When Strong Earnings Meet Crowded Markets

Published on 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.

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The Next Frontier for AI Disruption?

September 28, 2026
Artificial intelligence (AI) leadership is no longer a developed-market monopoly. Emerging markets (EM) now have their own AI champions, and productivity gains may follow. For bond investors, we expect the implications to differ by country—driven by industry composition, capital intensity, digital infrastructure and speed to adoption.

The Message From Market Breadth

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.