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7 Market Movers | January 23, 2026

Anne Harris — Mon, 26 Jan 2026 16:04:19 +0000

7 Market Movers | January 23, 2026 Anne Harris Mon, 01/26/2026 - 10:04

This week Aya Yoshioka covers how gold has been “on a tear” and up almost 14% so far in 2026. Threats of new tariffs on Europe and proposed tax cuts in Japan rattled the markets, but, despite the volatility, the S&P 500 rallied Thursday afternoon to within 1% of all-time highs. Hear Aya’s perspective on these events and more in the video below!

FULL TRANSCRIPT:

Hi, everyone. Welcome to the 7 Market Mover series from Wealth Enhancement. My name is Aya Yoshioka, and I'm a Portfolio Consulting Director and Senior Investment Strategist.

So in these videos, we love to talk about what impacted markets. And this week, we saw some volatility return to markets as a lot of geopolitical headlines grabbed investor attention. First and foremost, we had president Trump talking about US control over Greenland, and threatening additional tariffs on Europe. That caused a lot of investor fear having the Sell America trade reemerge.

Then we had Prime Minister Sanae Takaichi from Japan announce some tax cuts and that sparked investor concern over Japan's already substantial public debt. They had their 40-year bond yield surge to over 4%. It's the first time it hit 4% since its debut in 2007.

And its 30-year bond actually hit 3.88% and that was a 27 basis point surge in one day. That trickled into US treasury markets. And we saw yields on the 10-year US treasury yield go up about 8 basis points on the day, really causing some concern across bond markets.

Well, a lot of this was put to rest when dip buyers returned. So despite the S&P 500 selling off over 2% on the day on Tuesday, the NASDAQ was down over 2%, small caps were down, a lot of equity markets were down quite a bit and bond yields were up, meaning bond prices were down. The one safe haven that we saw was gold. Gold surged 2% on the day and gold has been on a tear in 2026 and has returned over 14% on a year to date basis.

However, dip buyers really returned to the market on Wednesday and Thursday of this week. And as of the close on Thursday, we are within one percent of the all time highs in the S&P 500 again.

So what else has been going on when it comes to economic data?

Well, this week we got some retail sales data and that showed that retail sales grew 0.6% percent during the month of November. A lot of this data has been delayed because of the government shutdown, but that was a positive and really indicated that the US consumer remains very resilient.

We also saw initial jobless claims of about 200,000, essentially unchanged from last week. And it really reflects a labor market that just continues to normalize. We know it's cooling.

The cooling has been gradual and markets can handle all of that, at least at the pace that it's cooling.

And GDP growth, we got a nice estimate from GDP growth for the third quarter of 2025.

GDP grew 4.4% year over year, up from the 4.3% initial estimate, and a lot of this came from stronger exports, alongside a smaller drag from inventories.

Finally, we are in the second week of earning season, and we've had 61 companies within the S&P 500 Index report, mostly banks, but we've seen some other names like some industrials like 3M or consumer names like Netflix report so far. And most of them have had better than expected numbers, but the stock reactions have been mixed.

We get a lot of the big tech names report next week, and that I'm sure will move markets when they report and we'll see what the reaction is. I'm sure everybody's going to be digging into those capital expenditure numbers and where we are in terms of the state of artificial intelligence.

So make sure to tune in to next week's 7 Market Movers, and we'll see you then. Thanks so much for listening.

This information is not intended as a recommendation. The opinions are subject to change at any time and no forecasts can be guaranteed. Investment decisions should always be made based on an investor's specific circumstances. Investing involves risk, including possible loss of principal.

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Ayako Yoshioka

Year-End 2025 Market Commentary

Tom Bidinger — Fri, 09 Jan 2026 14:47:35 +0000

Year-End 2025 Market Commentary Tom Bidinger Fri, 01/09/2026 - 08:47

For the period December 1 – December 31, 2025.

