Market Commentary
MARKET COMMENTARY
Moats vs. Inertia: Unpacking the Personal AI Agent Threat
October 19, 2026
LPL Research examines how personal AI agents could disrupt inertia-based businesses while leaving strong moats intact.
Credit Is Still Flowing, and Businesses Are Borrowing
October 12, 2026
LPL Research examines strong business lending, tighter credit spreads, and housing constrained by mortgage rate lock-in.
The Debt Math, Explained
October 5, 2026
LPL Research examines rising government debt costs, Treasury market stress, and what investors should watch as higher rates reshape the fiscal outlook.
Stock Market’s Wall of Worry Gets Taller
September 28, 2026
LPL Research explores how geopolitical tensions, higher interest rates, and AI investment are adding to the stock market’s wall of worry.
What's Holding Up Record Margins?
September 21, 2026
LPL Research analyzes S&P 500 margin expansion, assessing how much is structural versus cyclical and what that means for future earnings forecasts.
What History Says About Fed Hikes and Stocks
September 14, 2026
LPL Research reveals what past rate-hike cycles can teach investors and why today's market backdrop remains supportive.
Signs Point to a Normalization, Not a Crisis
September 8, 2026
LPL Research analyzes rising U.S. debt, Treasury yields, and fiscal trends, highlighting implications for markets and investors.
Stock Market Tug of War: Earnings vs. Rates
August 24, 2026
LPL Research explores how strong earnings growth, AI-driven profits, and rising estimates are supporting stocks despite pressure from higher interest rates.
Shifting Leadership in Global Growth
August 17, 2026
LPL Research explores shifting global growth leadership, cooling emerging markets, Fed policy expectations, and foreign demand for U.S. Treasuries.
Municipal Bond Outlook: Why Carry Is the Strategy
August 10, 2026
LPL Research outlines how a Fed on hold, strong reinvestment demand, and elevated yields create compelling opportunities in municipal bonds.
Constructive on Stocks in the Second Half as AI Debate Continues
August 3, 2026
LPL Research highlights strong corporate earnings, AI-driven growth, and a favorable equity outlook while monitoring inflation, oil prices, and risks.
Can Hyperscalers Earn Their AI Ambitions?
July 27, 2026
LPL Research explores whether hyperscalers can generate attractive returns on massive AI investments through a framework focused on ROIC, growth, and capex.
China Holds Keys to Post-War Oil Prices
July 20, 2026
LPL Research analyzes China’s declining crude imports, inflation risks, and the resilient U.S. economy driving above-trend growth.
Keep Calm and Clip Coupons
July 13, 2026
LPL Research examines how sticky inflation, Fed leadership changes, and AI-driven borrowing are shaping the fixed income outlook for 2026.
Has Stock Market Exuberance Become Irrational?
June 29, 2026
LPL Research examines current market and investor sentiment in an effort to gauge current levels of exuberance.
Kevin Warsh Could Shake Up the Fed
June 22, 2026
LPL Research examines Warsh’s evolving Fed approach, infrastructure-led growth, and the impact of China demand on oil prices.
Introducing the IPO Class of 2026
June 15, 2026
LPL Research explains the IPO process, reviews high-profile candidates, and provides context on potential market impacts.
Is Bad News Already Priced into the Bond Market?
June 8, 2026
LPL Research analyzes bond markets as yields rise, exploring Fed policy expectations, inflation trends, and whether bad news is already priced into Treasuries.
Add Context, and Stock Market Valuations are Fair
June 1, 2026
LPL Research analyzes stock valuations, finding them fair given growth, rates, inflation, and AI-driven earnings outlook despite risks.
Seeds of Opportunity: The Case for Agriculture Investments
May 26, 2026
LPL Research explores opportunities in agriculture as supply risks and fertilizer constraints reshape commodity markets and support potential gains.
Energy Shock Expected to Hit Prices Harder Than the Economy
May 18, 2026
LPL Research examines rising inflation risks amid geopolitical tensions, while resilient growth and strong investment support continued expansion.
A New Fed Regime: Warsh, Policy Direction, and Treasury Market Consequences
May 11, 2026
LPL Research explores how a potential Warsh-led Fed could reshape policy, Treasury markets, and volatility amid rising deficits and shifting demand.
AI Wave Continues to Power Technology Earnings Boom
May 4, 2026
LPL Research examines overlooked tech growth, assessing strong earnings, AI skepticism, and valuation opportunities for investors.
American Industrial Renaissance: Fact or Fiction?
April 27, 2026
LPL Research assesses the case for an American Industrial Renaissance, focusing on manufacturing investment, supply‑chain resilience, and energy costs.
Rethinking Fixed Income Allocation in a Multi‑Polar World
April 20, 2026
LPL Research examines the fixed income space as global bonds broaden yields and reduce U.S. concentration, offering diversified income and resilience via non‑U.S. developed and emerging markets.
The Economy Takes Multiple Shocks in Stride
April 13, 2026
LPL Research reviews inflation, growth, and global financial conditions, showing why the economy continues to withstand multiple shocks.
Lessons From Past Conflicts for Today’s Stock Market
April 6, 2026
LPL Research looks to the past for lessons on geopolitical uncertainty and its potential impact on equities.
Earnings Likely to Grow Double-Digits Again; Will Markets Care?
March 30, 2026
LPL Research explains why solid earnings, AI investment, and economic resilience underpin stocks, even as oil prices and volatility pressure markets.
Private Credit Under Pressure: Liquidity Mismatches in an AI-Disrupted Cycle
March 23, 2026
LPL Research examines recent private credit activity in the face of growing sophistication from AI.
Why Oil Prices Matter Less — But Still Move Headline Inflation
March 16, 2026
LPL Research explains how America’s declining reliance on oil and rising geopolitical risks shape inflation, growth expectations, and volatility in 2026.
Markets Tested as Iran Conflict Continues
March 9, 2026
LPL Research reviews how the Iran conflict is affecting markets, highlighting energy risks, market resilience, and what investors should watch in the weeks ahead.
How LPL Research Thinks About Dividends
March 2, 2026
Looking beyond recent dividend strategies' performance, LPL Research asks and answers the question, “How should I think about dividend stocks or building an equity income portfolio?”