Capital Market Outlook

Consider Volatility the Cost of Admission

Changes to the long-standing, rules-based geopolitical order mean volatility could be inevitable. Underlying drivers of the bull market remain intact, though — and could continue to offer support, even in potentially unexpected sectors like clean energy.

 

January 26, 2026

The Bull Has Room to Run

With productivity, growth and earnings remaining strong, we expect continued momentum in U.S. markets — despite ongoing policy uncertainty and elevated valuations.

 

January 20, 2026

All Systems Go

Strong global economic growth signals are driving equity markets to new highs to start the year, but we believe long-term investors should continue to focus on fundamentals. Plus, a look at China's 25-year transformation of world trade.

 

January 12, 2026

The Lessons of 2025 and the Outlook for 2026

Volatility and resilience defined markets in 2025. Our outlook for the coming year suggests the bull market is likely to persist, despite lingering uncertainties around consumers, Artificial Intelligence, currencies, and global dynamics.

 

January 5, 2026

Lessons Learned in a Changing World

Markets served up some key lessons in 2025 that could shape investors' thinking as we head into 2026 with continued potential for broad-based growth.

 

December 22, 2025

China, Artificial Intelligence and Equity Trends

Heading into 2026, we believe China's dominance in global trade and the growth trajectory of Artificial Intelligence infrastructure are areas to watch. Meanwhile, technical trends look strong for U.S. Equities.

 

December 15, 2025

Key 2026 Themes: Artificial Intelligence and Affordability

Artificial Intelligence infrastructure could be a key theme in domestic and international markets in 2026. Meanwhile, affordability could also become a hot-button issue in the U.S. during an election year.

 

December 8, 2025

Underlying Growth and Dynamic Labor Productivity

As the liquidity squeeze eases, we expect the fundamentals that produced widespread gains across Equities, Bonds and Commodities in 2025 to continue into 2025—and we could be on the cusp of another surge in labor productivity.

 

December 1, 2025

Growth Amid Ongoing Uncertainty

With U.S. companies leveraging innovation to boost productivity and profits, we see increased sensitivity to wealth effects and a reminder of the importance of diversification as markets appear poised to continue to grow amid intermittent volatility.

 

November 24, 2025

Potential Impacts of Artificial Intelligence and a K-Shaped Economy

Artificial Intelligence is likely to shape the U.S. energy system and China's long-term growth strategy. Meanwhile, a significant pullback by wealthier consumers could have an outsized impact on the U.S. economy.

 

November 17, 2025

U.S. Fundamentals Still Look Strong

We believe the Artificial Intelligence investment cycle, productivity gains and a potential boost from public-private sector collaborations support a positive long-term outlook, but near-term dynamics are worth a reality check.

 

November 10, 2025

Potential Tailwinds Gather

We believe an expected boom in U.S. foreign investment support, potential for several years of productivity gains from Artificial Intelligence and a relatively strong backdrop of economic signals point to continuing potential upside for U.S. markets.

 

November 3, 2025

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