Fall 2026 Investment Commentary
October 23, 2026
Following the second quarter’s powerful rally, U.S. equity markets delivered a more mixed third quarter. The S&P 500 and Nasdaq Composite posted modest gains, while the Dow and small-cap Russell 2000 declined. Those headline results also concealed considerable weakness beneath the surface: the equal-weight S&P 500 lost ground, highlighting how heavily the market’s gains depended on its largest companies.
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