The Monday Morning Playbook: Week of October 13, 2025

Good morning,

Equities finally took a shot on Friday, with the S&P 500 falling 2.7%, its worst day since the midst of the April tariff crash.

The culprit, of course, was tariffs again, but we aren’t here to opine on the headlines.

A few stats on what transpired to end last week:

• The S&P 500’s high-to-close loss (-3.4%) was the worst April

• The S&P 500 went from an all-time high one day to a one-month low the next day, for only the third time in history

• Friday breadth on the NYSE was the worst since May. For the S&P 500, its 77 advancers was the weakest daily reading since July.

Suffice it to say, Friday was bad. And clearly, it’s not helpful to the murky breadth picture, something I’ve been saying badly needs to turn around in October.

However, there are some reasons for optimism.