1Q26 Market Insights | Beyond the Numbers

• Markets navigated a more volatile first quarter.  After a strong finish to 2025, global stocks experienced a period of consolidation as investors digested prior gains, reassessed valuations, and rotated within the market. Leadership broadened modestly beyond mega-cap technology, as investors emphasized the application of AI rather than simply the build out of data centers. There was more selectivity and less momentum-driven trading than in prior quarters.

• Economic signals point to resilience, but with signs of cooling.  Inflation has continued its gradual decline, though progress remains uneven and above long-term targets. Consumer spending has held up, but cracks are emerging in areas such as manufacturing and the labor market. The overall picture suggests an economy that is slowing from a strong pace, but not contracting. 

• Bond markets faced renewed pressure as rates moved slightly higher.  Fixed income returns were flat to slightly negative during the quarter, reflecting a modest rise in interest rates and ongoing uncertainty around inflation and Federal Reserve policy. Stronger-than-expected economic data and persistent inflation pushed rate-cut expectations out, keeping upward pressure on yields.

• Research Highlight: The next phase may look different than the last. While AI and technology investment remain powerful long-term drivers, markets may be entering a “digestion phase” following significant capital spending and strong returns. Historically, periods after major innovation buildouts can bring more moderate returns and greater dispersion across sectors. This environment may favor disciplined positioning, balancing exposure to long-term growth themes with increased attention to valuation, diversification, and areas that have yet to fully participate.

2026 Market Performance (Through 3/31/2026)

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