October 25, 2026

By Chris McLaughlin, Trip McLaughlin, and Frankie McLaughlin

Market Data Through Friday, October 23, 2026

Welcome to another edition of the Smart Wealth Newsletter!

We are Chris McLaughlin and my two sons, Trip and Frankie. Each week, we share our perspectives on the financial markets, individual stocks, real estate investing, and the principles that help families build long-term wealth.

Trip is currently a senior at Tulane University's A. B. Freeman School of Business in New Orleans, where he continues to develop his knowledge of finance, investment analysis, and business strategy. He has a particular interest in technology, artificial intelligence, semiconductors, and companies positioned to benefit from major economic trends.

Frankie is a freshman at Georgetown University's McDonough School of Business in Washington, D.C. Like his older brother, Frankie has developed a passion for investing and identifying businesses with exceptional growth potential. His portfolio includes investments in artificial intelligence, cloud computing, advanced semiconductors, and established companies with durable competitive advantages.

As for me, Chris, I have spent decades investing in real estate and publicly traded companies. My investment philosophy emphasizes patience, disciplined decision-making, and owning outstanding businesses that can compound earnings and shareholder value over many years.

This week's financial markets provided another reminder that investing is rarely a straight line. Rising oil prices, higher Treasury yields, inflation concerns, and questions surrounding technology valuations contributed to renewed volatility on Wall Street.

Despite these challenges, our family remains optimistic about the long-term opportunities available to investors who maintain discipline and focus on the fundamentals.

Let's review what happened during the week ending October 23, 2026.

The financial markets experienced a challenging week as investors balanced corporate earnings, economic uncertainty, rising energy prices, and elevated Treasury yields.

Wall Street began the week with optimism, but selling pressure increased during Thursday's and Friday's trading sessions. Technology shares were particularly vulnerable as investors reassessed valuations and the potential impact of higher interest rates on future earnings.

The major averages finished the week with mixed results, demonstrating that investors were increasingly selective about which companies they were willing to own.

The Dow Jones Industrial Average closed Friday, October 23, at 52,215.16, finishing the week approximately 0.41% higher. Although the Dow declined 652.82 points during Friday's session, its weekly gain demonstrated relative strength among established industrial and blue-chip companies.

The S&P 500 closed at 7,623.68, declining approximately 0.47% for the week. The benchmark remains substantially higher for the year, but its recent weakness illustrates how rising interest rates and inflation concerns can affect even the largest and most profitable American businesses.

The Nasdaq Composite finished at 25,955.34, falling approximately 0.71% for the week. Technology companies experienced heightened volatility as investors questioned whether future earnings growth could justify elevated valuations.

Despite the week's weakness, the longer-term performance of the major averages remains positive. Through October 23, the Dow was approximately 8.64% higher year to date, the S&P 500 had gained approximately 11.37%, and the Nasdaq had advanced approximately 11.67%.

These results reinforce an important investment lesson: short-term volatility does not necessarily change the long-term investment outlook.

One of the most significant developments during the week was the sharp increase in energy prices.

Brent crude oil climbed above $116 per barrel on Friday, reaching its highest level since June 2022. The increase renewed concerns about inflation, consumer spending, corporate profitability, and the Federal Reserve's monetary policy.

Higher energy prices affect virtually every sector of the economy.

Transportation companies face higher fuel expenses. Manufacturers experience increased production costs. Retailers must contend with higher distribution expenses, while consumers have less disposable income when gasoline and utility bills rise.

These developments can create difficult choices for businesses.

Companies can absorb higher expenses, reducing profit margins, or increase prices and risk weakening customer demand.

For investors, this reinforces the importance of owning businesses with strong pricing power.

Companies such as Costco, Microsoft, Apple, and Procter & Gamble have established customer relationships and competitive advantages that may help them navigate periods of economic uncertainty.

Our family continues to favor businesses capable of maintaining profitability even when economic conditions become more challenging.

