November 2026 Financial Market Update
October ended with mixed results across major U.S. stock indexes. The Dow Jones Industrial Average increased, while the S&P 500 and Nasdaq 100 declined.¹ Economic releases also presented a mixed picture: the initial estimates showed growth in economic output and limited September job gains, while the annual consumer inflation rate increased.³ ⁴ ⁶
October Market Performance
The following changes are calculated from the September 30 closing values through October 30, the final trading day of October:
| Index | September 30 close | October 30 close | October price change |
| S&P 500 | 7,651.54 | 7,580.07 | −0.93% |
| Nasdaq 100 | 30,408.50 | 28,384.85 | −6.65% |
| Dow Jones Industrial Average | 50,906.05 | 51,770.31 | +1.70% |
Source: Closing index values from FRED and Yahoo Finance.¹ Monthly changes are calculated as the ending value divided by the beginning value, minus one, and rounded to two decimal places.
These are price changes, excluding the reinvestment of ordinary cash dividends, rather than total returns. They do not represent the performance of an Emerald Advisors portfolio.
Corporate Earnings: Results Above Estimates, With Qualifications
As of October 30, approximately 60% of S&P 500 companies had reported third-quarter results. Of those companies, 82% reported earnings per share above analysts’ estimates, exceeding the five-year average of 78%. However, aggregate earnings were only 1.9% above estimates, compared with a five-year average of 7.5%.²
These comparisons are preliminary. The current figures reflect companies that had reported by October 30, while the historical averages reflect completed earnings seasons. FactSet’s blended figures—which combine reported earnings with estimates for companies yet to report—showed year-over-year earnings growth across all 11 sectors.²
Economic Growth and Household Income
Inflation-adjusted gross domestic product increased at an annualized rate of 3.4% in the third quarter, according to BEA’s advance estimate. Investment, consumer spending, and government spending contributed to the increase. The estimate is subject to revision.³
The initial September employment report showed an increase of 29,000 nonfarm payroll jobs, with unemployment at 4.2%. These estimates are subject to revision.⁴
BEA separately reported that inflation-adjusted disposable personal income—after-tax income adjusted for price changes—declined 0.3% in September.⁵
Inflation and Federal Reserve Policy
The Consumer Price Index for All Urban Consumers increased 3.7% over the 12 months ended September, up from 3.4% in August. Gasoline accounted for more than half of September’s monthly price increase, although several other categories also recorded increases.⁶
At its October 28 meeting, the Federal Reserve maintained its federal funds target range at 3.75%–4.00%. Two voting members preferred a quarter-percentage-point increase. The Fed stated that additional information would help determine the appropriate policy stance.⁷
Looking Ahead
Items to monitor in November include employment and inflation releases, additional corporate earnings reports, and election-related policy developments. These developments may influence market expectations, but their effects on investment prices and future policy decisions remain uncertain.
As you review the month’s news, consider whether your financial goals, upcoming cash needs, or tolerance for investment risk have changed. Please contact our team if you would like to discuss how your financial plan reflects your current circumstances.
Sources
- Monthly index calculations based on September 30 and October 30, 2026, closing values: S&P Dow Jones Indices LLC, retrieved through FRED, “S&P 500” and “Dow Jones Industrial Average”; Yahoo Finance, “Nasdaq 100 Historical Data.” Dividend treatment: FRED S&P 500 series notes, Dow Jones Averages Methodology, and Nasdaq-100 calculation description in an SEC-filed offering document.
- FactSet. “S&P 500 Earnings Season Update: October 30, 2026.”
- U.S. Bureau of Economic Analysis. “GDP (Advance Estimate), 3rd Quarter 2026.” October 29, 2026.
- U.S. Bureau of Labor Statistics. “The Employment Situation—September 2026.” October 2, 2026.
- U.S. Bureau of Economic Analysis. “Personal Income and Outlays, September 2026.” October 29, 2026.
- U.S. Bureau of Labor Statistics. “Consumer Price Index—September 2026.” October 14, 2026.
- Board of Governors of the Federal Reserve System. “Federal Reserve Issues FOMC Statement.” October 28, 2026.
Disclosure: Provided by Emerald Advisors, LLC for informational and educational purposes only. This material is not individualized investment, tax, or legal advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. Indexes are unmanaged and cannot be invested in directly. Index price changes exclude reinvested ordinary dividends, advisory fees, and transaction costs. Economic estimates may be revised, and forward-looking statements are subject to uncertainty. Information is current as of November 2, 2026, unless otherwise indicated.
Emerald Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
