The bears must be frustrated. That’s what our Chief Global Market Strategist says in his latest market commentary. He notes that last week oil surged, Treasury yields climbed, the Fed raised rates, the Bank of Japan tightened policy, and energy infrastructure was damaged. And through all of that, the S&P 500 Index remained just below its record high. He thinks that the market bears may be focusing too much on the long list of worries and not on the backdrop against which they’re unfolding. He cites that fundamentals have continued to look considerably better than many expected and that strong nominal growth and strong corporate earnings have helped offset a growing wall of worry. To him, it feels less like a fragile market and more like one that has continued to climb a wall of worry. Read his latest weekly market commentary. inves.co/3TId9Td

When will the next market drawdown occur? Our Chief Global Market Strategist Brian Levitt is often asked this. An easy answer to him is: Soon enough, because they often happen in most years. But he reminds investors that a drawdown isn’t the same as the end of a market cycle. Despite shifting interest rate expectations, credit spreads have remained tight, and market breadth has remained resilient. The warning signs he’d watch — earnings disappointments, weaker policy guidance, and a slowdown in artificial intelligence (AI) — haven’t materialized. For now, to him, this looks more like uncertainty about the monetary policy path than a meaningful deterioration in fundamentals. Read our latest weekly market commentary. inves.co/4xoaJXK

Market headlines are probably giving many investors something to worry about: higher oil prices, rising interest rates, US debt, and the possibility of a Federal Reserve rate hike. But are those the risks that matter most? Our Chief Global Market Strategist, Brian Levitt's take: ▪️ Oil prices remained below their April high. ▪️ Treasury yields looked less alarming alongside solid nominal economic growth. ▪️ Contained inflation expectations and modest job gains may limit the case for an extended rate-hiking cycle. He’s more focused on the fundamentals supporting the market — resilient corporate earnings and continued AI investment. Until those begin to crack, he suspects many investors may be worrying about the wrong things. Read our latest weekly market commentary. inves.co/4hglw1i

Fed Chair Kevin Warsh’s Jackson Hole speech reinforced our Global Head of Research, Strategy & Insights Ben Jones’ view that rates are likely to stay on hold for the rest of the year. His other takeaways in our weekly market commentary: ▪️ Less forward guidance from the Fed may widen the range of possible outcomes, and has the potential to increase the term premium and push longer-term bond yields higher. ▪️Earnings season ended with positive surprises in many markets, one of the better beat-to-miss ratios the S&P 500 has produced in decades, and double-digit growth in both Europe and Japan. Read our latest weekly market commentary. inves.co/4qQx6TZ

$40 trillion sounds scary. But context matters. Yes, US debt has doubled from about $20 trillion to $40 trillion. But over roughly the same period, US household net worth rose by nearly $95 trillion — more than twice the increase in federal debt. That doesn’t make the debt issue disappear. But Brian Levitt, our chief global market strategist, suggests that investors be careful not to confuse alarming headlines with the full picture. For now, his position is that earnings generally continued to surprise to the upside, credit spreads seemed calm, and markets have absorbed higher rates reasonably well. He’ll get more concerned if earnings meaningfully disappoint and credit spreads widen. Until then, earnings matter more to him. Read our latest weekly market commentary. inves.co/45GB7kj

Brian Levitt, our chief global market strategist, feels bad for the bears. Not the Chicago Bears — the market bears. One by one, he believes the market has knocked down their arguments around AI demand, valuations, earnings, market breadth, and inflation. The next concern of some market bears may be an earnings bubble driven by AI infrastructure spending. But in Brian’s view, if demand for AI agents keeps expanding, today’s investment boom may look less excessive in hindsight — and more like the early stages of a much larger compute cycle. At some point, to him, fighting every advance can look less like discipline and more like stubbornness. Read our latest weekly market commentary. inves.co/4qj52IB

