During the third quarter of 2026, subdued volatility in the S&P 500 masked sharp swings in individual stocks and industry groups (Advisor Perspectives). For example, software and services stocks, which declined 20% in the first half of the year amid concerns about AI-driven disruption, rebounded 28% in Q3, accounting for 98% of the S&P 500 Index’s approximately 2.3% total return for the quarter. Meanwhile, U.S. economic growth remained resilient, Treasury yields rose to levels not seen in decades, and inflation remained above 3%, well above the Federal Reserve’s 2% target (Morningstar). In our Fall 2026 Investment Outlook, we examine these developments and share our latest views on the markets, the economy, and the investment implications for clients. Download our Fall 2026 Market Outlook Disclosures: The views expressed are those of Howe & Rusling, Inc. as of the date of publication, are based on information available at that time, and are subject to change without notice. This material is provided for informational and educational purposes only and is not intended as personalized investment, tax, or legal advice, an offer or solicitation, or a recommendation to buy or sell any security or adopt any investment strategy. References to specific securities, sectors, industries, indexes, investment characteristics, or strategies are for illustrative purposes only and should not be interpreted as recommendations. Investing involves risk, including the possible loss of principal, and no investment strategy can assure a profit or protect against loss. Past performance is not indicative of future results. Any forecasts, estimates, targets, expectations, opinions, or other forward-looking statements are based on assumptions and information available as of the date of publication. Actual results may differ materially, and there is no assurance that any forecast or expectation will be realized. Index and benchmark performance is presented for comparison or illustrative purposes only, does not reflect the deduction of advisory fees, transaction costs, or other expenses, and is not available for direct investment. Comparisons to indexes, benchmarks, or third-party baskets may be affected by differences in holdings, investment objectives, methodology, risk, and other factors. Portfolio characteristics and comparisons are based on portfolio holdings, benchmark constituents, calculation methodologies, and data available as of the date indicated. Such characteristics may change and do not represent actual or projected portfolio performance or assure favorable investment results, lower volatility, or reduced risk of loss. References to Howe & Rusling portfolios or strategies are provided for general informational purposes and may not reflect the experience of any individual client. Individual client results and portfolio holdings will vary based on investment objectives, restrictions, timing, fees, and other circumstances. Information obtained from third-party sources, including Bloomberg, Goldman Sachs, Morgan Stanley, the Federal Reserve, and other sources identified in this material, is believed to be reliable, but Howe & Rusling does not guarantee its accuracy, completeness, or timeliness. Third-party names and data are the property of their respective owners and do not imply affiliation with or endorsement of Howe & Rusling. Howe & Rusling, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration with the SEC does not imply any level of skill or training