Weekly Market Update – October 13, 2025

Price Return Last Week

S&P 500 (2.4%)   S&P Mid Cap  (3.9%)    Russell 2000  (3.3%)  

MSCI EAFE  (1.9%)      MSCI EM  (0.6%)  

10 Yr US Treasury Rate – fell from 4.12% to 4.05%

Source: Refinitiv Eikon

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Recent News

China Implements Rare-Earth Trade Limits – China’s Commerce Ministry announced on Thursday a new policy requiring all foreign suppliers to obtain government approval before exporting products with rare-earth minerals.  Additional restrictions will also be required for exports of some lithium batteries.  The announcement occurs just weeks before President Trump and President Xi are set to meet in Korea.  In response, Trump stated that he is planning a massive increase in tariffs on Chinese imports and called in to question the upcoming meeting with President Xi.  The NASDAQ index fell over 3% on Friday after Trump’s statement.  The administration would soften the language over the weekend causing a rebound in initial trading on Monday.

Source: Thomson Reuters, The Wall Street Journal

Government Shutdown Enters Week Two – Court documents show that as many as 4,000 federal employees may have been laid off on Friday, most within the Treasury and Health and Human Services departments.  President Trump noted over the weekend that he discovered a method of paying active-duty servicemen and women to ensure they don’t miss a paycheck on October 15.  Prediction markets show a roughly 50% chance that the current shutdown becomes the longest in history, exceeding the 35-day shutdown in January 2019.

Source: The Wall Street Journal, Barron’s

Fed Minutes – Newly released minutes from the Federal Reserve meeting on September 16-17 show that most officials thought it would make sense to continue easing interest rates over the remainder of the year, but several thought a cut in September wasn’t necessary.  A small majority expect at least two additional cuts this year, but seven officials don’t expect any additional cuts.  The minutes confirm that the one official who voted for a half-point cut at the last meeting was new Trump-appointee, Stephen Miran.

Source: The Wall Street Journal

Elevating the “L” – Work has now begun on a nearly $500 million redesign of the landmark State/Lake “L” station next to the Chicago Theatre.  Chicago-based architecture firm, Skidmore, Owings & Merrill designed the new station that was originally built in 1895.  Additional elevators and an increased number of exits will increase convenience and capacity, while a large glass canopy will be constructed to offer relief from weather elements and provide a dramatic backdrop of the city.

Source: Block Club Chicago, Skidmore, Owings & Merrill

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Upcoming Events

10/14 – Notable Earnings Reports: Wells Fargo, Goldman Sachs, BlackRock, Citigroup, JPMorgan Chase, Johnson & Johnson

10/15 – Notable Earnings Reports: Abbott Labs, Morgan Stanley, Bank of America, PNC, United Airlines

10/16 – Retail Sales, Notable Earnings Reports: Bank of New York Mellon, Charles Schwab, US Bancorp

10/17 – Notable Earnings Reports: American Express, Schlumberger, State Street

Source: Refinitiv Eikon