The Invesco Short Duration US Government Securities Fund has been recommended for inclusion by the Compound Treasury Management Committee in its RWA sleeve. We appreciate the confidence from the Committee and remain committed to serving clients across both traditional and onchain channels. Learn more about the Invesco Short Duration US Government Securities Fund here: inves.co/4zj3rXr #AccreditedInvestors #QualifiedPurchasers 𝘛𝘩𝘦 𝘐𝘯𝘷𝘦𝘴𝘤𝘰 𝘚𝘩𝘰𝘳𝘵 𝘋𝘶𝘳𝘢𝘵𝘪𝘰𝘯 𝘜𝘚 𝘎𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘍𝘶𝘯𝘥 (𝘜𝘚𝘛𝘉) 𝘪𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘈𝘤𝘤𝘳𝘦𝘥𝘪𝘵𝘦𝘥 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘯𝘥 𝘘𝘶𝘢𝘭𝘪𝘧𝘪𝘦𝘥 𝘗𝘶𝘳𝘤𝘩𝘢𝘴𝘦𝘳𝘴 𝘰𝘯𝘭𝘺. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘯𝘰𝘵 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘵𝘰 𝘣𝘶𝘺 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵. 𝘈𝘯 𝘰𝘧𝘧𝘦𝘳 𝘤𝘢𝘯 𝘰𝘯𝘭𝘺 𝘣𝘦 𝘮𝘢𝘥𝘦 𝘣𝘺 𝘵𝘩𝘦 𝘤𝘰𝘯𝘧𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘱𝘳𝘪𝘷𝘢𝘵𝘦 𝘱𝘭𝘢𝘤𝘦𝘮𝘦𝘯𝘵 𝘮𝘦𝘮𝘰𝘳𝘢𝘯𝘥𝘶𝘮. 𝘐𝘯𝘷𝘦𝘴𝘤𝘰 𝘈𝘥𝘷𝘪𝘴𝘦𝘳𝘴, 𝘐𝘯𝘤. 𝘪𝘴 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘴𝘦𝘳; 𝘪𝘵 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘺 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘵𝘰 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘢𝘯𝘥 𝘪𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘴𝘦𝘭𝘭 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴. 𝘐𝘯𝘷𝘦𝘴𝘤𝘰 𝘋𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘰𝘳𝘴, 𝘐𝘯𝘤. 𝘪𝘴 𝘵𝘩𝘦 𝘱𝘭𝘢𝘤𝘦𝘮𝘦𝘯𝘵 𝘢𝘨𝘦𝘯𝘵 𝘧𝘰𝘳 𝘵𝘩𝘪𝘴 𝘧𝘶𝘯𝘥. 𝘉𝘰𝘵𝘩 𝘢𝘳𝘦 𝘪𝘯𝘥𝘪𝘳𝘦𝘤𝘵, 𝘸𝘩𝘰𝘭𝘭𝘺 𝘰𝘸𝘯𝘦𝘥 𝘴𝘶𝘣𝘴𝘪𝘥𝘪𝘢𝘳𝘪𝘦𝘴 𝘰𝘧 𝘐𝘯𝘷𝘦𝘴𝘤𝘰 𝘓𝘵𝘥. 𝘚𝘶𝘱𝘦𝘳𝘴𝘵𝘢𝘵𝘦, 𝘸𝘩𝘪𝘤𝘩 𝘴𝘦𝘳𝘷𝘦𝘴 𝘢𝘴 𝘵𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘧𝘦𝘳 𝘈𝘨𝘦𝘯𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥. 𝘐𝘯𝘷𝘦𝘴𝘤𝘰 𝘪𝘴 𝘯𝘰𝘵 𝘢𝘧𝘧𝘪𝘭𝘪𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘊𝘰𝘮𝘱𝘰𝘶𝘯𝘥 𝘛𝘳𝘦𝘢𝘴𝘶𝘳𝘺 𝘔𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦 𝘰𝘳 𝘚𝘶𝘱𝘦𝘳𝘴𝘵𝘢𝘵𝘦.

