Mid-Year Outlook 2026

Building on the 2026 Outlook, the midyear report examines the forces driving change, from policy decisions and global supply dynamics to continued investment in artificial intelligence (AI). As the year progresses, policy is expected to remain a central driver of market behavior, with upcoming U.S. midterm elections, shifting Federal Reserve (Fed) leadership, and geopolitical developments all influencing direction. At the same time, AI investments are still fueling earnings growth, even as markets begin to shift focus to real business impact and returns.