WS #16856
Despite the political shock, macroeconomic data points to continued resilience. The S&P Global October Final Composite PMI came in at 55.9, well above expansion levels, indicating that the US economy is not slowing. Analysts note that while valuations have contracted, earnings revisions for 2026/2027 remain positive, supporting a bullish long-term view. This data helps anchor the market rally, suggesting that the political shift is a distribution event rather than a fundamental economic downturn.
Macro Resilience and PMI
Despite the political shock, macroeconomic data points to continued resilience. The S&P Global October Final Composite PMI came in at 55.9, well above expansion levels, indicating that the US economy is not slowing. Analysts note that while valuations have contracted, earnings revisions for 2026/2027 remain positive, supporting a bullish long-term view. This data helps anchor the market rally, suggesting that the political shift is a distribution event rather than a fundamental economic downturn.