Equity markets delivered strong returns during the first nine months of the year. The S&P 500 gained 12.7% year-to-date, while Emerging Markets led major equity benchmarks with a return of 23.4%. Developed international markets, as measured by EAFE, returned 10.3%. Leadership remained concentrated in semiconductors and technology hardware stocks linked to the AI investment cycle.
3rd Quarter 2026 Market Commentary
Equity markets delivered strong returns during the first nine months of the year. The S&P 500 gained 12.7% year-to-date, while Emerging Markets led major equity benchmarks with a return of 23.4%. Developed international markets, as measured by EAFE, returned 10.3%. Leadership remained concentrated in semiconductors and technology hardware stocks linked to the AI investment cycle.
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