Weekly Talking Points for Financial Advisors (11/10/25)

Read the highlights of this week's commentary from Helios:

• The government shutdown is nearing an end after Senate Democrats agreed to a deal to reopen the government and fund key departments, including Agriculture, Veterans Affairs, and Congress, for the year, while extending funding for others through January 30. The plan restores pay for furloughed workers, resumes payments to states, and allows agencies to recall laid-off employees.
• The Supreme Court signaled skepticism during oral arguments over President Trump's use of emergency powers to impose tariffs. A ruling against the administration could trigger billions in refunds and curb presidential trade authority. The tariffs have already weighed on manufacturing and exports, with global supply chains feeling the strain.
• The U.S. services sector delivered a bright spot, with the Institute for Supply Management’s Services Purchasing Managers Index holding at 52.4 in October, signaling continued growth. In contrast, manufacturing remained in contraction for a second month, with firms citing tariff uncertainty and weak investment. The widening gap highlights how trade tensions are weighing more heavily on industrial output and growth.

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