Retirement Income

The IPO market may be entering one of its largest cycles in years, but the next wave may be defined less by breadth than by scale. Instead of hundreds of companies listing, a smaller group of AI and strategic infrastructure leaders could reset the market on their own.

Stocks extended their advance for a ninth consecutive week, with the S&P 500 rising more than 5 percent in May on the heels of April’s 10 percent rally. This nine-week run coincides with the market’s March 30 bottom, when early signs of a potential off-ramp or ceasefire in the Middle East began to emerge.

Even if the Middle East war does find a lasting settlement, the specter of inflation appears poised to hang over the markets. Indeed, while employment data had, up until recently, been the primary focus for investors, arguably, inflation reports have now moved into the ‘leaderboard’ position.

Learn what's in store for the remainder of 2026 and the challenges that lie ahead in our mid-year outlook for U.S. stocks and the economy.

Last week, several Fed members signaled the central bank may have to raise interest rates to cool price inflation.

Given its focus, the launch presents a milestone for the asset management community. ASD blends a sophisticated index design with structural corporate philanthropy to create an ETF that resonates with those invested financially and emotionally.

Reducing equity exposure during periods of elevated risk is not the same as market timing. The financial industry has spend decades blurring that distinction.

Rising office delinquencies within commercial mortgage-backed securities (CMBS) reflect genuine pressures from shifting work patterns, higher interest rates, and greater refinancing risk.

Taylor Topoussis and Chris Galipeau discuss high-conviction insights that go beyond media headlines.

Every family has a money story. It gets passed down quietly, invisibly, in the way families talk around the dinner table or on long walks together.

May’s 5.3% S&P 500 gain masked a deeply uneven market: technology surged 16% on AI spending momentum while most sectors declined, and a surprise inflation rebound flipped the Fed narrative from cuts to potential hikes.

Geopolitical risks are still lingering in the background, but the story lately has been all about earnings. A strong 1Q26 season, paired with a steady drumbeat of upbeat management commentary, has helped push the S&P 500 to 21 record highs this year.

Businesses are racing to build the physical infrastructure that makes AI usable at scale – data centers, the graphics processing unit (GPU) hardware stack, power, and cooling.

The market continues to demonstrate remarkable resilience. Lower oil prices, easing Treasury yields, and the relentless buildout of artificial intelligence infrastructure are still providing a favorable backdrop for risk assets.

If you’re not familiar with the name Leopold Aschenbrenner, you should be. A 24-year-old wunderkind, Aschenbrenner was hired by OpenAI in 2023 to work on the company’s “superalignment” team, essentially trying to figure out how to keep AI systems safe once they become smarter than the people building them.

Economies around the world aren’t just reliant on AI investments for growth. The appreciation of AI stocks has supported spending, which is following “K-shaped” patterns. A significant correction to the valuations of tech leaders would therefore be even more likely to result in recession.

Vocabulary is a power builder. Every time I use the word “hegemonic” in a conversation, I see my listeners’ eyebrows go up as if to say, “what does this guy know that I don’t?” Then again maybe they’re just signaling that I’m full of more than baked beans.

The ETF landscape includes a wide variety of innovative, intriguing funds that look to meet investor goals. From equities to fixed income, all kinds of strategies offer intriguing spins on areas like income and dividends.

New York City is facing one of the most significant fiscal challenges in recent memory. The NYC Comptroller has projected a $2.2 billion budget shortfall for FY2026, growing to a $10.4 billion gap in FY2027 (Source: New York City Comptroller, January 2026). That is a two-year deficit of roughly $12.6 billion.

The essential feature of a useful alternative asset isn’t that it’s unusual or exotic, but that its returns aren’t tightly linked to the risks that already dominate the portfolio. The value of an alternative asset comes from the way it interacts with the other assets in the portfolio.

Recent Federal Reserve communications have turned more hawkish, reflecting concern that persistent supply-driven price pressures could begin to feed into inflation expectations. But unlike in prior cycles, today’s environment is not defined by supply shocks alone.

Artificial intelligence (AI) poses many ethical issues that may translate into risks for consumers, companies and investors. AI regulation, which is developing unevenly across jurisdictions, adds to the uncertainty. The key for investors, in our view, is to focus on transparency and explainability.

