Macro Insights Q2 2026

Fisher Investments

Research

29 Pages

Despite recent volatility and geopolitical events, Fisher Investments expects the bull market to continue in 2026. Modest but steady economic growth should provide a fine backdrop for equities, though a correction and high volatility generally shouldn’t be surprising.

Key Takeaways

Bull Market Intact: The current S&P 500 bull market has lasted 42 months with 95% cumulative gains, versus average bull markets lasting 59 months and returning 178%.
Oil Shocks Fade: Past geopolitical oil spikes averaged roughly 3 months and reversed to pre conflict levels after about 4 months, muting macro damage.
Midterm Setup Helps: Since 1950, the Midterm Miracle period has been positive 100% of the time, with an average S&P 500 return of 23.2%.
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