Please stay tuned for important disclosure information at the conclusion of this episode.

Welcome to Investing Insights. I'm your host, Ivana Hampton.

Investor's exuberance is fueling this year's stock rally, but will key economic risk dampen

the market's mood? The current

rule run has lifted stocks from their springtime lows to higher levels in autumn. The artificial

intelligence boom is one of the big factors driving it. Meanwhile, Federal Reserve is dealing

with the challenging situation of balancing the weakening job market and stubborn inflation.

The Fed cut interest rates for the first time in 2025 in the third quarter, but the path forward

from here is less certain. Joining me as Morningstar Inc. Senior Markets reporter Sarah Hanson

to discuss seven key market factors you should watch in Q4,

2025.

It's good to see you, Sarah.

It's great to be back.

Thanks so much for having me.

You examined the highs and lows during each quarter and write about it.

What do you think are the biggest takeaways from Q3?

Sure.

Yeah. So my biggest takeaway, I think, for the past quarter, is especially for stocks,

is just kind of the durability of the rally. The market is up about 8% over the past three months,

and that's on top of even bigger gains in the second quarter, and that's all come after we hit the

bottom in April.

And so with the exception of maybe a little bit of volatility here and there, like we saw in early

...