Another major development was the continued rise in Treasury yields.

The benchmark 10-year U.S. Treasury yield approached 4.99% on Friday, creating additional competition for stocks.

When investors can earn yields approaching 5% on Treasury securities, they naturally reconsider the risks associated with owning equities.

Higher interest rates also increase borrowing costs for businesses and consumers.

Mortgage rates, corporate financing expenses, and the cost of expanding operations can all increase when Treasury yields rise.

Growth-oriented technology companies can be particularly sensitive because much of their valuation depends on earnings expected several years into the future.

When interest rates rise, investors often become less willing to pay premium valuations for those future earnings.

This helps explain why artificial intelligence companies, semiconductor manufacturers, and other high-growth businesses can experience substantial price swings even when their long-term prospects remain attractive.

We believe investors must distinguish between a temporary decline in stock prices and a genuine deterioration in business fundamentals.

A lower share price does not automatically mean a company is becoming less valuable.

Sometimes the market is simply adjusting the price it is willing to pay for future growth.

Artificial intelligence continues to represent one of the most important technological developments of our lifetime.

The investment opportunity extends far beyond companies developing AI software.

Semiconductor manufacturers, cloud computing providers, networking companies, electrical equipment suppliers, and power generation businesses are all positioned to benefit from expanding AI infrastructure.

Microsoft, NVIDIA, Alphabet, Amazon, Micron, and GE Vernova represent different ways investors can participate in this transformation.

Microsoft benefits from its Azure cloud platform, enterprise software, and AI applications.

NVIDIA provides advanced processors used to train and operate sophisticated artificial intelligence systems.

Alphabet continues investing in AI across Google Search, Google Cloud, and its broader technology ecosystem.

Amazon Web Services provides computing infrastructure supporting AI development and deployment.

Micron manufactures advanced memory products essential to high-performance computing.

GE Vernova benefits from growing electricity demand and the need to expand power generation and transmission infrastructure.

However, investors are becoming more selective.

Simply announcing an AI initiative is no longer sufficient to justify an elevated stock valuation.

Companies increasingly must demonstrate measurable revenue growth, improving profitability, and attractive returns on invested capital.

We believe this development is healthy for the market.

Over time, the businesses capable of converting technological innovation into sustainable earnings should be better positioned to reward shareholders.

Despite weakness in the broader market, several companies delivered impressive gains during the week ending October 23.

Zscaler (ZS) advanced approximately 23.0%, reflecting renewed enthusiasm for cybersecurity companies.

Hasbro (HAS) gained approximately 18.9%, making it one of the strongest performers among major American companies.

Charles River Laboratories (CRL) climbed approximately 15.1%, demonstrating strength in healthcare-related businesses.

Roper Technologies (ROP) increased approximately 14.5%, benefiting from investor interest in technology-oriented industrial companies.

Allegion (ALLE) rose approximately 14.3%, outperforming many other industrial businesses.

CrowdStrike (CRWD) gained approximately 13.3%, highlighting continued demand for cybersecurity technology.

Equifax (EFX) advanced approximately 13.1%, demonstrating strength in financial information and analytics.

ServiceNow (NOW) climbed approximately 12.0%, an encouraging development for enterprise software investors.

IBM (IBM) gained approximately 9.2%, reflecting renewed interest in established technology companies.

Lockheed Martin (LMT) advanced approximately 9.4%, benefiting from strength in defense-related equities.

These weekly gains demonstrate that opportunities remain available even when the major market averages struggle.

ServiceNow is particularly interesting to our family because Frankie owns the stock in his Schwab portfolio. Its recurring software revenue, enterprise customer relationships, and growing AI capabilities make it an attractive long-term business.

IBM also deserves attention because its enterprise technology operations, consulting services, and artificial intelligence initiatives provide opportunities beyond the most speculative areas of the technology market.

Cybersecurity was another bright spot.

As businesses increasingly rely on cloud computing and artificial intelligence, protecting sensitive information and digital infrastructure becomes more important.

