October brought strong corporate earnings, continued AI investment, and ongoing uncertainty around interest rates and geopolitics. Explore the trends shaping global markets and the outlook heading into 2027.

August 2026 brought resilient equity markets alongside rising interest rates, inflation concerns, and continued geopolitical uncertainty. This month’s market recap examines key trends across stocks, bonds, commodities, and the global economy, along with the risks investors should be watching heading into September.

July brought a shift in market leadership as investors rotated out of high-growth AI and semiconductor stocks and into energy, financials, and other value-oriented sectors. Rising Treasury yields, persistent inflation, and geopolitical tensions added volatility, while corporate earnings and economic fundamentals remained supportive. Read our July 2026 Market Insights for a recap of the month's key developments and what they could mean for investors going forward.

U.S. markets delivered strong gains in May as easing geopolitical tensions, resilient economic growth, and solid corporate earnings supported investor confidence. While equities continued their upward momentum, questions remain about inflation, the conflict with Iran, and whether the steady flow of retirement savings into a shrinking universe of publicly traded companies may be creating a structural floor beneath the stock market.

Global markets surged in April 2026 despite heightened geopolitical tensions, rising energy prices, and persistent inflation. Led by AI and semiconductor stocks, Equity markets delivered standout performance, while emerging markets significantly outpaced developed peers. Investors largely looked past short-term risks, focusing instead on strong corporate earnings and resilient economic fundamentals. However, ongoing conflict in the Middle East and elevated oil prices continue to pose risks, keeping central banks cautious and reinforcing a “higher for longer” rate environment.

February 2026 marked a turning point as inflation surprises and geopolitical tensions reshaped market expectations. Equities pulled back late in the month, bonds struggled with rising yields, and investors recalibrated their outlook for rate cuts. Our February Market Review explores the key drivers across equities, fixed income, currencies, and commodities—and what lies ahead for growth, inflation, and global markets.

January 2026 saw a strong but uneven start to the year as global equities rose and market leadership broadened beyond mega-cap stocks. International and emerging markets outperformed U.S. equities, supported by a weaker dollar and resilient corporate earnings. Commodities reflected heightened geopolitical tensions, while bonds delivered mixed results amid shifting expectations for Federal Reserve rate cuts. Investors remain cautiously optimistic as markets navigate policy uncertainty and global risks.

2025 was a year defined by tariff-driven volatility, AI-led market leadership, and strong performance across global equities and real assets. Despite economic and geopolitical crosscurrents, diversified portfolios benefited from broad-based asset appreciation, with global stocks, precious metals, and private credit delivering standout results. As we look ahead, we remain focused on disciplined diversification amid evolving market and policy dynamics.

November 2025 saw steady equity gains, easing bond yields, and rising volatility as markets awaited the Federal Reserve’s December rate decision. Strong corporate earnings and a robust year-to-date rally supported stocks, but consumer confidence continued to weaken amid inflation pressures and job concerns. Geopolitical tensions involving Russia, China, and the Middle East added uncertainty, while bond markets signaled expectations of potential rate cuts. As we head into December, investors are balancing hopes for a “Santa rally” against stretched valuations, policy risks, and signs of slowing consumer momentum.

The first month of the fourth quarter is in the books. During October, capital markets rallied despite macroeconomic headwinds, with equities, bonds, and tech leading gains amid rate cuts and easing inflation.

In Q3, equity markets posted strong gains, with the S&P 500 up 8% and the Nasdaq hitting record highs, led by NVIDIA’s $4 trillion milestone. Small caps outperformed, growth led value, and emerging markets saw double-digit gains, while developed international markets lagged. The Fed cut rates for the first time since 2024, inflation pressures remain, and wealth concentration continues to drive an uneven economy. Despite political gridlock and a government shutdown, markets remain resilient, and investors are balancing elevated U.S. valuations with growing interest in international opportunities and inflation hedges.

August was a very interesting month in the markets. The President and his administration leaned directly on the Fed to provide a reduction in the Federal Funds Rate at the upcoming September meeting. The challenge for the Fed is that inflation has remained stubborn, with Core CPI standing at 3.1% and the Personal Consumption Expenditures Index (PCE) holding at a 2.9% year-over-year increase. The Fed has a dual mandate to provide the economy with low inflation and full employment.

Welcome to the first edition of our monthly market insights report. This report will cover the economic standing and market of July 2025. Our goal is to provide a clear review of recent market activity and share insights to help investors frame their own decisions. Our focus will always remain on market facts and trends, touching on political developments only when they directly affect capital markets through tariffs, tax laws, or other government actions.