Landmark Wealth Management, LLC

Registered Investment Advisor

631-923-2485; 888-342-6436

Greetings! Q1 2026 is behind us and has left a lot to review. While there is certainly much to recap about the stock market and the actions of the Federal Reserve, the biggest news and the biggest ongoing story as we look ahead to Q2 2026 is the ongoing “military action” in Iran, which began on February 28 and has continued into Q2 2026. The conflict itself has caused supply chain disruptions and, to this point, a modest market pullback. However, as we often say, this is not a reason to drastically alter your asset allocation or (even worse) to exit the market altogether. (If you would like additional insight, you can read our article on how markets typically respond to geopolitical events and wars by clicking here.)

Equities opened the year positively before ending the quarter on a decidedly negative note, with the market, as measured by the S&P 500, falling by roughly 4%. This pullback reflects investor concerns around inflation, interest rates, and global instability. In fixed income, we most recently saw the Federal Reserve pause its rate-cutting cycle (at least for now) at its last meeting. This, paired with the ever-looming threat of inflation, has led to a general market consensus (which should always be taken with a grain of salt) that rates may remain “higher for longer,” or that they may need to be raised at some point later in the year. Overall, Q1 was better for bonds than for equities; however, bonds still delivered a relatively flat return, if any at all.

We give you a deeper insight into our thoughts on the past quarter and an outlook for Q2 further below. If you would like, we also have a link to the Forbes economic and market outlook for Q2 2026 (click here), and Morningstar's Q2 market outlook for 2026 (click here).

In this issue of our Investment Newsletter:

• Our investment topic this issue is: "Magnificent 7 Performance in the S&P 500: How Mag 7 Stocks Continue to Shape Market Returns and Earnings Growth."

• Recent articles where Landmark Wealth Management was quoted in the press
• Landmark's updated 2026 ADV

• An overview of recent market activity, along with Our Perspective...

• A recap of the performance of major market indices from the past quarter

• Upcoming Economic Calendar

You will find past investment articles, by clicking the Articles tab above, or directly on our website, found under Periodicals. 

If there is a topic of interest you would like to see covered in the future, please reply back to this email to let us know, or click here. Likewise, if you have any questions on this or anything else, feel free to reply back.

Investment Topic

"Magnificent 7 Performance in the S&P 500: How Mag 7 Stocks Continue to Shape Market Returns and Earnings Growth."

For our investment topic, "Magnificent 7 Performance in the S&P 500: How Mag 7 Stocks Continue to Shape Market Returns and Earnings Growth" we give our thoughts and suggestions. To learn more, please click here.



Please note - this investment topic, as well as past investment topics, can be found on our website under the Articles tab, or you can click here.

Landmark Wealth Management Quotes in the Press

The past few years, Landmark Wealth Management has been quoted in the press for various articles. We have decided to start sharing these when they happen. If curious about past times we were mentioned, you can see it on our website under Articles > In The Press, or simply click here.

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From an article on the website MarketWatch: "‘Everyone treats me like I have a contagious disease.’ I have $500K in stock, earn $9.5K a month and want a good adviser to meet me in person. Help." To access this article, please click here.

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From an article in NTD.com, "3 Major Risks When Taking Social Security at Age 70". To access this article, please click here.

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From an article that was on the website Gobankingrates.com: "5 Key Signs Your Emergency Fund Is Too Small for the Trump Economy". To access this article, please click here.

Our Annual ADV

As per Securities and Exchange Commission (SEC) requirements, attached is our annual ADV brochure.  To access this, please click here. There have been no material changes, to the ADV, since our last filing. If you would like us to email or mail a hard copy, please feel free to call/email us to let us know.

Our Perspective on Recent Market News and Activity

Our synopsis of the past quarter, a look ahead, and putting it all in perspective:

Q1 2026 was a quarter marked by volatility. While the year started fairly positively, investor concerns surrounding the conflict in Iran led the quarter to end on a negative note overall. It is important to note that while geopolitical unrest can be frightening, it is very often a short-term shock to the market and that, given enough time, the market will recover and thrive.

The equity landscape in 2025 was driven by the S&P 500 and international stocks, both of which delivered strong positive returns. While those same sectors appeared solid at the start of this year, both ended Q1 2026 in negative territory. The S&P 500 closed the quarter down nearly 5%, while international stocks, as measured by the MSCI EAFE Index, were down a little over 1%.

Also on the international front, emerging markets, measured by the MSCI Emerging Markets Index, finished the quarter slightly negative. Domestically, the mid- and small-cap sectors both outperformed their large-cap counterpart, posting positive returns of roughly 1% each, as measured by the Russell Midcap Index and the Russell 2000 Index, respectively.

REITs, as measured by the Dow Jones Select REIT Index, posted a positive quarter, rebounding from their negative finish in 2025 to return around 4%. Finally, value stocks also had a strong quarter, returning slightly more than 2%, as measured by the S&P Dividend Aristocrats Index. This may be a positive indication that the market is beginning to broaden.

