Wealth Management

The quarter in brief The S&P 500 gained 2.0% in the third quarter and finished September up 11.8% for the year (12.7% with dividends). That is a solid result, but it hides a real tug-of-war underneath. On one side: corporate profits. S&P 500 earnings are on track to grow more than 29% this quarter, led by AI-driven technology and an oil-fueled energy sector. On the other side: interest rates. The Federal Reserve raised rates in September for the first time since 2023, and the

Q2 2026 will be remembered as a quarter of striking contrasts. On the surface, it was one of the strongest stretches for U.S. stocks in years: all three major indexes pushed to record highs, and the rally broadened as the quarter wore on. Beneath that strength, however, ran a powerful undercurrent — inflation re-accelerated to a three-year high, oil whipsawed on the war in Iran, and a brand-new Federal Reserve chair pivoted the central bank toward a more hawkish stance, putti

As we close the books on Q1 2026, the quarter delivered a more consequential outcome than our preliminary mid-March report anticipated. What appeared to be a sideways, volatile markets through March ended the quarter with a definitive negative print — the S&P 500's worst opening quarter since 2022. The combination of a persistent oil shock, Supreme Court rulings reshaping trade policy, and a Federal Reserve navigating between inflation and a weakening labor market created an