Commentary and Research Papers
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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2026
2026
Stocks rebounded strongly in the second quarter, as a de-escalation in the Iran conflict led to a sharp fall in oil prices, providing a boost to investor’s outlook for inflation and the economy. The S&P 500 advanced +15.2% while small stocks outperformed, rising +21.5% as measured by the Russell 2000 Index. First quarter corporate earnings reports were exceptionally strong, with 85% of S&P 500 companies exceeding expectations, marking the highest percentage since 2021.
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2026
2026
Stocks posted a mixed but mostly positive month in June, with most major U.S. indices finishing the first half of 2026 near record highs as investor confidence continued to improve. Markets benefited from easing geopolitical tensions in the Middle East, a sharp decline in oil prices from their first-quarter peaks, and continued evidence that the U.S. economy remained resilient despite higher interest rates. While investors continued to debate the Federal Reserve’s next policy move amid still-elevated inflation, stronger-than-expected labor market data, resilient consumer spending, and improving manufacturing activity reinforced expectations that the economic expansion would continue. As recession fears subsided, investors increasingly shifted their focus from macroeconomic risks back to corporate fundamentals and long-term earnings growth.
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