Weekly Market Pulse

Market map: eight of eleven sector ETFs advance

SPY-0.43%Oct 23 close: $759.97

QQQ-0.76%Oct 23 close: $704.40

DIA+0.44%Oct 23 close: $521.37

IWM+1.96%Oct 23 close: $275.75

XLK -0.13%XLE +1.60%XLU +0.83%XLF +0.68%XLV +1.45%XLC -4.36%XLRE +0.97%XLB +0.77%

SPY daily chartOpen on Finviz

Daily bars in USD, October 23 versus October 16; Friday versus October 22. Price changes exclude distributions. The live chart may show later data.

Cross-asset map: oil fund rises, gold and silver funds fall

USO +4.80%, TLT +1.61%, GLD -4.03%, SLV -5.42% 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 19–23

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: low jobless claims, wages behind prices

Jobless claims stay low

Seasonally adjusted initial claims were 194,000 in the week ending October 17, down 6,000 from the previous week’s revised 200,000; the four-week average was 197,750. Insured unemployment was 1,728,000 in the week ending October 10, a rate of 1.1%. Department of Labor

Pay grows more slowly than prices

Median weekly earnings of the 122.2 million full-time wage and salary workers were $1,232 in the third quarter, not seasonally adjusted, 1.5% higher than a year earlier; CPI-U rose 3.5% over the same period. BLS

Rates: next decision October 28

The last decision remains the September 16 increase to 3.75–4.00%. The FOMC meets October 27–28, with the decision at 2:00 p.m. ET and the press conference at 2:30 p.m. ET. Federal Reserve

Interpretation: firm jobs, squeezed pay

Low claims point to limited layoffs, while pay growing more slowly than consumer prices points to pressure on real incomes. Neither release determines the next Fed decision; the September PCE data due October 29 is the next inflation check.

Earnings: Meta, Tesla and Netflix report

Meta reported October 21: third-quarter revenue $64.60 billion, up 26%; diluted EPS $3.83, including a $9.89 billion charge for the agreement with U.S. state attorneys general, or $7.40 excluding it. Capital expenditures were $34.91 billion and free cash flow was negative $2.12 billion; fourth-quarter revenue guidance is $73–76 billion. The board also declared a one-time dividend of new non-voting Class C shares, one per Class A and Class B share, contingent on a charter effective January 19, 2027. SEC exhibit 99.1

Tesla reported October 21: revenue $28.05 billion, compared with $28.10 billion a year earlier; GAAP operating income $0.72 billion, GAAP diluted EPS $0.22 and non-GAAP diluted EPS $0.48. Operating cash flow was $6.3 billion and free cash flow $1.5 billion; deliveries were 486,532, down 2%. SEC exhibit 99.1

Netflix reported October 20: revenue $12.87 billion, up 12%, operating margin 34.6% and diluted EPS $0.87; it expects 2026 revenue of $51.1 billion and an operating margin of 31.5%. Weekly price changes: META -9.40%, NFLX -6.64%, TSLA +4.93%. Single reports are not a proxy for the whole market. SEC exhibit 99.1

Biotech: two FDA approvals for GSK as XBI rises

XBI +3.62%, IBB +2.85%. Different portfolio weights explain why the funds are not interchangeable sector measures.

October 19 approval

The FDA granted accelerated approval to GSK’s Jemperli (dostarlimab-gxly) alone for adults with previously untreated stage II or III locally advanced rectal cancer that is mismatch repair deficient or MSI-high. In the interim results of the 154-patient AZUR-1 study, after a median follow-up of more than two years almost three-fourths of patients had not needed surgery, radiotherapy or chemotherapy. Continued approval depends on confirmatory follow-up. FDA release

October 20 approval

The FDA approved GSK’s Hibsago (bepirovirsen), an antisense oligonucleotide licensed from Ionis, with nucleos(t)ide analogue therapy in adults with chronic hepatitis B without cirrhosis, on that therapy for at least six months, with suppressed HBV DNA and HBsAg of 3,000 IU/mL or less. In the pooled B-Well 1 and B-Well 2 studies, 19% achieved functional cure (233 of 1,220) versus none of 614 on placebo. GSK gave no U.S. launch date. FDA release · GSK release

Kodiak company coverage · Biotech catalyst calendar

Forward calendar as of October 24

The next week is October 26–30. Times follow agency schedules. Europe changes clocks October 25 and the US on November 1: Rome is five hours ahead of ET until October 31, then six again. Dates can be revised.

Sources and methodology

Official daily closing prices for 32 ETFs, six sessions from October 16 through October 23, 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.