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U.S. stocks are coming off a third consecutive up year—something that has occurred 11 times over the past century—with a fourth straight positive year having happened seven times since 1928. *1
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Only 188 stocks in today’s S&P 500 were also members at the end of 1999, and just six—Microsoft, Walmart, Exxon Mobil, Oracle, Home Depot, and Johnson & Johnson—remain in the top 25 then and now. *1
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Over the past 100 years, the S&P 500 has experienced a 10% drawdown or worse in roughly two-thirds of all years, a 5% correction in 94% of years, and a 20% decline about once every four years. *2
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In 2025, the S&P 500 Growth index gained 22.3% versus 11.8% for value. This now means that eight of the past ten years’ growth has outperformed value. *3
- MFS – “Beyond the News”
- Advisorpedia – “The Two Signals That Matter Most for Stocks in 2026”
- A Wealth of Common Sense – “The Probability of Loss in the Stock Market”
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Atlanta Fed President Raphael Bostic speaks, Richmond Fed President Tom Barkin speaks, New York Fed President John Williams speaks
Tuesday:
NFIB optimism index (Dec.), U.S. consumer price index (Dec.), CPI year over year (Dec.), Core CPI (Dec.), Core CPI year over year (Dec.), U.S. new home sales (Oct.), St. Louis Fed President Alberto Musalem speaks, U.S. budget deficit (Dec.), Richmond Fed President Tom Barkin speaks
Wednesday:
U.S. retail sales, delayed (Nov.), Retail sales minus autos, delayed (Nov.), U.S. producer price index, delayed (Nov.), Core PPI, delayed (Nov.), PPI year over year (Nov.), Core PPI year over year (Nov.), U.S. business inventories, delayed (Oct.), Existing home sales (Dec.), Minneapolis Fed President Neel Kashkari speaks, Atlanta Fed President Raphael Bostic speaks, Fed Governor Stephen Miran speaks, Federal Reserve Beige Book, New York Fed President John Williams opening remarks
Thursday:
Initial jobless claims (Jan.), U.S. import prices, delayed (Nov.), Empire State manufacturing survey (Jan.), Philadelphia Fed manufacturing survey (Jan.), Fed Governor Michael Barr speaks, Richmond Fed President Tom Barkin speaks, Kansas City Fed President Jeff Schmid speaks
Friday:
Industrial production (Dec.), Capacity utilization (Dec.), Richmond Fed President Tom Barkin speaks, Federal Reserve Vice Chair Philip Jefferson speaks
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