Podcast
Real-Money Portfolio
Will Simpson and Greg Wise
October 17, 2025
An inside look at a real-money Aretec Wealth portfolio, including allocation, strategy, and performance.
Markets struggled through a volatile week beginning with Monday’s rebound following President Trump’s Friday comments, then giving way to unease about U.S. regional bank quality. Indices still rallied though, finishing with the S&P 500 gaining +1.52%, the Nasdaq +1.68% and the TSX posting a +0.75% gain on a short week. Gold & Silver continued their historic runs, posting all-time highs yet again at $4,289 and $53.36.
This week’s turbulence came from two sources. The familiar Trump/China trade tensions, then later renewed worry about U.S. regional banking stability. Zions Bancorp reported losses on bad loans, and Western Alliance alleging fraud in a borrower was enough to trigger fears about broader credit quality issues in the space. The S&P Regional Bank Index fell 6.3% Thursday, its worst day since the April tariff sell-off.
Entering its third week, the U.S. government shutdown continues to keep the economic picture murky by delaying key data releases, leaving investors and the Fed flying blind. The lack of data has made markets grow increasingly wary about the economy’s true health. Despite some of the setbacks, earnings season offered some bright spots with major U.S. banks including JP Morgan, BofA, and Goldman all delivering solid results that helped steady market sentiment.
It has been a quick shift from the uninterrupted rally that carried markets to record highs only weeks ago. While the returns this year have been impressive, this week was a reminder that volatility can return rapidly when multiple risks converge.
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