We believe cybersecurity will remain a significant long-term investment theme.

However, a strong weekly stock performance does not automatically make a company an attractive purchase. Investors must continue evaluating earnings, valuations, competitive advantages, and financial strength.

One of the most important lessons from this week's market action is that volatility is an unavoidable part of investing.

The S&P 500 advanced during the first three trading sessions before declining on Thursday and Friday.

The Nasdaq experienced particularly significant selling pressure during Thursday's session.

For short-term traders, these movements can be unsettling.

For investors with a five- or ten-year time horizon, however, market corrections can occasionally create attractive buying opportunities.

Our family does not believe investors should automatically purchase every declining stock.

Instead, we evaluate whether the company's underlying business remains healthy.

Are revenues growing?

Are profit margins sustainable?

Does management have a strong record of allocating capital?

Does the company possess competitive advantages that competitors will struggle to duplicate?

If the answers remain favorable, a temporary decline may present an opportunity rather than a reason to sell.

The distinction between price volatility and permanent capital impairment is critical.

Successful investing requires understanding the businesses we own rather than reacting emotionally to every market movement.

As we approach November, we expect the financial markets to remain sensitive to inflation data, Treasury yields, corporate earnings, and developments in artificial intelligence.

Higher oil prices could complicate the inflation outlook, while elevated borrowing costs may challenge companies that depend heavily on debt financing.

Nevertheless, we continue to believe that outstanding businesses can create substantial shareholder wealth over time.

Technology remains an important part of our investment strategy, but diversification also matters.

Established consumer companies, financial services businesses, industrial manufacturers, and energy infrastructure providers can offer exposure to different economic conditions.

We remain particularly interested in artificial intelligence infrastructure, advanced semiconductors, cloud computing, and companies helping meet the world's growing electricity needs.

Our investment philosophy has not changed.

We want to own excellent businesses, purchase them at reasonable valuations, and allow their earnings to compound over time.

Markets will experience corrections, interest rates will fluctuate, and economic uncertainty will periodically increase.

But patient investors who remain disciplined and focus on long-term business fundamentals can position themselves to benefit from continued economic innovation and growth.

Closing Prices: October 23, 2026

In this section, we share the investments held in Chris's Morgan Stanley and Fidelity accounts, Trip's Schwab account, and Frankie's Schwab account.

Each stock includes its closing price, percentage gain or loss relative to its reported cost basis, an indicative analyst rating, our personal investment rating, and a brief explanation of why we own it.

Chris's Morgan Stanley stock portfolio has appreciated 268.96% relative to its reported cost basis, reflecting his strategy of investing in quality companies with strong long-term growth potential.

Alphabet (GOOG) — $317.28 | Gain: +84.49% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris owns Alphabet for its leadership in search, cloud computing, and artificial intelligence. He believes its strong cash flow and competitive advantages will drive long-term growth.

Amazon (AMZN) — $248.00 | Gain: +19.22% | Analyst Rating: Strong Buy | Chris's Rating: Strong Buy. Chris believes Amazon's cloud computing, advertising, and e-commerce businesses offer exceptional growth opportunities.

Apple (AAPL) — $347.73 | Gain: +131.96% | Analyst Rating: Buy | Chris's Rating: Buy. Chris owns Apple for its loyal customer base, powerful ecosystem, and consistent cash generation.

Deere (DE) — $646.15 | Gain: +83.63% | Analyst Rating: Buy | Chris's Rating: Buy. Chris believes Deere's leadership in agricultural equipment, automation, and precision farming supports long-term growth.

GE Aerospace (GE) — $285.64 | Gain: +187.81% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris owns GE Aerospace for its dominant aircraft engine business and recurring maintenance revenue.

GE Vernova (GEV) — $815.00 | Gain: +693.99% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris believes soaring electricity demand from AI data centers and grid modernization will support years of growth.

