S&P 500 Performance, Winners, and Losers

• Strong September – The S&P 500 posted the best September results in 15 years, with a 3.7% gain in September 2025 (source: Y Charts).
• Spending Surge – Adobe is projecting a 5.3% increase in holiday spending during the 2025 season, with Cyber Monday expected to be the biggest online shopping day. Similarly, mobile shopping is expected to drive 56.1% of online spending, and an estimated $2 billion increase in “buy now, pay later” spending is projected (source: Reuters).
• Selling Single-Family Homes – New single-family housing sales in August 2025 increased by 20.5% from July 2025. However, new homes for sale declined by 1.4% between July 2025 and August 2025 (source: United States Census Bureau).
• Technology on Top – The Technology sector had the strongest September 2025 results with a 7.53% gain, followed by Communication Services with a 6.64% gain. On the other end, the Energy Select sector had a -0.32% loss, the Consumer Staples sector saw a decline of -2.31%, and the Materials sector dropped by -2.42% (source: Y Charts).
• Job Update – In August 2025, the number of job openings was 7.2 million. Hires also remained in range at 5.1 million, quits were 3.1 million, and layoffs were 1.7 million. Construction saw a 115,000 decrease in openings, followed by the federal government at 61,000 (source: U.S. Bureau of Labor Statistics).
• Stock Spotlight – Warner Bros. Discovery, Inc. had the S&P 500’s largest gain in September 2025, rising 67.8%. This comes after a proposed merger between Warner Bros. Discovery and Paramount in mid-September (source: Yahoo Finance).
• L for Loser – CarMax was the S&P 500’s biggest loser, with a -26.9% share price decline. This follows an unexpected $142 million loss provision that sparked a share sell-off at the end of September (source: PR Newswire).
• IRS Updates – Treasury Secretary Scott Bessent will remain the commissioner of the IRS after being put in the position on a temporary basis. In addition, Frank Bisignano will serve as the CEO of the IRS, which is a newly created position. Bisignano currently serves as the commissioner of the Social Security Administration (source: CNBC).
• Bad Bets – 43% of U.S. adults agree that sports betting is bad for society, which is up from 34% in 2022. Similarly, 40% of U.S. adults believe that betting is bad for sports, which is a 7% increase from 2022 (source: Pew Research Center).
• Film Flop – Dwayne Johnson’s new wrestling drama, The Smashing Machine, opened at an estimated $6 million across 3,345 theaters, which is the worst start of his career (source: The Hollywood Reporter).

Originally published October 13, 2025

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*Definitions and Indexes

This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.

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