Keeping Perspective in a Changing Market
Recent market headlines have focused on global conflicts, inflation concerns, and changing economic conditions. Our latest Market Update Video breaks down the key trends investors should know and explains why keeping a long-term perspective may be more important than ever.
| Visual | Audio |
|---|---|
| Fisher\SMB logo appears above the title ‘Q2 Market Update’ on a light gray background with a subtle bar chart graphic.” | NA |
| Text on a light gray background reads, ‘In Q1 2026, stock prices fell amid conflict with Iran,’ with ‘stock prices fell’ emphasized in bold. | In Q1 2026, stock prices fell amid conflict with Iran. |
| Text on a light gray background reads, ‘Markets snapped back during the second quarter,’ with ‘snapped back’ emphasized in bold. | But the markets snapped back during the second quarter, continuing the current bull run. |
| Text on a light gray background reads, ‘Best quarter for U.S. stocks since 2020,’ with ‘since 2020’ emphasized in bold. | In fact, it was the best quarter for U.S. stocks since 2020. |
| Chart titled ‘The Current Bull Market’ shows the FTSE All-World Index Price rising 99% from October 2022 to June 2026, with several short-term pullbacks and corrections occurring along the way. | In particular, smaller companies outperformed larger ones thanks to strong earnings, less tariff uncertainty, and an economy that remains generally solid overall. |
| Text on a light gray background reads, ‘While markets recovered quickly, the conflict still had lasting effects,’ with ‘recovered quickly’ and ‘lasting effects’ emphasized in bold. | While markets recovered quickly, the conflict still had lasting effects. |
| Chart titled ‘Inflation and Energy’ compares the unemployment rate and inflation rate from 2020 through 2026. Unemployment spikes in 2020 before gradually declining and stabilizing around 4.3%, while inflation rises sharply through 2022, peaks near 9%, and then declines to approximately 3.5% by 2026. A highlighted box on the right emphasizes the latest unemployment and inflation readings | As the orange line shows, inflation moved higher for three straight months as energy prices surged following the conflict in the Middle East. As energy prices eased, inflation started to move lower by the end of the quarter. |
| Chart titled ‘Inflation and Energy’ shows inflation peaking in 2022 before falling, while the federal funds rate rises and then gradually declines. Unemployment remains relatively steady. | Looking at the blue interest rate line, the Federal Reserve kept its policy unchanged rather than beginning a new round of rate cuts, and remained in a wait-and-see mode. |
| The view zooms in as a target inflation line appears. Inflation and federal funds rate lines animate across the screen, showing inflation easing but remaining above target as interest rates rise and later decline.” | With inflation still above the 2% target and unemployment gradually rising, the Fed faces a difficult balancing act between bringing prices under control and supporting the job market. |
| Text on screen reads, ‘One bright spot has been the performance of semiconductor companies,’ with ‘semiconductor companies’ emphasized in bold. | One bright spot has been the performance of semiconductor companies. |
| Chart titled ‘Semiconductors Shine in 2026’ compares the S&P 500 Index and the PHLX Semiconductor Index. The semiconductor index significantly outperforms the broader market, climbing to nearly 100% return by late June 2026, while the S&P 500 gains approximately 10% over the same period. | As this chart shows, semiconductor stocks significantly outperformed the broader market during the second quarter. Investor enthusiasm around AI and related technologies helped drive strong gains across the sector. This trend extended beyond the U.S., as semiconductor companies in Taiwan and South Korea gave global markets a meaningful boost. And as AI supply chains continue to expand and mature, many companies are positioned to lead the next phase of growth. |
| Text on screen reads, ‘Investor enthusiasm wasn’t limited to semiconductor companies,’ with ‘Investor enthusiasm’ emphasized in bold. | Investor enthusiasm wasn’t limited to semiconductor companies. |
| Text on screen reads, ‘SpaceX made its stock market debut on June 12,’ with ‘stock market debut’ emphasized in bold. | Another big news story was SpaceX, which made its stock market debut on June 12. |
| Chart titled ‘Chasing the Market: SpaceX IPO’ shows SpaceX stock rising sharply immediately after its June 12 market debut, peaking above 200, before steadily declining through July and ending near 110. | Within days of opening at $150 per share, the stock rose above $200 before falling well below its initial trading price. That kind of volatility is a good reminder that excitement and investment success aren’t always the same thing. |
| Text on screen reads, ‘While chasing hot stocks may seem attractive, it can burn you,’ with ‘it can burn you’ emphasized in bold.” | While chasing hot stocks may seem attractive, it can burn you. |
| Text on screen reads, ‘Focus on building a diverse portfolio that’s designed to meet your retirement goals,’ with ‘designed’ emphasized in bold. | Instead, focus on building a diverse portfolio that’s designed to meet your retirement goals. |
| Text on screen reads, ‘The quarter offered similar lessons,’ with ‘similar lessons’ emphasized in bold. | The quarter as a whole offered a similar lesson. |
| Text on screen reads, ‘Maintain a long-term perspective to navigate changing market conditions,’ with ‘long-term perspective’ emphasized in bold. | Even amid uncertainty and market swings, maintaining a long-term perspective remained one of the most effective ways to navigate changing market conditions. |
| Fisher\SMB logo appears above contact information. Text on screen reads, ‘(888) 322-7586’ and ‘contact401k@frs.net. | If you need help crafting a diverse portfolio or have questions about your retirement plan, reach out to one of our Retirement Specialists at 888-322-7586 or contact401k@frs.net. |
| Blue end screen displays the following disclosure text: Past performance does not guarantee future results. This material is for informational purposes only and should not be construed as personalized or individualized investment advice. Investing in securities involves the risk of loss. Fisher Retirement Solutions®, Fisher\SMBTM, FisherSMBTM, and all related logos and designs are trademarks of Fisher Retirement Solutions, LLC, which is not connected to Fisher Investments. ©2026 Fisher Retirement Solutions K082604VV | NA |
Quarterly Market Update
A Quarter Defined by Resilience
Despite ongoing uncertainty in the Middle East and fluctuations in energy prices, markets delivered strong results in the second quarter. This report explores how resilient market conditions, healthy corporate earnings, and broad participation across sectors contributed to market gains while reinforcing the value of diversification and disciplined investing.
