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S&P 500 Holds Near Record Ahead of US CPI
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October 22, 2025
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October 22, 2025
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3:05Now PlayingStephanie Roth, Chief Economist at Wolfe Research, previews this week's US CPI print and gives her thoughts on the Fed's rate cut strategy.
Stocks hovered near all-time highs amid signs of Corporate America resilience, with companies surpassing profit estimates by the most since 2021. A slide in gold deepened.
While still early in the season, the solid earnings beats come as a relief to investors at a time when the equity rally has slowed. With Wall Street sifting through a fresh batch of results, Tesla Inc. will be the first megacap to report after Elon Musk’s electric-vehicle giant more than doubled in the past 12 months. A surge in Beyond Meat Inc. and Krispy Kreme Inc. echoed of the meme-stock frenzies that periodically roil the market.
A majority of S&P 500 firms typically top expectations, but this season stands out considering that analysts had set the bar higher by raising projections heading into the reporting period. Robust earnings and signs of sustained investment in artificial intelligence are countering threats to stocks from China trade tensions and the government shutdown.
US companies should continue to deliver superior earnings growth supported by a robust AI investment cycle, ongoing deficit spending, and a still-resilient consumer, JPMorgan Chase & Co’s Dubravko Lakos-Bujas says.
S&P 500 held near 6,730. The yield on 10-year Treasuries was little changed at 3.96%. The dollar wavered. Bitcoin fell.
Gold slid 1.2% after suffering the worst rout in over 12 years on concerns its rally had run too far, too fast.
“So far, so good,” said Thomas Lee at Fundstrat Global Advisors, referring to the earnings season. “We continue to be constructive into year-end and expect the S&P 500 to reach at least 7,000 by year-end and that is the base case, with the possibility that we could see an even better 7,500.”
With the season now well underway, results are looking promising, according to Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus.
The fact that big US companies are beating expectations and guidance despite ongoing risks suggests there is “enough resilience to provide stocks with a ticket to ride,” Stoltzfus said this week.
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