From the desks of Stanley Katz & Lauren Madera
GRAB YOUR PUMPKINS AND CARVE YOUR JACK-O’-LANTERNS IN HONOR OF NATIONAL PUMPKIN DAY!
The three major U.S. stock market indices posted strong gains for the week (DJIA: +2.20%, S&P 500: +1.92%, Nasdaq: +2.31%) despite escalating energy market tensions. Oil prices surged 5% Thursday after the U.S. Administration announced sanctions on Russia’s two largest oil producers, Rosneft and Lukoil. Brent crude (the global benchmark) hit $66 and WTI (West Texas Intermediate, the U.S. benchmark) reached $62. Goldman Sachs estimates that Rosneft and Lukoil combined have exported 3.0 million barrels per day year-to-date, representing 45% of Russia’s total exports. Nonetheless, Goldman maintains its base case 2026 forecast that Brent/WTI prices will revert to averages of $56/$52. Read their piece below for the factors they believe may limit oil prices.
Capital Group’s Mark Casey sheds light on a special subset of longer term market disruptions that he calls “unstoppable trends.” Generally speaking, these are new products or services that offer so many advantages over incumbents that they can’t be expected to lose market share to their predecessors. Think digital money gradually displacing paper money or streaming services replacing physical media. Casey’s key insight is that once these trends achieve critical mass, they become self-reinforcing—companies positioned to benefit should see valuations supported by structural growth rather than cyclical factors, while those resisting evolution face progressively steeper odds. For investors, identifying which trends truly qualify as unstoppable versus merely fashionable separates long-term wealth creation from getting caught in bubbles that eventually deflate.
Below are links to a number of third-party research reports that we have read and analyzed over the past week. We hope you will find the information interesting, useful, and worthwhile.
Goldman Sachs:
Capital Group:
Argus:
J.P. Morgan Asset Management:
Northern Trust:
Stanley Katz & Lauren Madera, Financial Advisors
ClientFirst Financial Strategies, Inc.
937-293-5500
Source for weekly stock market returns: Barron’s.
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