Executive Summary

U.S. equity markets ended 2025 with their third year of double-digit gains overall, bringing the S&P 500’s total annual gain to 18%. It was a strong year across nearly every sector, and, whether concentrated or diversified, investors generally ended the year in the green. Despite broader contribution from stocks beyond the “Magnificent Seven”, AI has remained a primary theme in markets and valuations.

We also saw meaningful shifts in monetary policy to stem a weakening labor market, with the Federal Reserve trimming interest rates a third time in December, bringing the target Federal Funds Rate to 3.50-3.75%. At the same time, we experienced a temporary data blackout following the longest government shutdown in history. The delayed economic numbers, once released, showed the highest unemployment rate in four years (4.6%), largely attributable to Federal labor force cuts—stoking some economic growth concerns.

Still, if the year had a word, it was resilience. Consumption had a banner year despite sticky inflation and the impact of higher tariffs. Treasury yields came down in anticipation of further rate cuts in 2026. And while the Supreme Court ruling on tariffs remains a closely watched unknown, economic growth should remain stable in 2026, due in part to tax refunds from the One Big Beautiful Bill Act, which are set to hit wallets by spring.

What Piqued Our Interest

AI Bubble Concerns Held a Steady Drumbeat

There’s still plenty of debate surrounding the elevated equity valuations of Mega Cap Tech companies, with 28% year-over-year (YoY) earnings growth versus 12% for the broader S&P 500. Forward P/E multiples for Tech-heavy indices sit well above the broader market, and concentration remains an issue. But while bubble concerns haven’t abated, current Tech valuations are nowhere near the sky-high valuations we saw during the dotcom bubble of the late 1990s. Investors today are more focused on tangible, near-term earnings over speculative, long-term potential, and companies like Nvidia, Microsoft, and Alphabet (Google’s parent company) are some of the most profitable in history—and growing—with strong operational cash flows and balance sheets.

There is some concern that earnings may not ramp up fast enough to justify the hundreds of billions in AI infrastructure spending, particularly since top names carry a premium, which assumes flawless execution on AI. So, if Tech is indeed facing a bubble, the timing and effects of its burst will depend on the degree to which its leaders can deliver the AI productivity gains they’ve been promising.

The K-Shaped Divide Persisted

Consumers propelled the strongest economic growth that the U.S. has seen in the last couple of years. But the strength of the consumer continues to be bifurcated, with strong household spending among the wealthiest individuals, while middle- and lower-income households remain stretched thin, searching for discounts and bargains. With 67% of the U.S. wealth distribution sitting among the top 10% of earners, the affordability standard continues to be deeply polarized, causing the market’s attention to begin leaning away from inflation and towards the labor market. From a sector standpoint, Healthcare and Government demonstrated some gains in hiring. But Manufacturing, Retail, and Transportation—all sectors that are statistically the hardest hit among the bottom portion of the “K”—are still struggling. Moving forward, tax stimulus and further easing of inflation pressures would help all consumers to some degree.

Market Recap

Global Equities Boasted a Banner Year

Large Cap Growth stocks drove U.S. earnings throughout the year, with the Information Technology sector easily leading the charge with earnings growth of 28% YoY. But it wasn’t just Tech. We saw compelling numbers across nearly every S&P 500 sector in 2025. Communication Services was close behind (up 19%), followed by Healthcare (up 13%), Industrials (up 9%), and Consumer Discretionary (up 7%). Energy Industry, the smallest portion of the index, was the only sector that fared poorly (down 11%). But it was in the Materials sector that we saw one of the most noteworthy gains. Gold was up a remarkable 65%—its biggest one-year gain since 1979—setting the tone for Commodities.

