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Indices Hunt for Support After Steep Weekly Losses as Volatility Gauge Stays Elevated

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  • Major US indices closed the week lower with the Nasdaq down 3.37% to 24,579.43, S&P 500 down 2.68% to 7,376.86, Dow Jones down 0.94% to 51,285.73, & Russell 2000 down 2.05% to 2,754.11.
  • The CBOE Volatility Index settled at 23.5, reflecting trader uncertainty regarding whether recent market lows represent a floor or a pause before further declines.
  • Technical indicators show the S&P 500 & Nasdaq in oversold territory with RSI readings of 35.1 & 33.9 respectively, while the Dow & Russell remain at 43.2 & 43.0.
  • Commodities saw gold rise 3.70% to $4,116.60/oz & silver gain 3.86% to $52.68, whereas WTI crude fell 8.48% to $88.28/barrel & natural gas increased 5.36% to $3.01/MMBtu.
  • Enbridge reported Q3 GAAP earnings of $1.3B ($0.59/share) vs $0.7B ($0.30/share) in 2025, placed $3B of gas projects in service, & closed acquisitions of Tallgrass Energy's crude business ($2.6B) & Salt Creek Midstream ($0.6B).
  • Amgen posted Q3 revenues of $10.4B (up 8%), GAAP EPS of $7.08 (up 19%), & noted UPLIZNA sales grew 191% while Prolia sales dropped 45% due to biosimilar competition.
  • Thomson Reuters reported Q3 total revenue & organic growth of 10%, closed the sale of 51% of its Global Print business to KKR for ~$500M, & updated its 2026 outlook to exclude that business.
  • Sun Life Financial reported underlying net income of $1.146B (up 9%) & raised its common share dividend from $0.96 to $1.00 per share, while reported net income fell 29% to $785M.
  • Eli Lilly & Hims & Hers Health announced an agreement to expand access to Zepbound & Foundayo via the Hims platform at self-pay prices of $299 & $149 per month respectively.
  • The companies in the agreement committed to protecting independent clinical decision-making & stated Hims & Hers will not offer compounded copies of Lilly's GLP-1 medicines.
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