Kroger (KR) — $66.77 | Gain: +35.71% | Analyst Rating: Hold | Chris's Rating: Hold. Chris owns Kroger for its defensive grocery business and dependable consumer demand.

Marvell Technology (MRVL) — $228.51 | Loss: −3.83% | Analyst Rating: Buy | Chris's Rating: Buy. Chris believes Marvell will benefit from expanding AI infrastructure and high-speed data center networking.

Meta Platforms (META) — $642.62 | Gain: +10.83% | Analyst Rating: Strong Buy | Chris's Rating: Strong Buy. Chris owns Meta for its advertising dominance and opportunities to increase profitability through AI.

Micron Technology (MU) — $877.55 | Loss: −29.03% | Analyst Rating: Strong Buy | Chris's Rating: Buy. Chris believes growing demand for advanced memory chips and AI computing infrastructure supports Micron's long-term prospects.

Microsoft (MSFT) — $524.51 | Gain: +1,027.71% | Analyst Rating: Strong Buy | Chris's Rating: Strong Buy. Chris considers Microsoft a cornerstone investment because of Azure, enterprise software, recurring revenue, and artificial intelligence.

Procter & Gamble (PG) — $161.02 | Loss: −1.95% | Analyst Rating: Buy | Chris's Rating: Hold. Chris owns Procter & Gamble for its trusted consumer brands, dependable dividends, and defensive characteristics.

Chris's Fidelity Trust portfolio combines established technology, financial services, energy, and telecommunications companies. The portfolio's stock holdings have appreciated 105.80% relative to their reported cost basis.

Amazon (AMZN) — $248.00 | Gain: +118.29% | Analyst Rating: Strong Buy | Chris's Rating: Strong Buy. Chris owns Amazon for its leadership in cloud computing, e-commerce, and artificial intelligence.

American Express (AXP) — $313.22 | Gain: +87.92% | Analyst Rating: Hold | Chris's Rating: Buy. Chris believes American Express benefits from its affluent customer base, powerful brand, and profitable payments network.

Kinder Morgan (KMI) — $34.43 | Gain: +130.86% | Analyst Rating: Hold | Chris's Rating: Buy. Chris owns Kinder Morgan for its energy infrastructure, recurring pipeline revenue, and attractive dividend potential.

Verizon Communications (VZ) — $44.66 | Loss: −11.46% | Analyst Rating: Hold | Chris's Rating: Hold. Chris owns Verizon for its recurring wireless revenue and dividend income, although competition and debt remain concerns.

ExxonMobil (XOM) — $183.21 | Gain: +118.34% | Analyst Rating: Buy | Chris's Rating: Buy. Chris believes ExxonMobil's global energy operations, disciplined capital investment, and dividend payments provide diversification and long-term value.

LightPath Technologies (LPTH) — $7.29 | Loss: −33.55% | Analyst Rating: Buy | Chris's Rating: Buy. Chris owns LightPath for its advanced optical technologies and potential growth in defense, aerospace, and infrared imaging applications.

Tesla (TSLA) — $372.22 | Gain: +17.04% | Analyst Rating: Hold | Chris's Rating: Strong Buy. Chris believes Tesla's leadership in electric vehicles, energy storage, artificial intelligence, and autonomous driving provides significant long-term growth opportunities.

Chris's second Fidelity Trust portfolio has appreciated 158.29% relative to its reported cost basis, driven primarily by strong performance in Apple and NVIDIA.

Apple (AAPL) — $347.73 | Gain: +211.46% | Analyst Rating: Buy | Chris's Rating: Buy. Chris owns Apple for its loyal customer base, powerful ecosystem, and ability to generate substantial cash flow.

NVIDIA (NVDA) — $210.96 | Gain: +113.67% | Analyst Rating: Strong Buy | Chris's Rating: Strong Buy. Chris believes NVIDIA's leadership in artificial intelligence chips, data center computing, and accelerated processing provides exceptional long-term growth opportunities.