Even with the strength in U.S. equities, it was international equities that stole the spotlight in 2025, with notable earnings growth contributions and attractive valuations staging a striking comeback. The MSCI Emerging Markets Index posted a year-to-date (YTD) gain of 33.6% in 2025, marking its best annual performance since 2017. On the developed markets front, the MSCI All Country World ex USA Index outpaced the S&P 500 in 2025 after several years of underperformance, with a total YTD gain of 32.4%. In both cases, the outperformance was driven by a combination of favorable market dynamics, global monetary easing, and a weaker U.S. dollar.

Fixed Income Found Rooted Resilience

The bond market finished the year strong. Investment grade credit spreads edged near historic tights on the back of strong corporate balance sheets, and securitized credit continued to outperform. As interest rates moved lower, so did the short end of the yield curve, while the long end remained sticky. Importantly, inflation, economic growth expectations, and the outlook on fiscal policy dictate the direction of the long end.

The 10-year Treasury yield moved nominally higher in December, up to 4.18% at year-end. The Bloomberg US Aggregate Bond Index was up 7.30% for the year, and the Bloomberg US Corporate High Yield Total Return Index performed similarly, closing the year up 8.62%. With some exceptions, municipal bond valuations remained attractive.

Wealth Enhancement Perspective

As we close out 2025 and shift into the new year, we continue to monitor the path of monetary policy, the Supreme Court’s decision on tariffs, labor market softness, and consumer durability. Perhaps most importantly, we are cognizant of concerns around an AI bubble, the timing of AI productivity payback, as well as the crowded bullish consensus on the sell side.

We expect earnings growth to maintain its steady footing throughout 2026, based on a variety of factors: A possible reversal of tariff headwinds, significant fiscal stimulus, lower interest rates, a potential bounce-back of the middle-class consumer, and AI—assuming further productivity gains are realized.

From a portfolio construction perspective, the low correlation between stocks and bonds is returning to historical norms, meaning a diversified stock/bond portfolio is coming back, creating a very favorable dynamic from a risk standpoint. For long-term investors, this is a good opportunity to rebalance, diversify, and focus on fundamentals.

This information is not intended as a recommendation. The opinions are subject to change at any time, and no forecasts can be guaranteed. Investment decisions should always be made based on an investor's specific circumstances.

2026-10625

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7 Market Movers | October 31, 2025

Tom Bidinger — Fri, 31 Oct 2025 12:54:09 +0000

7 Market Movers | October 31, 2025 Tom Bidinger Fri, 10/31/2025 - 07:54

This week on 7 Market Movers, Wealth Enhancement Deputy Chief Investment Officer Doug Huber discusses the latest economic and market headlines. Topics include the Fed surprising us all with a second interest rate cut despite ambiguous signals and the ongoing government shutdown, strong corporate earnings, and equity markets remaining broadly positive.

Please contact our office if you have any questions you’d like to discuss.

There is no guarantee that asset allocation or diversification will enhance overall returns, outperform a non-diversified portfolio, nor ensure a profit or protect against a loss. Investing involves risk, including possible loss of principal.

2025-9873

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7 Market Movers | October 10, 2025

Tom Bidinger — Fri, 10 Oct 2025 13:50:09 +0000

7 Market Movers | October 10, 2025 Tom Bidinger Fri, 10/10/2025 - 08:50

This week on 7 Market Movers, Wealth Enhancement Portfolio Consulting Director Aya Yoshioka discusses the latest economic and investment market developments. Topics include the rise in global equity markets despite the ongoing U.S. government shutdown, third-quarter earnings season opening strong but expected to slow, and the Fed initiating the first interest rate cut of 2025 amid softening labor markets.

Please reach out to an advisor if you have any questions you’d like to discuss.

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October 2025 Market Commentary

Tom Bidinger — Wed, 08 Oct 2025 20:13:03 +0000

October 2025 Market Commentary Tom Bidinger Wed, 10/08/2025 - 15:13

For the period September 1 – September 30, 2025.

Executive Summary

Markets defied historical seasonality in September. Major U.S. equity indices posted their strongest September gains in over a decade, fueled by optimism around artificial intelligence, resilient corporate earnings, and an interest rate cut from the Fed. However, political uncertainty from a U.S. government shutdown and delayed economic data releases add complexity to the outlook.

