The S&P 500’s history shows that despite recessions, wars, inflation, and corrections, the market’s long-term trajectory has remained upward. As the U.S. marks 250 years of resilience, the lesson for investors is clear: wealth is built through patience, discipline and staying invested.

The artificial intelligence investment narrative is becoming more nuanced. After several years of unprecedented capital spending by the world’s largest technology companies, investors are no longer debating AI’s theoretical potential.

The 2026 edition of our 10-Year Capital Market Assumptions (CMAs) offers our projections for asset class returns, volatilities and correlations over the coming decade.

Rising tensions in the Middle East have sent shockwaves through global energy markets, lifting oil and fuel costs and putting pressure on supply chains. While the U.S. is better insulated than in past oil shocks, it is not immune. Over the longer term, shifting global energy dynamics may create opportunities in U.S. energy infrastructure and natural gas.