October 2025 Investment Review & Outlook (Video)

Ben Hockema’s latest market update breaks down what happened in Q3 and what to watch going forward.

Market Highlights

• Gold and small-cap stocks led the way in Q3.

• Nearly every major asset class has posted strong gains in 2025 so far.

• Markets hit new all-time highs, including the S&P 500.

• A weaker U.S. dollar gave international stocks an extra boost.

Big Headlines

• The government shutdown continues, but historically hasn’t hurt markets much.

• Record highs across multiple asset classes, including gold and the S&P 500.

• Dollar trends are influencing international performance.

Reasons to Be Cautious

• Tariffs are beginning to impact companies and consumers.

• The labor market is showing early signs of slowing.

• Valuations are high, meaning continued earnings growth is needed.

• U.S. debt levels continue to climb.

Reasons to Be Optimistic

• Low investor sentiment often signals more room for growth.

• Corporate earnings are at record levels.

• The Federal Reserve is shifting toward a more supportive stance.

• Small-cap stocks show strong potential for a breakout.

Takeaway

While risks remain, there are still plenty of reasons to stay invested and think long term. A balanced, disciplined approach continues to serve investors well.