Moore Financial Market Update — November 2026

As we head into the final stretch of the year, there are reasons to remain constructive—and reasons to be selective. Corporate earnings continue to offer encouragement, even as investors take a closer look at valuations and the substantial spending behind the artificial intelligence boom. Inflation and interest rates remain part of the picture, too. It’s an environment with opportunities, but one where the details matter more than the headlines.

Here’s what’s on our radar right now:

• Earnings Matter, but So Do Expectations: Third-quarter earnings season is bringing evidence of continued profit growth, an important foundation for stocks. Investors are looking beyond whether companies beat quarterly estimates, however, and paying close attention to expectations for the months ahead. That’s a useful distinction: strong business results matter, but so does the price investors are being asked to pay for them.
• AI Is Moving From Excitement to Accountability: Artificial intelligence remains a significant area of investment and innovation. Increasingly, though, investors want to see how spending on infrastructure and technology will translate into revenue, profits, and cash flow. Recent volatility reflects some of that scrutiny. The long-term opportunity can be meaningful without every company—or every valuation—being equally attractive.
• Inflation and Interest Rates Remain in Focus: The Federal Reserve held interest rates steady at its October meeting, while continuing to describe inflation as elevated. The path ahead will depend on incoming economic data, and further rate increases remain a possibility. We’re watching how that balance develops: an economy showing resilience offers encouragement, but persistent inflation could keep borrowing costs higher for longer.
• Looking Beyond U.S. Technology: Recent trading has shown pockets of strength outside the large technology companies, including smaller companies and value-oriented stocks. Overseas markets have also shown periods of relative resilience. A few weeks don’t establish a lasting trend, but these differences are a reminder that opportunities don’t begin and end with the most familiar market leaders.
• Policy and Geopolitics Remain Wild Cards: The midterm elections and developments in the Middle East remain important sources of uncertainty. Beyond the headlines, we’re watching their potential effects on policy, energy costs, and inflation. Recent hopes for easing geopolitical tensions have offered some encouragement, but this remains an area where conditions can change quickly.

What We’re Doing—On Your Behalf

Our focus remains on the work that connects market developments to your individual plan: reviewing investment exposures, considering the role of diversification, and weighing decisions alongside your income needs, tax considerations, and long-term goals. The question isn’t simply what markets might do next, but whether your portfolio remains appropriate for what you need it to do.

Bottom line: There are encouraging developments beneath the headlines, particularly in corporate earnings, alongside real questions about valuations, inflation, and the pace of investment in new technology. We see room for optimism without assuming a smooth ride—and good reason to remain thoughtful about both opportunities and risks.