IN THIS ISSUE

• Macro Strategy — Guide to El Niño: What It Is, Why It Matters, and What to Do About It: A strong El Niño could reinforce elevated inflation, interest rates and commodity prices amid ongoing supply pressures.
  
  
• Market View — Another Tale of Market Rotation: October’s flat S&P 500 Index return masked a rotation from Artificial Intelligence leaders toward Value, defensive and rate-sensitive stocks, reinforcing the importance of diversification as market leadership broadens.
  
  
• Thought of the Week — Reorienting Around AI: From Corporate Plans to Construction to Capital Goods: Artificial Intelligence (AI)-driven demand for data centers, power and infrastructure remains strong, suggesting the AI investment cycle may still be in its middle innings.