Space Exploration Technologies (SPCX) — $147.49 | Gain: +9.25% | Analyst Rating: Not Available | Chris's Rating: Buy. Chris owns this SpaceX-related investment because he believes commercial space exploration, satellite communications, and launch services offer significant long-term opportunities.

Chris's Fidelity SIMPLE IRA portfolio has appreciated 16.78% relative to its reported cost basis, with investments in technology, healthcare, consumer products, financial services, and aerospace.

Apple (AAPL) — $347.73 | Gain: +10.40% | Analyst Rating: Buy | Chris's Rating: Buy. Chris owns Apple for its loyal customers, powerful ecosystem, and consistent long-term earnings potential.

Costco (COST) — $1,003.32 | Gain: +3.55% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris believes Costco's membership model, customer loyalty, and pricing advantages make it an outstanding long-term investment.

Cisco Systems (CSCO) — $106.50 | Gain: +2.82% | Analyst Rating: Buy | Chris's Rating: Buy. Chris owns Cisco for its networking technology, recurring software revenue, and opportunities in AI infrastructure.

GE Aerospace (GE) — $285.64 | Loss: −10.98% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris believes strong demand for aircraft engines and recurring maintenance services will support long-term earnings growth.

Coca-Cola (KO) — $92.71 | Gain: +16.79% | Analyst Rating: Hold | Chris's Rating: Buy. Chris owns Coca-Cola for its worldwide brand recognition, dependable dividends, and consistent consumer demand.

Lam Research (LRCX) — $230.10 | Loss: −16.36% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris believes increasing demand for advanced semiconductors and AI-related memory production will benefit Lam Research over time.

Mastercard (MA) — $623.60 | Gain: +15.64% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris owns Mastercard for its global payments network, strong margins, and continued growth in electronic transactions.

Merck (MRK) — $145.27 | Gain: +17.76% | Analyst Rating: Buy | Chris's Rating: Buy. Chris believes Merck's pharmaceutical portfolio and research pipeline provide attractive long-term opportunities.

Procter & Gamble (PG) — $161.02 | Gain: +7.80% | Analyst Rating: Buy | Chris's Rating: Hold. Chris owns Procter & Gamble for its trusted consumer brands, dependable dividends, and defensive characteristics.

Palantir Technologies (PLTR) — $196.75 | Gain: +36.67% | Analyst Rating: Hold | Chris's Rating: Strong Buy. Chris believes Palantir's artificial intelligence software and expanding government and commercial relationships offer substantial long-term growth potential.

Visa (V) — $407.92 | Gain: +22.00% | Analyst Rating: Buy | Chris's Rating: Strong Buy. Chris owns Visa for its dominant global payment network and the continuing transition from cash to electronic payments.

Trip, a senior at Tulane University's Freeman School of Business, continues to focus on technology, artificial intelligence, energy infrastructure, and high-quality businesses. His Schwab stock portfolio has appreciated 52.57% relative to its reported cost basis.

GE Vernova (GEV) — $815.00 | Gain: +709.36% | Analyst Rating: Buy | Trip's Rating: Strong Buy. Trip believes soaring electricity demand from artificial intelligence data centers and grid modernization will support GE Vernova's long-term growth.

Costco (COST) — $1,003.32 | Gain: +117.68% | Analyst Rating: Buy | Trip's Rating: Strong Buy. Trip owns Costco for its membership model, loyal customers, and ability to generate consistent long-term earnings growth.

Intel (INTC) — $86.96 | Loss: −31.98% | Analyst Rating: Hold | Trip's Rating: Buy. Trip believes Intel's investments in domestic semiconductor manufacturing and advanced chip production offer significant turnaround potential despite near-term challenges.

Micron Technology (MU) — $877.55 | Gain: +1.67% | Analyst Rating: Strong Buy | Trip's Rating: Strong Buy. Trip owns Micron because artificial intelligence and data center expansion are driving demand for advanced memory chips, creating opportunities for long-term earnings growth.

