Monthly Download: January 2026

January delivered a headline-driven start to the year, blending geopolitics, renewed populist policy efforts, and strong corporate earnings. Markets remained resilient, supported by 4Q GDP tracking above 4% and double-digit S&P 500 earnings growth. Equity leadership broadened beyond the concentrated Mag 7 trade, favoring smaller companies and economically sensitive sectors, while international markets sustained their relative strength.

Our Investment Team also explores themes shaping the current backdrop: the market response to Kevin Warsh’s nomination as Chairman of the Federal Reserve; the evolving shift in equity leadership; and President Trump’s renewed populist policy push, as investor attention gradually turns toward the 2026 U.S. midterm elections.