Capital Growth

For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.

Despite geopolitical headwinds, the broader macro backdrop remained constructive in the first half of the year. Economic growth proved resilient, consumers kept spending and the S&P 500 gained 10%. That favorable mix drove strong earnings growth, with S&P 500 earnings rising 27% year over year in 1Q26, led by the tech sector.

Markets enter the second half of 2026 facing a familiar wall of worry—geopolitical conflict, oil prices, inflation, Federal Reserve policy, and questions around the durability of an AI-led equity rally. Yet the economic backdrop still looks resilient: growth remains solid, inflation has moderated, unemployment is reasonable, and market leadership appears to be broadening.

Fixed income experts James Donahue, John Lloyd and Mike Talaga revisit the levels of supply related to the AI buildout and explain why they remain cautious towards investment grade tech issuance.

Discover the top 10 most-read charts from the first half of 2026, covering historic market valuations, record margin debt, recession indicators, and global index performance.

Russell Investments is getting new owners. An investor consortium led by B Capital, a global multi-stage investment firm, has agreed to acquire the asset manager from TA Associates and Reverence Capital Partners. The group also includes the California Public Employees’ Retirement System (CalPERS), according to a Thursday press release.

For investors who have been tracking this space, the signing is a continuation of a policy architecture that has been assembling with surprising speed.

The sharp correction in gold prices during the first half of 2026 has left many investors wondering whether the precious metal's bull market has come to an end. According to Money Metals' Mike Maharrey, however, the market's recent weakness is largely a matter of perspective.

Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.

The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.

As we move through 2026, the political and geopolitical landscapes remain key drivers of policy uncertainty. For the midterm elections, our base case is a Democratic House and Republican Senate, a historically favorable outcome for equities.

The action in Emerging Markets ETFs this year has been really interesting to watch. From record-breaking asset flows to impressive results, albeit massively dispersed, this category of funds has had quite a ride so far in 2026. What comes next could be equally interesting.

Central bankers expect de-dollarization to continue over the next several years, with gold and other currencies taking on a growing role in the global monetary system, according to a survey by the Official Monetary and Financial Institutions Forum (OMFIF).

Chief Investment Officer Sean Taylor reviews a strong second quarter for emerging markets, where AI and reindustrialization were key drivers of investor returns.

Assessing the year so far, much of the portfolios’ declines have been a compression of valuations, not a deterioration of earnings. For many of our holdings, the two have moved in opposite directions. Revenues, profitability, and cash flow have continued to build, even as the multiples placed against them have fallen.

Investors are often drawn to healthcare for its innovation and long-term growth potential. Yet in practice, allocations are often concentrated in a few large pharmaceutical companies, whether through direct stock picking or index weightings.

The small-cap stock rally we highlighted back in April has continued over the past few months, driven by factors such as robust U.S. economic growth disproportionately benefiting smaller, domestically focused businesses and the AI capital spending boom spreading to smaller tech and energy companies.

ClearBridge Investments: Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.

Markets move on data, earnings, interest rates, and economic conditions. But they can also be heavily influenced by human behavior. Even experienced investors can fall into emotional or psychological patterns that affect decision-making, particularly during periods of uncertainty or market volatility.

As economies become increasingly electrified and power demand grows, the transmission, storage and infrastructure needed to support reliable electricity delivery are evolving. In our view, these trends are creating attractive opportunities across the technologies and infrastructure that underpin the energy transition.

For much of the last decade, investing felt relatively one dimensional. Falling inflation, near zero interest rates and abundant liquidity rewarded long duration growth assets, compressed dispersion and made passive exposure difficult to challenge.

Congress is in recess from June 30 through July 13 for the annual July 4 break, so it's relatively quiet in the nation's capital. But there is still plenty worth paying attention to.

On June 30, Defiance debuted the new Defiance KSM TipRanks Analyst ETF (RANK). With an expense ratio of 60 basis points, this fund aims to leverage Wall Street’s highest-rated analyst consensus data to capitalize on U.S. market momentum.

