On this October 22nd, 2025 episode of The Gentle Ledger, markets take a mindful pause after their record run. The Dow slips to 46,590, the S&P 500 drifts to 6,699, and the Nasdaq eases to 22,740, while small caps retreat more sharply. Netflix tumbles on weak earnings, Texas Instruments softens on cautious guidance, but bright spots from IBM and Intuitive Surgical bring quiet balance. Overseas markets mirror the calm, gold retreats to around $4,100 per ounce, and oil steadies near $62 a barrel as Treasury yields ease to 3.95 percent. Bitcoin lingers near $108,000, reflecting the broader exhale across risk assets. Tonight’s episode captures the stillness that follows momentum—a gentle recalibration between confidence and caution.