Equity markets delivered strong gains in the third quarter, with the S&P 500 rising 8% and international equities leading performance. The rally has been supported by robust AI-driven capital investment, resilient consumer spending, and an overall accommodative monetary environment.

However, risks are beginning to emerge beneath the surface — including elevated valuations, increased market concentration, softening labor trends, and growing uncertainty around the long-term return on AI investments.

We invite you to watch our Fall Market Presentation for insights on current market conditions and the outlook ahead. Please contact a Nelson Capital advisor with any questions or to discuss how these developments may affect your portfolio.