Commentary and Research Papers
January 13, 2026
2026
U.S. equity markets closed December on a mixed and choppy note, as strong year-to-date gains gave way to profit-taking and thin holiday trading. Investor sentiment during the month was shaped by expectations for Federal Reserve rate cuts in 2026 and ongoing sector rotation following a powerful multi-year rally in 2023, 2024 and 2025. While short-term market volatility picked up late in the month, the broader backdrop remained constructive, supported by resilient corporate earnings and economic data overall, moderating inflation, and optimism that continued easing of monetary policy could help extend the economic expansion into 2026.
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January 13, 2026
2026
Equity markets closed 2025 with solid gains, extending a run that now includes three consecutive positive years for U.S. stocks. For the full year, the Dow Jones Industrial Average rose nearly 13%, the S&P 500 gained more than 16%, and the Nasdaq Composite advanced just over 20%. While returns were broadly positive, market leadership once again skewed toward the largest companies, with the equal-weighted S&P 500 still trailing the cap-weighted index by a wide margin.
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December 9, 2025
2025
It was a month of two distinctly different chapters for equities. Stocks declined steadily through the first 20 days of November, only to stage a swift late month rebound that pulled the major indexes back to flat or slightly positive territory. November also saw a meaningful correction in many previously high-flying momentum stocks, including lofty-valuation stocks related to artificial intelligence (AI), quantum computing, cryptocurrencies, data cloud, alternative energy, and others.
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December 10, 2025
2025
In our Fall Financial Planning Newsletter, we outline the most impactful updates from the One Big Beautiful Bill Act (OBBBA) - including temporary SALT relief, expanded senior deductions, new tax breaks for overtime and tip income, revised charitable giving rules, and the launch of Trump accounts.
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November 10, 2025
2025
In our previous communication, we highlighted that short-term volatility and periods of relative underperformance have occurred from time to time over the 29-year history of the Small/Mid Cap Growth Portfolio at Pinnacle. We also discussed and showed how each such period has always been followed by a strong performance recovery.
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November 10, 2025
2025
U.S. equities delivered another strong monthly gain in October, extending the market’s impressive recovery from the “Liberation Day” selloff in April. Strength in corporate profits, softer inflation data, a widely anticipated 25-basis-point Fed rate cut, improving global trade dynamics, and renewed leadership from U.S. technology stocks all helped propel the market higher.
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