Monthly Market Commentary
January 2026
Navigating 2026: Risk-Aware and Disciplined Positioning Beyond Traditional Beta
Despite geopolitical risks, tariff concerns, inflation pressures, a government shutdown, and labor market softness, equities delivered strong gains in 2025. Leadership broadened as international markets led performance alongside mega-cap strength, AI-related optimism, and interest rate cuts. The S&P 500 Index gained roughly 18% for the year, marking its third consecutive year of double-digit gains, while […]
Read MoreDecember 2025
Constructive Outlook for Risk Assets Amid a Shifting Market Cycle
Despite early volatility driven by the longest government shutdown on record, hawkish Fed signals, AI scrutiny, and elevated valuations, the S&P 500 Index finished slightly higher (+0.2%) as economic data came in mixed but softened, the Fed’s tone turned more dovish, sentiment improved, and odds of a December interest rate cut increased. US small-caps and […]
Read MoreNovember 2025
Tame Inflation, Strong Earnings, and a Fed Cutting Cycle. Will Equities Rally into Year-End?
Despite the US government shutdown and hawkish commentary at the October FOMC meeting, equities were largely up for the month amid a strong start to the Q3 earnings season, lower than expected inflation, optimism regarding a US-China trade deal, and additional easing in monetary policy. The rally was centered around mega-cap technology as US growth […]
Read MoreOctober 2025
Equity Strength in Q3 Shows Signs of Broadening
Despite inflation concerns and revealed weakness in the labor market, equities rallied in Q3 with market participation broadening amid improving trade policy, rate cut optimism, and better than feared corporate earnings. Both the Nasdaq Composite Index and S&P 500 Index notched their best Q3 since 2020, as well as their best September in 15 years […]
Read MoreSeptember 2025
Equity Rally Broadens in August
Despite tariff uncertainty, a slowing consumer, and continued inflation worries, equities posted positive returns in August amid a healthy Q2 earnings season and renewed hopes for interest rate cuts. The S&P 500 Index gained 2% for the month, reaching a new all-time high on August 28th. With the Federal Reserve hinting at near term monetary […]
Read MoreAugust 2025
US Equity Rally Extends Into July
Despite ongoing tariff uncertainties and hawkish post FOMC meeting commentary towards the end of the month, US equities extended their rally into July amid resilient Q2 earnings, progress on trade negotiations, and improving consumer sentiment. The S&P 500 Index notched 10 all-time highs during the month alone. US growth (+3.4%) was the best performer, followed […]
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