Market Outlook - October 2025

Since 2009, we have drawn inspiration from Brian Belski’s unwavering conviction in a 25-year secular bull market for U.S. stocks, a view he reaffirmed on CNBC’s Halftime Report: “Our call has been steadfast and robust since 2009–10: the U.S. stock market is in a 25-year secular bull market.” This structural strength, fueled by innovation, corporate resilience, and adaptive policy, positions 2025 as a continuation of this powerful trend, with diversified U.S. exposure as the cornerstone of opportunity.

Earnings are gaining momentum, turning sentiment firmly positive as prior pessimism gives way to upward revisions in corporate profits. With EPS forecasts holding strong and supportive Fed policy in play, MSB Wealth sees a sustained bull run through year-end, with the S&P 500 targeting 7,000 delivering achievable, compounding gains for disciplined, long-term investors. Echoing Belski's positive nod to the Canadian market as an "amazing example" of riding the U.S. wave this year, we share optimism for the TSX, projecting a year-end close at 31,500 amid broadening participation and easing rates.

A brief late-year pause from profit-taking is likely, offering a healthy reset rather than a reversal. The broader bull market remains firmly intact, driven by sustained U.S. leadership and accelerating fundamentals setting the stage for American indices to resume outperformance over the TSX into 2026. At MSB Wealth, we view 2025’s close with calm conviction: stay invested, trim selectively, and let the long-term trend deliver steady, compounding gains.

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