Q2 2026 Global Markets Review & Outlook

Fisher Investments

Research

30 Pages

Fisher Investments sees the global bull market entering later stages but still supported by resilient growth, broad earnings, and political gridlock. Q2’s 15.1% MSCI ACWI rebound erased Q1 weakness, while AI euphoria contrasts with lower expectations outside the US, favoring non US and Value leadership.

Key Takeaways

Global rebound: Global stocks gained 15.1% in Q2, erasing Q1’s slide and lifting first half MSCI ACWI returns to 11.5%.
Earnings breadth: S&P 500 earnings jumped 28.8% year over year in Q1, with 85% of companies beating estimates versus a 78% long term average.
Midterm pattern: Historically, the midterm year’s Q4 through the following Q2 delivered gains 92% of the time, averaging 19.8%.
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