Stock Market Today

Redbook sales* in the week of October 16th decelerated but remained very healthy at +9.7% y/y growth, after hitting +10.4% the prior week, which was the best since 2022, well above the 2025 average of +5.8% y/y.

*Redbook sales are same-store sales across a panel of large general-merchandise retailers, such as department stores, discount chains, apparel retailers, drugstores, and warehouse clubs.

BofA says their clients sold US equities last week (-$9.1B), led by institutions in their 10th-biggest selling week in BofA’s data since 2008.

October is typically institutions’ heaviest selling month as mutual funds harvest tax losses ahead of their 10/31 fiscal year-ends, and BofA says institutional single-stock sales this month, relative to market cap, are already the largest of any October in its data, with two weeks still to go.

Retail sold after two weeks of buying, and hedge funds for the first time in five weeks.

US economic data remains light with weekly jobless claims, September leading and coincident indicators and the Kansas City Fed’s October manufacturing survey.

The Fed remains in its blackout period ahead of next week’s October 27–28 FOMC meeting.

Non-Bill (>1yr in maturity) US Treasury auctions continue with a $26bn 5-year TIPS auction.

Q3 earnings season continues with 27 S&P 500 components: Procter & Gamble (PG), Union Pacific (UNP), Western Digital (WDC), Blackstone (BX), Valero Energy (VLO), Lockheed Martin (LMT), Newmont (NEM), Comcast (CMCSA), Norfolk Southern (NSC), Bloom Energy (BE), Honeywell (HON), Nasdaq (NDAQ), Comfort Systems USA (FIX), CBRE Group (CBRE), PG&E (PCG), Roper Technologies (ROP), Huntington Bancshares (HBAN), VeriSign (VRSN), Quest Diagnostics (DGX), Dover (DOV), PulteGroup (PHM), Dow (DOW), Snap-on (SNA), Tractor Supply (TSCO), NVR (NVR), Allegion (ALLE) and Deckers Outdoor (DECK).

Ex-US highlights are France October business confidence, EU27 September new car registrations, Eurozone October consumer confidence, Canada September industrial product price index, and a policy decision in South Korea.