Commentary and Research Papers
2026
2026
U.S. equities rebounded from a weak July to post modest gains in August, overcoming periodic volatility related to inflation, interest rates, and geopolitical developments. Corporate fundamentals remained exceptionally strong, with second-quarter earnings for S&P 500 companies increasing approximately 34% from the prior year - the strongest earnings growth since 2021. Encouragingly, earnings revisions were once again broadly positive across large, mid and small companies. The economic backdrop also remained supportive, as continued expansion in US manufacturing activity, healthy consumer spending and a resilient labor market reinforced confidence in the durability of the economic expansion.
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2026
2026
Small capitalization stocks may now provide greater diversification and less valuation risk than many of the market’s largest ‘blue chip” companies. Moreover, it appears to us that we’re only in the beginning stages of a change in leadership, and it is possible small capitalization stocks could outperform large stocks for the next few years.
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2026
2026
Stocks experienced a more volatile month in July as investors weighed another exceptionally strong corporate earnings season against growing questions surrounding the timing and magnitude of returns on the Technology industry’s unprecedented investment in AI infrastructure. Although the U.S. economy continued to demonstrate remarkable resilience through healthy labor markets, solid consumer spending, and expanding business activity, investors became increasingly selective within the Technology sector.
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2026
2026
Historically, small-capitalization stocks have been viewed as riskier than their large-cap peers. We believe this conventional wisdom may need an upgrade! Today, investors in large-capitalization indices face historically elevated concentration, high valuations, and growing exposure to leveraged investment products.
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Institutional - Commentary & Outlook
2026
2026
3-D Systems (DDD:NYSE) has undergone a significant makeover in recent years, divesting non-strategic businesses and investing in new emerging opportunities. This strategic pivot is bearing fruit: DDD greatly outperformed expectations in the first quarter 2026 and drove organic growth via its expanded healthcare (Dental) and industrial (Aerospace and Defense) verticals. Customer demand for 3-D Systems’ products appears strong and we expect DDD’s results to continue improving throughout the year.
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2026
2026
Early in the second quarter, U.S. investors appeared to conclude that both the U.S. and Iran wanted to avoid a prolonged conflict. That shift in sentiment helped spark a broad “risk-on” rally. Technology stocks, particularly semiconductors, led the advance, while the Energy sector lagged as easing tensions around the Strait of Hormuz weighed on oil prices. The quarter was the best for the Russell 2000 in six years (since the stimulus-fueled Covid rally in 2020).
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
