ICM Monthly Outlook - October 2025
- ICM
- Oct 23
- 1 min read

The latest market insight from ICM reports that markets paused for breath in October after months of new highs. The S&P 500 and NASDAQ moved sideways, oil prices fell, and volatility edged higher as investors weighed mixed data and policy uncertainty. Gold, however, continued to rise - a sign of cautious sentiment amid ongoing geopolitical and macroeconomic crosswinds.
In this month’s market review, ICM's Senior Analyst Conor Spencer reflects on the backdrop shaping sentiment into year-end, from rate expectations and AI-driven optimism to the resilience of global earnings and employment.
For a comprehensive analysis of the current market dynamics and future outlook, read the full market review here.





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