What Piqued our Interest

Labor Market Weakness

Last month, we continued to receive data that corroborates softness in the labor market. The monthly nonfarm payrolls report for August came in at just 22,000 versus expectations of 75,000. We also saw the Bureau of Labor Statistic’s annual revisions to employment data through their quarterly census of Employment and Wages (QCEW) report, which showed that payrolls from April 2024 through March 2025 were actually 911,000 lower than initially reported, a revision that was the largest in the last 10 years. Additionally, job openings have fallen below the number of unemployed for the first time since 2021. The unemployment rate remains at 4.3%, but underemployment and discouraged worker metrics have been rising.

With the government shutdown delaying official data from the Bureau of Labor Statistics (BLS), we may not be receiving official data in a timely manner. The Fed will need to rely on alternative indicators, such as data from private payroll providers, especially if the shutdown lasts longer than anticipated.

Fed Cut Fuels Optimism, But Risks Remain

Given the weakness seen in the labor market, markets began to anticipate a rate cut, especially after Jerome Powell’s speech at Jackson Hole in August. On cue, the Federal Reserve delivered their first rate cut of 2025 at their meeting on September 17, citing they are seeing “much more challenging economic times,” as inflation remains elevated.

Despite the softening labor market, consumer strength has persisted. Second quarter GDP growth was revised higher to 3.8%, and core personal consumption expenditure (PCE) held steady at 2.9%. Retailers also reported resilient demand, and discretionary spending forecasts for 2026 were revised higher by several companies at investor conferences during the month. With economic growth still positive, markets cheered the rate cut, as lower interest rates without a recessionary backdrop are supportive of risk assets. However, if growth accelerates too quickly, rate cut expectations could unwind and create headwinds for this relentless rally in markets.

Market Recap

Equities Rally Fueled by Technology

September bucked historical trends and delivered solid returns, with the S&P 500 rising 3.7%, the Nasdaq surging 5.5%, and the Dow Industrials Average adding 2.0%. Small Caps joined the rally, with the Russell 2000 Index advancing 3.1% and hitting its first record high since 2021.

Technology stocks continued higher in September, gaining 7.3% during the month, supported by the continued enthusiasm for artificial intelligence. Several large technology companies announced forecasts for out-sized demand related to cloud computing and semiconductors.

Tech-related gains were not confined to the U.S., as global demand for semiconductors and the global buildout of AI infrastructure helped shift sentiment in markets such as China, Taiwan, and South Korea. This helped fuel the 7.2% gain in Emerging Market stocks in September, bringing year-to-date gains to 27.5%.

Fixed Income Markets Remain Stable

The 10-year Treasury yield declined in September, ending the month with yields near 4.1%, down from the January high of 4.8%. The Bloomberg U.S. Aggregate Bond Index rose 1.1%, while the high-yield index posted modest gains. Municipal bonds have lagged within Fixed income on a year-to-date basis, but they were up 2.3% in September, their best monthly return in 2025.

Wealth Enhancement Perspective

September’s performance was a reminder that markets can sustain momentum, especially when supported by mixed-yet-resilient fundamentals and dovish policy. The AI narrative continues to evolve, expanding beyond Mega Cap names into infrastructure and supply chain beneficiaries, both in the U.S. and abroad.

Despite this backdrop, we are mindful that valuations are elevated, and concentration risk persists. We also note that more accommodative monetary policy—at a time when the economy is performing—could pose upward pressure on inflation. Additionally, if economic growth accelerates too quickly from here and expectations for further rate cuts get priced out, sentiment could sour and dent market enthusiasm.

For long-term investors, this is a time to stay diversified and opportunistic. Rebalancing, tax-loss harvesting, and selective deployment of cash may enhance outcomes. With valuations stretched and macro risks abundant, broadening exposure beyond Mega Cap Tech and into uncorrelated assets—such as infrastructure, hedged equity, and real assets—may offer better risk-adjusted returns.

