Asset Management Weekly Market Commentary

Market updates for the week ending
October 30, 2026

Key observations

• Details surrounding the Anthropic IPO and financing announcements out of Broadcom and Meta Platforms boosted sentiment and enthusiasm surrounding AI-related investments early in the week, but earnings announcements out of some high-profile ‘Mag 7’ members left investors with more questions than answers.
• The MSCI Emerging Markets (EM) index closed out a tough month declining by over 1% on the week, but the broader index held up far better than feared with the MSCI Brazil index falling by more than 22%. Developed markets abroad held up relatively well as anti-AI exposures in the Eurozone and U.K. outperformed Japan which sold off in sympathy with U.S. technology stocks.
• Treasury yields fell over the balance of the week as FOMC Chair Kevin Warsh proved less ‘hawkish’ than expected in his post-meeting remarks on Wednesday. Another contributing factor to the downward pressure on yields was maintained – not raised – capex guidance out of three ‘Mag 7’ members, which led market participants to modestly ratchet lower their expectations for investment grade debt issuance in the quarters to come, which in turn would provide less competition for capital relative to Treasuries.

What we're watching this week

• The Institute for Supply Management (ISM) releases its Manufacturing and Services indices for October this week. The ISM Manufacturing index is expected to improve to 54.7 from 54.5 in September, while the Services index is expected to do the same and rise to 55.0 from 54.9 the prior month. A reading above 50 indicates expansion or growth, while a reading below 50 indicates contraction.
• The October nonfarm payrolls report will be released Friday and is expected to show 72k jobs were created during the month, with the unemployment rate remaining steady at 4.2%. On balance, our view remains that the labor market is on firm footing and that payrolls growth is settling into a new normal, with monthly jobs growth in the 50k to 70k range, on average, to be expected moving forward.
• The University of Michigan releases its monthly Consumer Sentiment survey for November on Friday, with the reading expected to fall from 47.8 after an already lackluster 48.0 in October.