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Executive Summary 

• Technology is the year-to-date leader and Consumer Staples the laggard
• Generally, firms posted strong earnings numbers without indication of serious economic concerns
• AI remains a big focus and driver of stock market returns.

Introduction 

Earnings season has begun with a renewed focus on interest rates, hiring, and the direction of the economy. What major companies are reporting can give valuable insight into the overall state of the economy. As of the end of October, Technology had the strongest year-to-date performance, followed by the Utilities and Communication Services Sectors. The worst performing sector as of the end of October was Consumer Staples, followed by Real Estate and Materials.

Important Disclosures

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The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.

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