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United Asset Strategies Market Update: October 2026
The S&P 500 continued higher in the 3 rd quarter, as highlighted by the 2% return in Exhibit 1, with year-to-date gains nearing 13%. For many, a stock market hovering near all-time highs has been puzzling given concerns about the sustainability of AI-driven growth, weak consumer sentiment from rising mortgage rates and gas prices, geopolitical tensions in Iran and Ukraine, and the uncertainty surrounding the upcoming midterm elections. Beneath the surface, however, we do not view the market as complacent, with negative 3 rd quarter returns for the average stock and major bond indices reflecting such concerns. To that end, Exhibit 2 shows most stocks have not participated this year. We also see a year-to-date decline in the multiple investors are willing to pay for market earnings, reflecting risks they see.