AI Spending Is Reaching an Inflection Point
By Ellen Hazen, CFA®, Chief Market Strategist Executive Summary Second quarter corporate earnings were stronger than expected Inflation remains stubbornly high, while the Fed’s reluctance to raise rates has pushed long-term bond yields higher AI spending is a significant driver of both economic and corporate earnings growth AI spending growth is slowing for a variety […]
Energy Transition – The Nuclear Renaissance Is Here
By Andrew Wetzlel, CFA®, Managing Director of Sustainable Investing The long-anticipated nuclear renaissance is taking shape. A combination of insatiable power demand, supportive tax and regulatory frameworks, the drive to decarbonize, and advancements in technology is driving a new wave of nuclear development in the US. Nuclear generation, like geothermal, represents clean baseload power with […]
Earnings, AI, and the Second Half of 2026
By Ellen Hazen, CFA®, Chief Market Strategist Our constructive view on equities is validated by stronger-than-expected earnings growth in 2026. Fiscal policy has been supportive, AI-related capital spending has accelerated dramatically, and corporate profit estimates have risen throughout the year. While we remain positive on equities, the key question for the second half has shifted […]
Trump Accounts: A Closer Look
By Timothy Hamilton, CFP®, CPWA® The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced a new type of savings vehicle for American children: the Trump Account. While our earlier article on the OBBBA touched on Trump Accounts as part of a broader overview, the program warrants a deeper look. […]
Waiting for the AI Productivity Boom
By Ellen Hazen, CFA®, Chief Market Strategist What We’re Watching in June • Federal Open Market Committee (“Fed”) meeting June 16-17. This will be the first meeting with Kevin Warsh as chair. Markets are expecting no action on the overnight federal funds rate (although are pricing in a rate increase later in 2026), but Chair […]
Resilience Amid Disruption: Markets Navigate War, Inflation, and AI Investment
By Ellen Hazen, CFA®, Chief Market Strategist Growth remains resilient despite geopolitical uncertainty Earnings upside is exceeding expectations and supporting equity valuations Markets are being driven by an expanding AI capital spending cycle Prediction markets can offer incremental signals Macro backdrop. Entering 2026, we saw three positive forces underpinning the US economy. Fiscal stimulus provided […]
Iran, Energy, and the Price of Uncertainty
By Ellen Hazen, CFA®, Chief Market Strategist Today we examine the economic and financial impacts of the Iran conflict, delving into monetary policy challenges, asset class opportunities, market responses, and strategies for investors navigating global uncertainty. Markets responded decisively to the US involvement in Iran: energy prices surged, interest rates rose, and riskier assets like […]
Repricing Risk and Market Rotation in the Face of Uncertainty
By Ellen Hazen, CFA®, Chief Market Strategist Artificial intelligence (AI) announcements triggered significant declines across various software and services stocks as markets repriced future revenue durability Software valuations had already been under pressure since late 2025; AI-enabled insourcing threatens Software-as-a-Service (SaaS) pricing power and volume assumptions Private credit markets are feeling second-order effects, particularly in […]
Sustainable Investing: In the Trump 2.0 Era
By Andrew Wetzlel, CFA®, Managing Director of Sustainable Investing As we head into 2025 and a new administration in Washington, the levels of concern, and even fear, are elevated across the sustainability ecosystem. There is no doubt that the operating environment will change, and perhaps materially in certain areas. While some of this concern is […]
Sustainable Investing Spotlight: Corporate Decarbonization – Creating System Scale Through Bankability
By Andrew Wetzlel, CFA®, Managing Director of Sustainable Investing The tension is palpable. Are large tech companies and their cloud/AI spending compounding climate change, or are they part of the solution? Investors are increasingly asking this question. Picking up from our newsletter last quarter on powering GenAI, this quarter we are digging deeper into corporate […]