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September 2025 Market Commentary

Tom Bidinger — Fri, 05 Sep 2025 19:37:37 +0000

September 2025 Market Commentary Tom Bidinger Fri, 09/05/2025 - 14:37

From the period August 1 – August 31, 2025.

Executive Summary

U.S. equity markets remain near record highs, even as softer economic data emerges. Signs of a weakening labor market have strengthened expectations for Fed rate cuts—fueling optimism in risk assets. Yet, that same softness also raises concerns about a downturn in the economy.

What Piqued Our Interest

Markets Near Highs, But Warning Signs Emerge

Equities continued their climb in August, with the S&P 500 rising 2.03%, the Dow Jones gaining 3.42%, and Small Cap stocks rebounding with a 7.14% surge in the Russell 2000 Index. Despite these gains, the underlying data reflects a more cautious economic environment. The University of Michigan’s consumer sentiment index, as well as the Conference Board’s Leading Economic Index, both declined in their most recent release.

Meanwhile, equity valuations remain stretched. The S&P 500’s forward price-to-earnings (PE) ratio sits around 22.5, well above historical norms, suggesting markets may be vulnerable to downside surprises. Concentration risk also remains elevated, with the top 10 stocks in the index comprising almost 40% of the value, driving a disproportionate share of returns.

Labor Market Softening Sets Stage for Rate Cuts

Most notably, the labor market showed further signs of slowing in August. Following a disappointing July payrolls report, the Bureau of Labor Statistics’ JOLTS report showed that both job openings and voluntary quits have declined below pre-pandemic levels. This softening trend, coupled with downward revisions to earlier employment data, points to weakening labor demand.

This has shifted expectations around monetary policy, as investors increasingly anticipate a rate cut in September—particularly as inflation readings have remained tolerable. However, a complicating factor is the potential impact of recently enacted tariffs, especially on manufacturing inputs and consumer goods. While their inflationary impact has been modest so far, the lagged nature of pass-through costs could challenge the Fed’s ability to cut rates aggressively. Policymakers must now weigh a slowing labor market against the potential for renewed price pressures driven by trade policy.

September Seasonality and Valuation Risks

Historically, September has been one of the weakest months for U.S. equities, and given current stretched valuations, markets may be more susceptible to volatility. Portfolio rebalancing, tax planning, and post-summer positioning often amplify price movements during this period.

Though August saw broadening participation, especially among Small Caps and international stocks, investors have the right to be cautious. With macro indicators softening and monetary policy at an inflection point, the path forward may be less straightforward than recent gains suggest.

Market Recap

U.S. Equities: All major indexes posted gains in August. The Russell 2000 (+7.14%) and Dow Jones (+3.42%) outperformed, while the S&P 500 rose modestly (+2.03%). The Nasdaq 100 (+0.92%) lagged, consistent with a broader shift away from growth-dominated leadership.

International Equities: Developed markets (MSCI EAFE) surged 4.26%, while emerging markets rose 1.28%. The MSCI ACWI ex-US gained 3.47%, as global investors responded favorably to a weakening U.S. dollar and expectations for global rate cuts.

Fixed Income: The Bloomberg US Aggregate Bond Index gained 1.20%, supported by a pullback in Treasury yields. High-yield corporate bonds rose 1.25%, while municipal bonds posted a modest gain of 0.87%.

Commodities & Real Assets: The Bloomberg Commodity Index returned 1.93%, while the MSCI US REIT Index rallied 4.38%, though remains down -1.40% year-over-year, reflecting persistent stress in commercial real estate.

Year-to-Date Leaders: Growth stocks continue to dominate YTD performance, with the Nasdaq 100 (+11.98%) and Russell 1000 Growth (+11.33%) leading. International developed equities remain strong performers as well (MSCI EAFE +22.79%).

