Weekly Market Pulse

Market map: nine of eleven sector ETFs advance

SPY-0.56%Oct 30 close: $755.72

QQQ-1.97%Oct 30 close: $690.49

DIA-0.81%Oct 30 close: $517.13

IWM+1.30%Oct 30 close: $279.33

XLK -2.03%XLE +1.00%XLU +2.04%XLF +1.09%XLV +3.12%XLC -5.32%XLRE +1.41%XLB +2.79%

SPY daily chartOpen live chart

Daily bars in USD, October 30 versus October 23; Friday versus October 29. Price changes exclude distributions. The live chart may show later data.

Cross-asset map: silver and gold funds fall, Treasury funds edge up

SLV -8.46%, GLD -2.95%, USO -0.41%, TLT +0.61% and UUP +0.14%. ETF exposure, fees and futures roll effects can differ from spot returns. Treasury-fund gains do not imply a measured yield change.

Sessions in review: October 26-30

Each daily return uses the preceding session in the same price series. Daily changes compound to the weekly change; adding rounded percentages will not reproduce it exactly.

Macro: Fed holds, growth strong, inflation firm

Jobless claims stay low

Seasonally adjusted initial claims were 194,000 in the week ending October 24, down 1,000 from the previous week’s revised 195,000; the four-week average was 196,750. Insured unemployment was 1,701,000 in the week ending October 17, a rate of 1.1%. Department of Labor

Growth strong, inflation firm

Real GDP rose at a 3.4% annual rate in the third quarter in the advance estimate, after 2.2% in the second. In September the PCE price index rose 0.5% on the month and 3.6% on the year; excluding food and energy it rose 0.3% and 3.1%. Real spending was nearly flat and the saving rate was 3.8%. BEA GDP · BEA personal income

Rates: Fed holds at 3.75-4.00%

On October 28 the FOMC kept the target range at 3.75-4.00% by a 10-2 vote; Lisa D. Cook and Beth M. Hammack preferred a 0.25-point increase. The statement says inflation remains elevated. The next meeting is December 8-9. Federal Reserve statement

Interpretation: pay trails prices

Employment costs rose 0.8% in the third quarter and 3.4% over twelve months, with wages and salaries up 3.1%, below the 3.6% annual PCE inflation rate. Two votes for a hike show that part of the Committee sees more risk on inflation; neither release determines the December decision. BLS

Earnings: Microsoft, Alphabet and Amazon report

Microsoft reported October 28 for its fiscal first quarter: revenue $92.3 billion, up 19%; operating income $45.9 billion, up 21%; diluted EPS $4.92 on a GAAP basis and $4.89 excluding the impact of its OpenAI investment. Microsoft Cloud revenue was $63.9 billion, up 30%, and Azure revenue grew 48%. SEC exhibit 99.1

Alphabet reported October 28: third-quarter revenue $127.6 billion, up 25%; Google Cloud revenue $30.7 billion, up 103%; operating margin 31.8% and diluted EPS $2.12, compared with $2.87 a year earlier, after other expense of $8.2 billion. Purchases of property and equipment were $51.36 billion, compared with $23.95 billion a year earlier. SEC exhibit 99.1

Amazon reported October 29: net sales $201.9 billion, up 12%; AWS sales $46.0 billion, up 39%; operating income $28.1 billion and diluted EPS $1.89. Trailing twelve-month free cash flow was an outflow of $42.4 billion, driven by higher spending on property and equipment. Weekly price changes: GOOGL -12.61%, AMZN -3.08%, MSFT -0.50%. Single reports are not a proxy for the whole market. SEC exhibit 99.1

Biotech: FDA approves Voceryq as XBI rises

XBI +4.31%, IBB +4.75%. Different portfolio weights explain why the funds are not interchangeable sector measures.

October 30 approval

The FDA granted accelerated approval to Inovio’s Voceryq (doruxapapogene ralaplasmid and lalikinogene sifuplasmid-gxfd) for adults with recurrent respiratory papillomatosis, the first plasmid DNA-based immunotherapy approved in the U.S. In an open-label trial in 32 adults, 7 of 26 patients (27%) with at least three baseline surgeries needed no surgery in the first year after treatment. Continued approval depends on confirmatory trials. FDA release

October 29 results

Eli Lilly reported third-quarter revenue of $24.4 billion, up 39%, driven mainly by Mounjaro and Zepbound; reported EPS was $7.22, including $4.57 of acquired IPR&D charges. Lilly raised its 2026 revenue guidance to $91.0-92.0 billion and set non-GAAP EPS guidance at $35.00-36.00. SEC exhibit 99.1

INOVIO company coverage · Biotech catalyst calendar

Forward calendar as of October 31

The next week is November 2-6. Times follow agency schedules. US clocks change on November 1, so Rome is again six hours ahead of ET. Dates can be revised.

Sources and methodology

Official daily closing prices for 32 ETFs, six sessions from October 23 through October 30, 192 observations. All comparisons use the same daily-series basis; price changes exclude distributions and are not total returns or live prices.

Primary economic and company releases are linked in each section. Sector breadth is the count of positive returns among eleven sector ETFs, not stock-level breadth. Interpretations are editorial and do not attribute moves to a single cause or to an unconfirmed consensus surprise.