US equities notched record gains in October amid the artificial intelligence-led bull run, interest rate cuts and easing trade tensions between Washington and Beijing. The S&P 500 hit the 6,900 mark on an intraday basis for the first time on Oct. 28, while the Dow Jones Industrial Average logged its sixth straight monthly advance for the first time since 2018.
However, some analysts believe these stock market gains are masking the troubles of US consumers, who continue to face rising prices and a weak labor market.
