Financial sector rise in October: AI shift lifts CBOE, crypto rout hits COIN
The financial sector rose 5.23% in October, outperforming the S&P 500's decline, driven by AI sentiment shifts and capital rotation. Cboe Global Markets led gains (+21.05%) due to increased options trading activity, while Coinbase Global fell sharply (-24.17%) amid crypto market weakness and cyberattack concerns. Analyst Ian Bezek attributes performance to AI-related capital flows and risk appetite changes. Despite monthly gains, he remains cautious on year-end prospects due to macroeconomic headwinds including weak consumer sentiment and high energy prices.