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The Foundation of Behavioral Economics
Posted
October 21, 2025
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1,193
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October 21, 2025
1,193
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5:07Now PlayingRichard Thaler, Nobel Prize Winner and Author, discusses the markets, his economic outlook, and his book 'The Winner's Curse.'
A rally that put stocks on the cusp of all-time highs wavered, with traders gearing up for inflation data and parsing mostly positive earnings news. Gold sank the most in five years as the dollar rose.
Following the S&P 500’s biggest back-to-back advance since June, the gauge fluctuated. Equity exposure among global macro hedge funds and long-only strategies remain at the highest level in more than a year, despite some de-risking this month due to concerns over credit quality and trade, Barclays Plc strategists say.
“Our near-term technical outlook is for equities to consolidate/pull back over the next few weeks,” said Craig Johnson at Piper Sandler. “While recent breadth deterioration warrants proceeding with caution, we view pullbacks as healthy and necessary.”
While the US government shutdown has caused an economic data vacuum, drawdowns in equities have been short-lived as investors see them as opportunities to add risk to their portfolios.
“Another day, another dearth of US data, as the government shutdown continues, with no end in sight,” said Michael Brown at Pepperstone Group Ltd. “To my mind, the path of least resistance continues to lead to the upside, and dips remain buying opportunities.”
The S&P 500 hovered near 6,750. Megacaps were mixed, with Alphabet Inc. down and Amazon.com Inc. up. Texas Instruments Inc. and Netflix Inc. report results after the close. Industrial shares climbed on solid outlooks from General Electric Co. and 3M Co.
Treasuries rose, with 10-year yields falling to 3.95%. Gold sank over 5% after a surge that stretched technical indicators. A strengthening dollar has also made precious metals more expensive for most buyers.
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