Softening Data, Strong AI Demand: A Market Searching For Direction
Last week, stock prices were up and bond prices were down (yields up). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. The best-performing sectors in the S&P 500 were energy, utilities, and consumer staples. Across U.S. Russell style and market-cap indices, mid-cap growth performed best, but the value factor led more broadly.
As for fixed income, the 10-year Treasury yield was up to 4.69% over the week, and the 2s/10s Treasury yield spread steepened to +52 bps. High-yield bond spreads were nearly flat at 265 bps and still remain well below the 2025 high of 453 bps.
Did You Know: S&P 500 less Expensive Now than January 2026?
Markets remained resilient as strong earnings and improving global economic data supported equities despite higher Treasury yields, ongoing AI sector volatility, and persistent inflation and Fed policy concerns.
AI Trillion $ Spending Splits the Market: Winners and Losers
Markets remained resilient as strong earnings and improving global economic data supported equities despite higher Treasury yields, ongoing AI sector volatility, and persistent inflation and Fed policy concerns.
July 2026 Monthly Markets Update
Executive Summary: July Market Performance In July, global equities were mostly unchanged, though the relative stability masked substantial underlying volatility. The month was marked by a violent unwind of the AI/semiconductor trade, volatility in oil prices as a permanent peace in the Middle East proved elusive, and significant sector rotation. Adding to the volatility and […]
Fundamentals Drive Markets in the Absence of Fed Action
Markets remained resilient as strong earnings and improving global economic data supported equities despite higher Treasury yields, ongoing AI sector volatility, and persistent inflation and Fed policy concerns.
“The Private Markets Playbook” by Allocate Institute with Raj Bhattacharyya and Stuart Katz
How do leading wealth managers thoughtfully incorporate alternatives into client portfolios? In the latest Allocate podcast episode of The Private Markets Playbook, Raj Bhattacharyya and Stuart Katz share insights on private markets, portfolio construction, and the growing role of AI in wealth management. Why Most Firms Miss on Alts: It’s NOT the Product, It’s the Plumbing […]
Geopolitical Tensions Escalate While Risk Assets Fall
Markets traded lower this week as geopolitical tensions escalated in the Middle East and the price of oil surged +15%. The S&P 500 and Nasdaq each declined around -2%, with the Russell 2000 close behind at -1.5%. Most equity factors traded lower, including Growth, Value, and Equal-Weight, with market breadth weakening. The two exceptions were […]
Déjà Vu: Oil, Semi, Fed Move Markets
Executive Summary US Markets. Major U.S. stock indexes closed the week mixed, as a late-week rebound in semiconductor and artificial intelligence (AI)-related shares helped the Nasdaq Composite and the S&P 500 Index overcome earlier volatility that was driven in part by higher oil prices and renewed hostilities between the U.S. and Iran. The Nasdaq led […]
June 2026 Monthly Markets Update
Q2 2026 Executive Summary Stocks staged a strong recovery in Q2, with the S&P 500 gaining +15% and finishing near record highs. The Middle East conflict and oil shock that started in Q1 continued for most of Q2, but oil prices fell as the two sides worked toward a ceasefire agreement. Meanwhile, investors’ enthusiasm for […]
Q2 Market Recap: Broadening Beyond AI: A Strong Quarter for Stocks
Q2 2026 Executive Summary Stocks staged a strong recovery in Q2, with the S&P 500 gaining +15% and finishing near record highs. The Middle East conflict and oil shock that started in Q1 continued for most of Q2, but oil prices fell as the two sides worked toward a ceasefire agreement. Meanwhile, investors’ enthusiasm for […]
Sharing Is Caring: Market Performance Breadth Improves
Weekly Market Recap Markets traded lower last week, though there was relative strength beneath the major equity indexes. The S&P 500 and Nasdaq both ended the week lower as the largest tech stocks sold off, while the Russell 2000 small-cap index, along with the value and equal-weight factors, produced modest gains. Technology, Communication Services, and […]
Hawkish Warsh and Declining Oil Prices Impact Risk Markets
Executive Summary Major U.S. stock indexes ended the volatile week higher as cautious optimism around a possible U.S.-Iran agreement, declining oil prices, and continued broadening beyond large-cap technology shares helped offset mixed inflation data and volatility in artificial intelligence (AI)-related stocks. Small-cap equities led the advance, with the Russell 2000 Index rising 3.9%, while the […]