Market Schizophrenia: Symptoms and Causes
AI buildout worries drove a sharp chip selloff after the midterm elections: the NASDAQ fell 5.5% and the S&P 500 returned -2.7% for the week.
October 2026 Monthly Markets Update
Executive Summary In October, global equities had negative returns as markets soured on the AI trade. Equities started the month on a positive note after a choppy September as, despite high oil prices, persistent inflationary pressures and high bond yields, traders focused on the upcoming corporate earnings season which was expected to show continued double-digit […]
What’s Happening? Key Takeaways
Thursday’s (November 5) decline was led by AI-related and technology stocks, as investors reassessed how fast, and at what cost, the AI buildout can continue after the midterm elections. Beneath the headlines, the average stock set a record high on Wednesday (November 4), bonds rose, and the latest economic data remain solid. All figures are as of Thursday’s (November 5) close.
Show Me the Money: Investors Draw a Sharp Line on Massive AI Spending
AI spending is now sorting winners from losers: investors rewarded companies that fund the buildout from cash flow. Our weekly commentary explains.
Market Leadership Rotates as Small Caps Gain and Tech Slips
Market leadership rotated as small caps and value beat tech, Treasury yields fell below 5% and housing weakened further. Stuart Katz on what it means.
Stuart Katz on “Smart Money Circle” Hosted By Adam Sarhan
Our CIO, Stuart Katz, was recently featured on “Smart Money Circle” hosted by Adam Sarhan, where he shares his experience, philosophy, and outlook on the current market. Thank you to Adam Sarhan for having Stuart. Watch now.
Treasury Yields Fall as Inflation and AI Debt Worries Rise
Last week, stocks prices were mixed, and bond prices were up (yields down). The MSCI EAFE (non-US developed) outperformed the S&P 500 and MSCI Emerging Markets indices. The best-performing sectors in the S&P 500 were consumer staples, energy, and health care. Across U.S. Russell style and market-cap indices, large-cap value performed best, and the high dividend factor led more broadly.
Big Banks Kick Off Earnings as AI Theme Drives Markets
In the third quarter, markets absorbed higher rates, rising oil prices, and renewed inflation concerns, and continued to advance. Strong earnings, consumer spending, and sustained AI-related investment kept growth intact, although that CAPEX may also be reinforcing a higher-for-longer rate environment. The result for investors is a broader opportunity set, highlighted by improved income in bonds, continued support for risk assets, and a greater premium on selectivity.
September 2026 Monthly Markets Update
Executive Summary The third quarter combined solid economic and corporate fundamentals with renewed pressure from oil and interest rates. Oil traded back above $100 per barrel, inflation remained elevated, Treasury yields surged higher, and the Federal Reserve raised rates in September. The S&P 500 traded higher and set a new all-time high as corporate earnings […]
AI Pushes Markets Forward Despite Rising Yields
In the third quarter, markets absorbed higher rates, rising oil prices, and renewed inflation concerns, and continued to advance. Strong earnings, consumer spending, and sustained AI-related investment kept growth intact, although that CAPEX may also be reinforcing a higher-for-longer rate environment. The result for investors is a broader opportunity set, highlighted by improved income in bonds, continued support for risk assets, and a greater premium on selectivity.
From AI infrastructure to GLP-1 Drugs, Here Are Investment Pros’ Favorite Niche ETFs Now
Stuart Katz, Chief Investment Officer at Robertson Stephens, was featured in Barron’s, where he shares his perspective on two long-term investment themes—quantum computing and U.S. infrastructure—and strategies that offer exposure to their continued evolution. Click here to read more.
Markets Climb as AI Optimism Meets Higher Rates
The S&P 500 returned 1.2%, unperturbed by rising global interest rates. A renewed rally in semiconductor stocks drove the NASDAQ to an all-time high mid-week; markets remained optimistic around renewed talks in the Middle East and the U.S.-China summit for potential breakthroughs on either front. Mid-cap stocks (0.0%) and small-cap stocks (-0.8%) continue to fare worse than large caps. Within the S&P 500, technology (+3.1%) and communication services (+2.2%) were the best-performing sectors; rate-sensitive utilities (-3.1%) and energy (-3.0%) were the worst-performing. EAFE markets returned +0.2% with small gains across major geographies, while EM markets returned +1.3%, driven by technology-related gains in Korea offset by losses in Brazil (-1.7%), India (-1.0%) and China (-0.6%).