Wealth Enhancement Perspective

August reinforced the dichotomy between market performance and underlying economic data. While the artificial intelligence tailwind remains intact, and resilience of asset prices is encouraging, risks tied to tariffs, inflation, and employment warrant close attention. With September historically volatile, and policy at a crossroads, this is a prudent time to reassess portfolio exposures.

For long-term investors, volatility can present opportunities. Rebalancing, tax-loss harvesting, and deploying cash selectively may enhance long-term outcomes. Despite the strong returns, investors should look beyond the “Magnificent 7” and consider asset classes that have lower correlation to traditional stocks and bonds. Staying diversified, disciplined, and focused on fundamentals will be key as we move toward year-end.

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Video: Markets Monthly | August 2025

Tom Bidinger — Tue, 26 Aug 2025 19:23:52 +0000

Video: Markets Monthly | August 2025 Tom Bidinger Tue, 08/26/2025 - 14:23

Join Gary Quinzel and Aya Yoshioka for the August 2025 edition of “Markets Monthly: Strategies & Perspectives.” Gary and Aya provide market updates and insights from Wealth Enhancement’s Investment Management team, including breadth narrowing across equities; tariffs, inflation, and a softening labor market causing economic uncertainty; and a “bull” and “bear” case for asset classes for the rest of the year.

If you have further questions about how the current economy and market environment could affect your financial plan, reach out to a Wealth Enhancement advisor today.

2025-8998

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25 minutes

Gary Quinzel

Barron's: Christopher Boyd Featured in “Your I Bonds Aren’t Hot Anymore. How to Decide Whether to Hold or Sell.”

Sofia Gulino — Mon, 25 Aug 2025 13:03:49 +0000

Barron's: Christopher Boyd Featured in “Your I Bonds Aren’t Hot Anymore. How to Decide Whether to Hold or Sell.”  Sofia Gulino Mon, 08/25/2025 - 08:03

Christopher Boyd, CFP® Senior Vice President and Financial Advisor at Wealth Enhancement, was featured by Barron’s in “Your I Bonds Aren’t Hot Anymore. How to Decide Whether to Hold or Sell.” 

“Suddenly you can get 8% or 9%, count me in,” J. Christopher Boyd, a certified financial planner with Wealth Enhancement in Hyannis, Mass., recalled his retired clients were thinking.

Read the full article here:
https://www.barrons.com/articles/ibonds-inflation-sell-investments-treasuries-a2311fb4

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Investing

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1 minute

J. Christopher Boyd

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Media appearances

7 Market Movers | August 21, 2025

Tom Bidinger — Thu, 21 Aug 2025 21:41:12 +0000

7 Market Movers | August 21, 2025 Tom Bidinger Thu, 08/21/2025 - 16:41

This week on 7 Market Movers, Wealth Enhancement Portfolio Consulting Director Aya Yoshioka discusses key economic and financial developments, including some inflation concerns, potential labor market softness, and a dip in equity markets while bond yields edged higher. All eyes now turn to Fed Chair Jerome Powell’s upcoming speech at Jackson Hole for policy guidance. As always, investors are urged to stay diversified and focused on long-term goals.

Please reach out to an advisor if you have any questions you’d like to discuss.

2025-8955

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5 minutes

Ayako Yoshioka

7 Market Movers | August 8, 2025

Tom Bidinger — Fri, 08 Aug 2025 22:30:11 +0000

7 Market Movers | August 8, 2025 Tom Bidinger Fri, 08/08/2025 - 17:30

This week on 7 Market Movers, Gary Quinzel, Wealth Enhancement’s Vice President of Portfolio Consulting, discusses the newly implemented reciprocal tariffs going live, softer labor data raising concerns about economic momentum, and volatile commodity pricing, which could reshape the inflation narrative yet again.

Please reach out if you have any questions you’d like to discuss.

2025-8829

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5 minutes

Gary Quinzel