The S&P 500 locked in its first calendar-month loss since March and its largest since September 2011. The decline wiped out nearly three-fourths of the year-to-date return it had earned through the end of September. EM equities are down 22.7% from their 2018 peak in January and down 15.1% year-to-date, erasing more than half of their 37.7% return in 2017. Consumer staples and utilities were the only positive sectors in October. The volatility of the S&P 500 in October was more than four times what it was in September and more than two times its five-year average.