Morgan Stanley issues shock take on the stock market

Monday, November 3, 2025

Are you feeling it? The end of Daylight Savings means the sun is now setting closer to the closing bell, but the S&P 500 isn't tired. After finishing out October in the green, the index has now risen for six consecutive months. It's up more than 21% over that period, and it's starting November in the same direction.

That's even as some of the megacap earnings of late have disappointed investors and the Fed cautioned about optimism around a December interest rate cut.

But there's plenty of earnings reports still to come this season. And there's also plenty of data to look forward to, even as the government shutdown precludes the many reports we've been missing.

Monday Reading:.

• ACA Open Enrollment 2026: What to Know Before Choosing a Health Plan
• Home Depot sees shift in customer behavior
• Bank of America reconsiders Alphabet stock price target after earnings
• Cathie Wood's latest moves: sale of $21.4 million of surging AI stocks
• Surging real estate scams put older American property owners at risk
• Verizon CEO on why customers are leaving
• Costco has secret stores you’ve never seen 

Today, the S&P 500 is up 0.12%, reversing some of its larger early gains. Meanwhile, the Nasdaq Composite (+0.48%) is stronger while the Dow (-0.41%) and Russell 2000 (-0.70%) pull back. Gold futures are back above $4K today, too, adding a few tenths in trading. And the 10-year Treasury yield rose modestly to 4.116%.

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-- Noah Weidner, Markets Reporter

Morgan Stanley issues shock take on the stock market

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