corporation (KLAC), Automatic Data Processing, Inc. (ADP), CVS Health Corporation (CVS), Starbucks Corporation (SBUX)
Thursday: Apple Inc. (AAPL), Amazon.com, Inc. (AMZN), Eli Lilly and Company (LLY), MasterCard Incorporated (MA), Merck & Co., Inc. (MRK), Gilead Sciences Inc. (GILD), Stryker Corporation (SYK), S&P Global Inc. (SPGI), Comcast Corporation (CMCSA), Altria Group, Inc. (MO), The Southern Company (SO)
Friday: Exxon Mobil Corporation (XOM), AbbVie Inc. (ABBV), Chevron Corporation (CVX)
Source: Zacks, October 24, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Footnotes and Sources1. WSJ.com, October 24, 2025
2. Investing.com, October 24, 2025
3. CNBC.com, October 20, 2025
4. CNBC.com, October 21, 2025
5. CNBC.com, October 22, 2025
6. WSJ.com, October 24, 2025
7. WSJ.com, October 24, 2025
Source: YCharts.com, October 25, 2025. Weekly performance is measured from Monday, October 20 to Friday, October 24. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.