Market commentary The US economy has remained resilient over the past three years, despite challenges such as tariffs, elevated inflation, and the recent conflict involving Iran. Business activity and the labor market both remain robust. Market breadth has returned, supported by strong earnings. Equal-weight and small-cap stocks have regained leadership, driven by double-digit median earnings-per-share (EPS) growth across the S&P 500. This indicates that gains are not limited

First half of 2026 sees a shift in leadership