Insights

The S&P 500 has remained impressively resilient from a technical perspective. But we think some areas of the market are bottoming, supporting our belief that investors should consider rebalancing portfolios.

The scorecard indicators remain mixed, including a shift in the yield curve indicator. The government shutdown has limited employment data, confirming a cautious investment approach is needed, as ongoing policy and trade shifts affect the economy.

Collections from U.S. tariffs are surging. As legal uncertainty looms and costs gradually pass through, balancing resilient corporate fundamentals against policy risks remains crucial for portfolio positioning.

With the Fed poised to lower overnight interest rates next week, we think investors may be disappointed with what lowering rates is likely to accomplish. We look at the potential asset-class implications if the Fed moves too aggressively.

After outpacing cautious expectations in the first half of the year, the global economy could face new challenges from trade policy uncertainty and inflation over the coming months.