It almost looked as though the S&P500 saw a ghost today as the index wiped out all of October’s gains (+1.8% as of yesterday’s close, now -6 bps on the month). Or as one economist put it, “it turns out stocks can’t go up each day.” Heavy weights Microsoft and Meta dragged on indices due to their combined $4.5trn market cap, but they weren’t the only companies haunting investors as today’s overflow of earnings underwhelmed in aggregate (details below). On the economic front, we had some importan…
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