November 2026 Market Update

October tested the market’s trend without breaking it, bringing a sharp rotation away from the AI leaders, a relief rally in bonds, and a midterm election that reshaped Washington.

For the first time since 2022, the other 493 companies in the S&P 500 grew earnings faster than the Magnificent 7, and the average stock beat the index even as the S&P itself slipped. Rotation, rather than momentum in a single theme, has become the defining feature of this market. When stocks wobbled, bonds did their job, with the 10-year Treasury yield falling 35 basis points and Treasuries posting a solid gain. The election delivered a divided government, and while the result moved headlines, our view is that portfolios are built on fundamentals, not ballots.

Our November 2026 Market & Economic Review breaks it all down, including our late-cycle scorecard, the rotation underway in equities, how interest rates are pressuring the weakest borrowers, and the three key takeaways from our Centralized Investment Committee.

Read the full report below.

The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.