January marked a constructive start to 2026, with markets building on the momentum established late last year, though leadership began to broaden meaningfully beneath the surface. Equity markets generally advanced despite ongoing cross-currents from economic data and central-bank messaging. While technology and AI-related names remained influential, investors increasingly allocated capital to companies in other sectors, reflecting a shift toward earnings durability, valuation, and predictable growth characteristics.
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Happy New Year!
December wrapped up a strong year for markets, with equities and fixed income generally performing well despite mixed signals from economic data and central banks. U.S. stocks ended near record levels, buoyed by easing policy expectations and continued strength in technology and AI‑related sectors, though late‑month volatility trimmed gains as year‑end trading thinned. Overall, the S&P 500 finished 2025 with solid double‑digit returns, while the Nasdaq’s outperformance underscored the resilience of growth sectors throughout the year.
November proved to be a mixed but instructive month — a reminder that even as the backdrop remains broadly constructive, markets are sensitive to shifting expectations around policy, growth, and economic data. In the United States, equity markets posted modest gains overall. The S&P 500 and Dow Jones Industrial Average edged up, while the Nasdaq Composite lagged modestly — under pressure from tech heavy sectors as concerns over lofty valuations and interest rate uncertainty resurfaced. Investor sentiment oscillated: early strength driven by optimism around a potential rate cut was shaken mid month after hawkish commentary from several Federal Reserve officials, which triggered a retreat in risk assets and a rise in Treasury yields.
October delivered another positive month for financial markets, with both equities and fixed‑income assets registering meaningful gains in the face of evolving macro‑economic and policy signals. U.S. major indices climbed higher, driven by strong earnings, easing inflation, and growing expectations of central‑bank rate cuts. The Canadian market also rallied, supported by sector leadership in financials and materials, while bond yields declined as the policy pivot firmed.
Rather than the typical seasonal softness, September surprised skeptics as markets charged ahead. The S&P 500, NASDAQ and Dow Jones each climbed to new all-time highs during the month, while in Canada, equities also had a banner month. The S&P/TSX Composite ended September above the psychological 30,000-point threshold, with strength across financials, energy, and mining during the month. Mega‑cap tech and AI names remained the gravitational center. Nvidia, Microsoft, and Alphabet continued to draw investor dollars, buoyed by optimistic guidance and the sense that AI remains in a multi-year cycle.
August was a strong month for financial markets, with both equities and fixed income assets delivering solid performance. In the United States, major indices including the S&P 500, Nasdaq, and Dow Jones each reached record highs, driven by continued strength in mega-cap technology stocks. Companies like Nvidia, Microsoft, and Alphabet benefited from robust earnings and sustained enthusiasm around artificial intelligence. A weaker U.S. dollar and improving trade sentiment further supported investor confidence.
The recovery from the "Liberation Day" correction continued in July. Earnings were mostly solid and despite all the macro "the-economy-is-slowing" narratives, stocks continued to climb globally.