Earnings season is winding down as we kick off the last month of 2025. Despite many headwinds — persistent inflation, slowing global growth, a record 43-day U.S. government shutdown, and geopolitical conflicts — third-quarter results were largely positive. With 95% of S & P 500 companies in, 83% have outpaced earnings expectations, while 76% have outpaced revenue expectations. Earnings beats were led by technology, health care, and financials, while the revenue beats were led by consumer staples, health care, and technology. The stock market, on the other hand, remains volatile. We discussed how to approach such a tough tape in a Friday commentary as the S & P 500 eked out a November advance for a seventh straight month of gains, while the Nasdaq lost 1.5% in November and broke a seven-mon

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