Fixed income experienced a largely flat quarter, with both municipal bonds (as measured by the Bloomberg Municipal Bond Index) and the broader bond market (as represented by the Bloomberg Aggregate Bond Index) posting flat to slightly negative returns. Short-term government debt, as measured by the U.S. Treasury 3-Month T-Bill, performed slightly better, producing a return of nearly 1%.

The Federal Reserve decided to keep rates steady at the end of Q1 2026. Looking ahead to Q2, one of the biggest outstanding questions for fixed income is whether the Fed will need to reverse course and raise interest rates, or if it will be able to leave rates unchanged. This is in contrast to what the “base case” was towards the beginning of the year where most prognosticators were pricing in 1-2 rate cuts, which will almost certainly have to wait, if they happen at all.

One consequence of the equity market pullback in Q1 2026 was an exceptionally strong quarter for commodities. As measured by the Bloomberg Commodities Index, commodities posted a nearly 25% return, likely driven by geopolitical tensions in Iran and Venezuela.

Last quarter, the most pressing concern for investors was also geopolitical, as the U.S. was involved in military action in Venezuela. While that situation has somewhat subsided, a new wave of military conflict in Iran has once again introduced volatility into the markets. As in Venezuela, global energy prices remain a key issue, helping explain why commodities surged in Q1 2026 while equity markets declined.

As we often emphasize in this newsletter, geopolitical concerns are not a reason to abandon one’s chosen asset allocation or worse, to exit the market entirely.

If it has been a while since we last sat down to review your personal numbers, we encourage you to make an appointment and meet with us.

Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.

Major Market Indices

Below is the Q1 '26 and 2026 year-to-date total return performance of some of the major indices:

Source: Bloomberg

On The Investment Horizon

Upcoming Key Dates on the Economic Calendar 

• First Friday of each month: Unemployment report for the prior month, released at 8:30AM.

• Friday, April 3rd- Good Friday: US Markets Closed

• Tuesday, April 28th - Wednesday, April 29th: The Federal Open Market Committee (FOMC) meets, and releases their announcement on Wednesday at 2PM.
• Thursday, April 30th - Gross Domestic Product, 1st Quarter 2026 (Advance Estimate)

• Monday, May 25th- Memorial Day: US Markets Closed



• Tuesday, June 16th - Wednesday, March 17th: The Federal Open Market Committee (FOMC) meets, and releases their announcement on Wednesday at 2PM.
• Wednesday, June 17th - Gross Domestic Product, 1st Quarter 2026 (Second Estimate), GDP by Industry, and Corporate Profits (Revised)
• Friday, June 19th- Juneteenth: US Markets Closed

• Friday, July 3rd: Independence Day (observed): US Markets Closed.

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General & Contact Information

For our clients - You should have received your statement directly from our account custodian, Charles Schwab & Co. If you have not, please let us know so that we may investigate the matter. Please review your statement carefully and let us know if you have any questions or comments.

Also, as a reminder, our office has a nice sized conference room to use for our meetings and updates. If you do not feel comfortable coming into our office or if it is inconvenient, we recommend that we set up a Zoom or teleconference call to update your planning numbers, especially if it has been more than a year since we have last done so. Please feel free to reach out.

For everyone - If you desire an appointment, have any questions on any of this material, or any other financial subjects may relate to your own financial circumstance, please reach out to us at the contact information below:

Sincerely,

Brian Cohen, CCO; email: brian@landmarkwealthmgmt.com; phone: 631-923-2487

Chris Congema, CFP®; email: chris@landmarkwealthmgmt.com; phone: 631-923-2486

Joe Favorito, CFP®; email: jfavorito@landmarkwealthmgmt.com; phone: 631-930-5336

Jim Millington, CFP®; email: jim@landmarkwealthmgmt.com; phone: 631-470-0765

Aaron Belletsky; email: aaron@landmarkwealthmgmt.com; phone: 631-982-8049

Stu Lempert, CWS®; email: stuart@landmarkwealthmgmt.com; phone: 631-485-3055

Direct office email: info@landmarkwealthmgmt.com 

Direct phone: 631-923-2485 or 888-342-6436

This communication is from Landmark Wealth Management, LLC, a Securities and Exchange Commission Registered Investment Advisory firm. The information in this email is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax, legal, or investment advice from an independent professional / financial advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Information and use of materials contained in this email, including text and attachments, is confidential and is for the use of the intended recipient(s) only. If received in error, you are hereby notified that any dissemination, distribution, or copying of this communication, or any of its contents, is strictly prohibited. If you have received this communication in error, please reply to the sender and delete the original message and any copy of it from your systems. Be also advised that email communications are not secure. All e-mail sent to or from this address will be recorded by the Landmark Wealth Management, LLC email system and is subject to archival, monitoring, and inspection pursuant to securities regulations. Please direct any matters regarding this policy to info@landmarkwealthmgmt.com.