Narrow gains beneath the surfaceOur Q3 2026 market commentary covers a quarter where the headline numbers hid a lot of strain. The S&P 500 gained about 2% in the third quarter, but the gains were narrow. The equal-weighted S&P 500 fell about 1.9%, small-company stocks dropped more than 7%, and the semiconductor stocks that led…
A tale of two quartersOur mid-year 2026 market outlook starts with a tale of two quarters. In Q1, bond yields, precious metals and energy prices all rose, with oil approaching $100 a barrel after attacks disrupted shipping through the Strait of Hormuz. Meanwhile the S&P 500 fell 4.3% and the Bloomberg U.S. Aggregate Bond Index…
A volatile start to the yearA lot has happened in our Q1 2026 market commentary: heightened geopolitical risk, and the stock and bond market volatility that came with it. The S&P 500 set a new all-time high early in the quarter, then gave it back to finish Q1 down roughly 4%. Escalating Middle East tensions…