Market Update

The market barely moved in July, but the leadership underneath it shifted. Inside Victory Financial's August 2026 Market & Economic Review.

Markets have climbed to fresh highs despite an energy shock, a hawkish new Fed chair, and persistent noise around tariffs and the deficit. Our July Market Update assesses the economy through seven independent lenses to answer where we really are in the cycle.

AI earnings drove May's rally, but the bond market is telling a different story. Read Victory Financial's June 2026 Market & Economic Review.

After a choppy first quarter, April delivered the clarity investors had been waiting for. The U.S.-Iran ceasefire lifted the geopolitical cloud, and an earnings season running well ahead of historical averages gave the rally a real foundation. Tech led the charge, with semiconductors surging 37% in a single month, powered by more than $650 billion in committed AI capex from the major hyperscalers. Here's the twist: despite rising prices, the S&P's forward P/E has actually con

March delivered fear, multiple compression, and a rate reset. What it didn't deliver was deteriorating fundamentals. Inside our April review: separating noise from signal as Q1 earnings and GDP set up to give the cleanest read in over a year.

Volatility spiked, leadership shifted, and private credit finally got its stress test. Yet the S&P held within 3% of all-time highs for 77 days. Inside our March review: the great rebalance and what it means for portfolios.

January's headline return told one story. What happened beneath the surface told a bigger one. Inside our February review: the shift in market leadership, small-cap earnings acceleration, and what a new Fed chair could mean for 2026.

2025 closed as a year of remarkable resilience: a soft landing, three straight years of double-digit S&P returns, and a bond market that finally earned its keep. Inside our January review, we break down the year that was and what's setting up 2026.