Frankie, a freshman at Georgetown University's McDonough School of Business, continues to focus on artificial intelligence, semiconductors, cloud computing, and innovative technology companies. His Schwab stock portfolio has appreciated 79.53% relative to its reported cost basis.

Navitas Semiconductor (NVTS) — $8.38 | Gain: +12.63% | Analyst Rating: Buy | Frankie's Rating: Buy. Frankie believes Navitas's advanced power semiconductors will benefit from growing demand for energy-efficient technology and AI data centers.

Nebius Group (NBIS) — $158.74 | Gain: +87.26% | Analyst Rating: Buy | Frankie's Rating: Strong Buy. Frankie owns Nebius for its expanding AI cloud infrastructure and opportunities to benefit from increasing demand for high-performance computing.

GE Vernova (GEV) — $815.00 | Gain: +709.36% | Analyst Rating: Buy | Frankie's Rating: Strong Buy. Frankie believes rising electricity demand from AI data centers and investments in power infrastructure will drive long-term growth.

Costco (COST) — $1,003.32 | Gain: +116.94% | Analyst Rating: Buy | Frankie's Rating: Strong Buy. Frankie owns Costco for its membership model, loyal customers, and consistent earnings growth.

ServiceNow (NOW) — $158.96 | Gain: +74.47% | Analyst Rating: Buy | Frankie's Rating: Strong Buy. Frankie believes ServiceNow's enterprise automation software and expanding AI capabilities will support long-term recurring revenue growth.

Corpay (CPAY) — $408.46 | Loss: −0.52% | Analyst Rating: Buy | Frankie's Rating: Buy. Frankie owns Corpay for its corporate payment solutions and opportunities to benefit from the continued digitization of business transactions.

Aurora Innovation (AUR) — $4.81 | Gain: +23.33% | Analyst Rating: Buy | Frankie's Rating: Buy. Frankie believes Aurora's autonomous trucking technology could transform commercial transportation and create significant long-term growth opportunities.

Microsoft (MSFT) — $524.51 | Gain: +201.58% | Analyst Rating: Strong Buy | Frankie's Rating: Strong Buy. Frankie considers Microsoft a core investment because of its leadership in cloud computing, enterprise software, and artificial intelligence.

CoreWeave (CRWV) — $54.24 | Loss: −34.52% | Analyst Rating: Buy | Frankie's Rating: Buy. Frankie believes CoreWeave's specialized AI cloud infrastructure offers substantial growth potential as demand for advanced computing capacity expands.

AppLovin (APP) — $260.25 | Loss: −14.97% | Analyst Rating: Buy | Frankie's Rating: Buy. Frankie owns AppLovin for its AI-powered advertising technology and opportunities to expand its digital advertising business.

As we close another week, our family remains focused on the long-term opportunities created by artificial intelligence, cloud computing, semiconductors, electrical infrastructure, and high-quality businesses with strong competitive advantages.

While market volatility can create temporary setbacks, we believe patience, disciplined investing, and owning exceptional companies remain among the most effective strategies for building lasting wealth.

Chris, Trip, and Frankie continue to approach investing with a long-term perspective, recognizing that successful wealth creation requires both conviction and an understanding of risk.

We appreciate you joining us for another edition of the Smart Wealth Newsletter and look forward to sharing our investment insights again next week.

The Smart Wealth Newsletter is published for educational and informational purposes only and does not constitute financial, investment, tax, or legal advice. The opinions expressed by Chris, Trip, and Frankie McLaughlin represent personal investment perspectives and should not be interpreted as recommendations to buy or sell any security. Analyst ratings are indicative and have not all been independently verified as of October 23, 2026. Portfolio returns reflect brokerage-reported unrealized gains or losses relative to cost basis, not necessarily total investment performance. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. Readers should conduct their own research and consult qualified financial professionals before making investment decisions.