The Message From Market Breadth

Published on September 28, 2026

The S&P 500 has remained remarkably resilient in the face of mounting macro headwinds. Despite oil prices topping $100 per barrel, 10-year Treasury yields climbing above 5%, and a renewed shift toward tighter monetary policy, the index continues to hover near record levels.

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When Strong Earnings Meet Crowded Markets

September 28, 2026
Second-quarter earnings were strong, particularly in technology, but crowded ownership often determined whether good news was rewarded. The selloff in semiconductors arguably reflected crowded positioning and concerns surrounding the sustainability of the earnings boom. The net result: multiples compressed while earnings revisions held up.

Municipal Bonds: Fiscal 2027 State Outlook

September 28, 2026
The U.S. economy remains resilient despite headwinds including sticky inflation, trade instability and rising geopolitical tensions. State and local government tax revenues have followed suit and have posted solid growth, aided by robust equity market returns.