--- title: Big Tech Shines, Everyone Else Grinds description: Equity markets ended October on a cautious note. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) ### Big Tech Shines, Everyone Else Grinds Equity markets ended October on a cautious note. The S&P 500 gained modestly though breadth narrowed sharply as the Mag-7 once again dominated leadership. [**Gaël Combes**](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-comb) **Monday, 11/03/2025** | Reading time: 1min. - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - Equity markets ended October on a cautious note, as investors digested a heavy flow of earnings and Fed Chair Powell said a December Fed cut is not a done deal. The S&P 500 gained modestly (+0.7%), though breadth narrowed sharply as mega-cap tech once again dominated leadership (the Mag-7 index up +3.2%). The MSCI World Index rose +0.5% (in USD), with China down -1.5% despite a trade truce with the US, but Korea up +6.9% and Japan up +1.9%. It was the busiest earnings week of the season. As of now, 75% of US companies have reported, with results strong in aggregate with 83% beating expectations and EPS on track to grow 12% yoy. Yet the market reaction was muted, reflecting the slightly hawkish guidance by the Fed and elevated valuations. Misses were punished severely, falling an average -750 bps in next-day trading, about three times worse than historical norms (Bank of America). Tech results reaffirmed the market’s AI focus: Microsoft and Alphabet showed solid cloud-driven resilience, while Amazon impressed with stronger cloud growth and margin execution. Data centre builders continued to raise capex plans, benefiting AI semis and hardware names globally. By contrast, Meta fell after turning to debt financing amid rising costs, and smaller semis and software names faced profit-taking (ServiceNow slipped despite a beat-and-raise). Consumer-facing sectors signaled strain, with weaker volumes and cautious holiday guidance from retailers and staples alike. Chipotle shares tumbled -22% over the week, as low- and mid-income US consumers showed signs of fatigue. Industrials were held back by order softness and cautious 2025 commentary, despite a strong Caterpillar print. Energy was subdued, while Utilities, Healthcare, and Real Estate lagged as Treasury volatility persisted. In Europe, Financials stood out with solid results from several banks, while the rest of the market weakened - particularly Consumer (auto), Construction, and Materials sectors. Overall, the week underscored a maturing earnings cycle. Growth remains positive but increasingly selective, with investor focus shifting from headline beats to 2025 visibility and capital discipline. Equity markets ended October on a cautious note, as investors digested a heavy flow of earnings and Fed Chair Powell said a December Fed cut is not a done deal. The S&P 500 gained modestly (+0.7%), though breadth narrowed sharply as mega-cap tech once again dominated leadership (the Mag-7 index up +3.2%). The MSCI World Index rose +0.5% (in USD), with China down -1.5% despite a trade truce with the US, but Korea up +6.9% and Japan up +1.9%. It was the busiest earnings week of the season. As of now, 75% of US companies have reported, with results strong in aggregate with 83% beating expectations and EPS on track to grow 12% yoy. Yet the market reaction was muted, reflecting the slightly hawkish guidance by the Fed and elevated valuations. Misses were punished severely, falling an average -750 bps in next-day trading, about three times worse than historical norms (Bank of America). Tech results reaffirmed the market’s AI focus: Microsoft and Alphabet showed solid cloud-driven resilience, while Amazon impressed with stronger cloud growth and margin execution. Data centre builders continued to raise capex plans, benefiting AI semis and hardware names globally. By contrast, Meta fell after turning to debt financing amid rising costs, and smaller semis and software names faced profit-taking (ServiceNow slipped despite a beat-and-raise). Consumer-facing sectors signaled strain, with weaker volumes and cautious holiday guidance from retailers and staples alike. Chipotle shares tumbled -22% over the week, as low- and mid-income US consumers showed signs of fatigue. Industrials were held back by order softness and cautious 2025 commentary, despite a strong Caterpillar print. Energy was subdued, while Utilities, Healthcare, and Real Estate lagged as Treasury volatility persisted. In Europe, Financials stood out with solid results from several banks, while the rest of the market weakened - particularly Consumer (auto), Construction, and Materials sectors. Overall, the week underscored a maturing earnings cycle. Growth remains positive but increasingly selective, with investor focus shifting from headline beats to 2025 visibility and capital discipline. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Nov-03-2025-01-59-42-3841-PM.png?width=922&height=177&name=image-png-Nov-03-2025-01-59-42-3841-PM.png)     --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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