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- Jenny Didrichsen, Wayout Water, Dubai

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October saw broad-based gains across major asset classes, with indices repeatedly hitting new highs throughout the month. However, gold and other precious metals pulled back in recent weeks after a historic rally. Bitcoin and crypto remained volatile and ended the month flat, while the dollar regained strength after several months of weakness.

AppLovin (APP) has been one of the market's most explosive stories, with its stock price surging nearly ~3,500% over the last three years, and around ~270% in 2025. Yet, for many, its business remains a mystery. AppLovin’s valuation is no doubt lofty, trading a near 100 P/E. However, that multiple has been backed by phenomenal growth. The company is forecasting a 100%+ EPS growth this year.

AppLovin is an AI-driven software platform that provides a full suite of tools to help mobile app developers (like game studios, streaming services, or e-commerce brands) scale their user base and maximize ad revenue.

AppLovin has quietly built a vertically integrated ad empire, outcompeting the likes of Google, Unity, and the Trade Desk. However, potential investors must be wary that AppLovin will need to continue reporting exemplary growth metrics in future quarters to justify its lofty valuation. It reports earnings next week on 05-Nov.

With the US govt shutdown still in effect, official economic releases remain on hold, making private-sector data such as S&P Global PMI, ISM manufacturing and services surveys, and ADP employment reports all the more critical for gauging growth and labor trends.
Meanwhile, earnings season continues in full swing, led by a flurry of high-profile reports from AI and tech names that could set the tone for November’s market momentum.

Progressive Corp is one of the largest property and casualty insurers in the US, best known for its auto insurance business. Founded in 1937, it operates across three main segments : personal insurance (for cars, homes, and RVs), commercial insurance (for businesses and fleets), and property coverage. Progressive is widely recognized as a tech-driven insurance leader. It was among the first to sell policies online and uses advanced data tools like its “Snapshot” program, which tracks driving behavior to offer personalized pricing.

Progressive has shown strong revenue growth in recent years, with annual revenue growing at a ~15% CAGR since 2022. Its earnings have recently been volatile due to pricing pressures and increases in claims. However, the company has an industry-leading combined ratio of 87.8% (an insurer's measure of profitability, showing if premiums cover claims and expenses), a strong balance sheet, and impressive growth in operating cash flow at a ~25% CAGR since 2022. It is the only S&P 500 company to report monthly results, with the next conference call on 04-Nov.

PGR is currently in an oversold zone, with both its daily and weekly RSI readings below 27. The stock has broken beneath its 50 and 120-week moving averages, signaling a medium-term bearish trend. However, historically, it has found support and reversed near its 120-day weekly moving average, which makes for a contrarian setup for patient investors. This is a medium to long-term opportunity for those willing to hold through weakness to own a high-quality business.

Ali is a full-time equity trader and investor based in Dubai, and the founder of First Mile Investing. He left his corporate career in 2024 to pursue his passion for the markets. He founded First Mile Investing to help beginners take their first confident steps into investing, with the goal of making the process less intimidating, more accessible, and empowering for everyone.