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Powell's tough love?

Last Updated: September 30, 2025

A broad range of US companies reined in estimates of 2019 growth last week, most notably Amazon. Last week, we noted that any corporate concerns about next month’s profit and revenue growth would weigh heavily on stock markets and we were correct. The S&P 500 slumped 3.9% in dollar terms, putting it 9.3% down from its peak in September. Other markets followed the American bourse downward, although the UK held up better with a cheaper pound lending some support amid Brexit worries.