What is unusual about today, and I mean genuinely unusual, historically unusual, is that the people building the equivalent of Newcomen's engine today know exactly (or think they do) what they are building. They are not just pumping water. They “know” the vast potential.

In the 24-hour financial news cycle, there’s much buzz surrounding the buildout of infrastructure for artificial intelligence (AI). What about infrastructure beneficial to humans? There are plenty of ETF opportunities in the sector that’s gone from defensive hedge to dynamic capital appreciation engine.

Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.

U.S. equities moved higher last week, with the S&P 500 advancing 0.9 percent – its eighth consecutive weekly gain and the longest such streak since 2023. The Russell 2000 fared even better, rising 2.7 percent.

As globalization gives way to reshoring and resurgent resource nationalism, emerging markets may offer fresh alpha opportunities through their ability to supply the raw materials required to fuel the AI boom.

Kevin Warsh was officially sworn in as 17th Federal Reserve chair on May 22. Warsh is likely to build consensus at the Fed rather than push for aggressive action to cut rates.

May is 529 Month. As college costs rise, learn five practical ways to maximize your plan’s tax benefits, flexibility and growth potential to prepare for the future.

Equity investors are facing monumental questions about their allocation strategies in a new market regime. Market concentration has risen sharply, valuations have climbed to record highs in parts of the market and factor volatility has dominated returns.

The ETF industry has exploded in popularity in recent years. Old mutual fund heavy firms have increasingly leaned into the space, while new shops have proliferated, adding all kinds of new ETFs for investors to consider. That has benefitted investors and advisors immensely.

An unexpected rap on your front door is sometimes cause for anxiety. You are not sure who or what is out there, wanting to get in.

A tidal wave of conversions has siphoned an unprecedented amount of capital out of mutual funds and into the ETF wrapper. Last year’s record 60 mutual-fund-to-ETF conversions in 2025 across 31 firms pushed total converted assets past $260 billion, and the past five years have now seen a grand total of 203 conversions.

In a relatively light week for traditional economic data, a mix of corporate earnings, business surveys, Federal Reserve minutes, and the latest read on the consumer from the University of Michigan helped paint an increasingly clear picture for investors.

The push for international equities diversification continues amid shifting global macroeconomic conditions. These days, investors have more options when it comes to international exposure. Given the current market uncertainty, they may want to put quality at the forefront of their decision-making process.

Contrary to what legal television series portray, verdicts rarely turn on a single moment of drama. They take shape gradually, as evidence accumulates and a broader narrative comes into focus.

Goldman Sachs Asset Management (GSAM) made a big announcement this week, touting $100 billion in total ETF AUM. The milestone comes following the firm’s recent acquisition of Innovator ETFs adding several notable funds to the firm’s overall roster.

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

After three decades of watching market cycles play out from both sides of the trade, I’ve come to a simple conclusion: Wall Street’s love of simple rules is one of the most dangerous aspects of investing.

Despite these higher costs, a projected 45 million Americans are expected to travel at least 50 miles from home this weekend, setting a new record. Close to 40 million will drive while some 3.7 million will fly.

Despite headwinds from rising oil prices, fundamentals have remained strong. The S&P 500 has notched 18 record highs year to date and, more importantly, surpassed our prior target of 7,250. Following a standout 1Q earnings season, we are raising our 2026 earnings per share (EPS) estimate to $326 from $300.

Last Friday closed with the 10-year Treasury yield at 4.60%, a one-year high, and the doom commentary about rising interest rates was waiting before the bell even rang. Hyperinflation. Bond market breakdown. Paradigm shift. A 1981 fair-value retest.

I have often written about one of the few indicators in economics that has earned its reputation over the years, and for good reason. It has preceded virtually every US recession since World War II. I’m talking about the inverted yield curve.

There is currently a stark contrast between everyday consumer confidence and financial market behavior. On one hand, persistent inflation and elevated living costs have driven consumer sentiment to historic lows. On the other hand, financial market participants are exhibiting aggressive risk appetite, with margin debt surging to an all-time high record on the heels of major equity market gains.

Chasing performance by deviating from a benchmark has long been the hallmark of active managers. But it may be time for a rethink. Our research suggests that investors allocating to core equities should consider refreshing the criteria they use to identify portfolio managers that can consistently beat their benchmarks.

College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.