Over the first half of 2026, markets faced some expected — and unexpected — tailwinds and headwinds, ranging from geopolitical developments, blockbuster corporate earnings, increasing artificial intelligence (AI) scrutiny, resilient economic data, and a new Federal Reserve (Fed) Chair.

The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.

During the June 30, 2026, World Cup round of 32 match between France and Sweden at the 82,500-capacity MetLife Stadium, the logistical scale of a global mega-event was on full display. Moving 80,663 fans safely through a sprawling transit corridor and securing a massive open-air venue demands complex engineering. Underpinning the operation is a capital-intensive ecosystem of physical AI, advanced sensors, and automation software.

Rising prices increase the value of collateral in every margin account, which automatically increases how much each investor can borrow under Reg T. Debt rises BECAUSE the market rose, not the reverse. That single fact is what breaks the ratios we’re about to examine, and it lies at the core of why margin debt risk is so often misjudged.

Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.

The shortened trading week brought the second quarter of 2026 to a positive close. Stocks ended slightly lower for month, but closed the quarter on a nice uptick. The US and Iran resumed peace talks, helping stocks push higher.

The first half of 2026 has provided a considerable amount of news for investors to digest. Notably, equity markets were higher by nearly 10%, oil prices spiked over 50% before retreating nearly back to where they started, there is a new Chair of the Federal Reserve in Kevin Warsh, and AI infrastructure spending surged.

Stocks staged a powerful recovery in Q2. The S&P 500 gained 15% and closed near record highs as oil round-tripped back to pre-conflict levels, AI enthusiasm returned, and the rally broadened well beyond the handful of names that led the market for three years.

Significant interest appears to be accumulating around capacity expansion in the market. The primary mechanism driving this activity may be a structural capital expenditure cycle (CapEx). One where a prevailing market dynamic could transform one company’s CapEx directly into another company’s revenue. .

AI may reshape the labor market in ways that are difficult to predict, and it won’t be the first time this has happened. In the short term, the labor market appears to have stabilized and there are some early signs of acceleration.

AI represents a huge shift for financial advisors, who are always learning and adapting to a shifting investing landscape.

Global equities rebounded in the second quarter as confidence in the AI investment cycle strengthened. As the third quarter begins, we believe markets have become priced for a smooth and profitable AI build-out, leaving little margin for error. June’s sharp sell-off in the Magnificent Seven stocks underscored how quickly sentiment can shift when crowded AI trades are priced for near-flawless execution.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

Second-quarter 2026 markets were driven by the Iran conflict, which disrupted oil flows and spiked prices before easing after a partial Strait of Hormuz reopening. Focus then shifted to new Fed Chair Warsh’s reforms and SpaceX’s high-valuation IPO. The U.S. economy remains stable with moderate growth and rising inflation. Markets are up, led by AI-driven semiconductors, though risks and uncertainties persist.

The June employment report’s headline readout was softer than expected, but the details reinforce my view that the U.S. economy remains on a stable footing. Headline payroll growth disappointed, yet the previous two months—which had surprised to the upside—were revised lower, bringing hiring back toward a pace that is far more consistent with a mature expansion.

The S&P 500’s recent advance is masking a more dynamic story for US equity investors. Market winners remain confined to a tight clique of AI-related technology stocks, yet more companies are showing attractive fundamentals. For active equity investors, we believe this points to a more diversified and differentiated opportunity set ahead.

Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I’ve built my entire life and career here, and in all that time, I’ve never stopped marveling at my adopted country.

Bypass the headaches of individual closed-end funds. Discover how Invesco's PCEF bundles over 100 CEFs to capture June's debt rallies.

The U.S. Treasury launched the Trump Accounts for childhood wealth building. Discover the five low-cost index ETFs anchoring the program.

Wage growth peaked four years ago. Since 1985, it has led CPI by three to seventeen months in every single cycle. The May 4.2% inflation print is the noise. Watch the wages.