Commentary

Second Quarter 2026 Quarterly Market Update

Fidelity's Asset Allocation Research Team (AART) examines themes in global financial markets and presents its investment outlook in this Q2 2026 quarterly market update.

Key Takeaways

Markets: Global markets experienced heightened volatility in Q1 as geopolitical conflict and rising energy prices pressured both equities and bonds, while commodities posted strong returns.
Economy: The US economy showed resilience despite a softening labor market, with ongoing inflation pressures driven by tariffs, energy prices, and services costs keeping policy uncertainty elevated.
Investments: Commodities and energy led asset class performance amid inflation concerns, while value stocks outpaced growth and fixed income offered increasingly attractive income opportunities.
Valuations: Higher yields have reset fixed income valuations closer to long-term averages, while equity performance diverged by sector and style as markets repriced risk and growth expectations.

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Second Quarter 2026 Quarterly Market Update

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Quarterly Market Update

Fidelity's Asset Allocation Research Team (AART) examines major themes in the global financial markets and presents its investment outlook for the quarter.

First Quarter 2026 Quarterly Market Update

Fidelity's Asset Allocation Research Team (AART) examines themes in global financial markets and presents its investment outlook in this Q1 2026 quarterly market update.

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