Markets carried their momentum into the third quarter of 2025, even as political uncertainty and softer labor data kept investors cautious. The S&P 500 advanced 7.8% in Q3, a solid showing that reflected both moderating inflation and rising expectations for Federal Reserve rate cuts. For income and defensive investors, the period was constructive: dividend-paying sectors once again demonstrated resilience, while more cyclical industries delivered some of the strongest gains. Across sectors, the rotation toward cyclical and commodity-linked…