Shadowing an Associated Press photographer once during a college football game helped Brian Levitt, our Chief Global Market Strategist, learn something about perspective. It stayed with him on the job watching stock markets. Rather than running towards an injured player, the photographer chose to remain in position for the next play. To Brian, that feels relevant for today’s markets. There are plenty of “injuries” making headlines — oil price hikes, inflation concerns, Fed uncertainty, tech consolidation, and the Japanese yen. But the bigger story may still be intact: ▪️ Economic growth has continued. ▪️ Earnings have held up. ▪️ Markets have largely absorbed policy shifts without obvious stress. Brian’s view: Don’t lose sight of the field. Read his latest weekly market commentary. inves.co/4z0CHL8

Many investors are concerned that artificial intelligence spending is too high and that the Federal Reserve is behind the curve in fighting inflation. Chief Global Market Strategist Brian Levitt explains why he takes a different view of both questions. inves.co/4yYMfGx

Bull markets don’t end simply because someone observes that they will. They’ve typically ended when the conditions that supported them began to deteriorate. That doesn’t seem to be happening today, according to our Chief Global Market Strategist Brian Levitt: ▪️ Inflation appeared to be cooling. ▪️ The Federal Reserve sounded less inclined to tighten. ▪️ Earnings growth has remained healthy. ▪️ Market leadership has broadened. No bull market lasts forever. But the ingredients that typically ended bull markets — significant earnings misses, falling earnings revisions, tightening liquidity, and restrictive monetary policy — don’t appear to be in place today. Read his latest weekly market commentary. inves.co/4ptmDNP

Investing can feel much the same as the Siren’s songs in the Odyssey to our Global Head of Research, Ben Jones. Odysseus survived the songs because he understood the danger of distraction. Knowing which “Siren song” — like a central bank statement, an oil price move, a geopolitical escalation, an AI headline, or a tariff story — to listen to and which to ignore can help keep investors from the rocks. His key takeaways in this week’s market commentary: ▪️ US Federal Open Market Committee (FOMC) minutes offered the first fuller glimpse of the Federal Reserve (Fed) policy debate under Chair Kevin Warsh. ▪️ AI isn’t just a technology theme. It’s an infrastructure cycle that can be inflationary before becoming productivity-enhancing. ▪️ Issues in the Strait of Hormuz may still impact energy prices, trade, inflation expectations, and risk appetite. Read his latest weekly market commentary. inves.co/4pj9iHL

It’s tempting to draw parallels between today’s market and the late 1990s, especially with Alan Greenspan’s passing and the recent selloff in tech stocks. But Brian Levitt, our Chief Global Market Strategist, doesn’t think the comparison holds up. To him, today’s environment looks healthier and more balanced than the one before the dotcom bust: ▪️ Leadership within technology stocks has shifted to companies benefiting from AI-related investment. To him, that’s a rotation, not a breakdown. ▪️ The rotation isn’t limited to technology. Most companies in the S&P 500 Index have been positive in June and up more than 14% year to date. ▪️ Oil prices have fallen, inflation expectations have declined, and breakevens point to moderation rather than acceleration. Read his latest weekly market commentary. inves.co/4xVuEi8

As a lifelong Knicks fan, years of disappointment conditioned our Chief Global Market Strategist Brian Levitt and other New York fans to anticipate collapse, even as greatness was right in front of them. In hindsight, he realized how good the team was. To him, that feels a lot like the market’s relationship with AI. ▪️ The underlying AI story didn’t change much. What changed was investors’ interpretation of it. For a while, the market viewed AI too narrowly. But the opportunity may be broader with infrastructure, agentic AI, and persistent intelligence becoming part of the economic fabric. ▪️ In addition, simultaneous peaks in oil prices, inflation expectations, and interest rates could create a good macro backdrop for markets. Get more insight in his latest #AbovetheNoise. inves.co/4ajp8vI

The SpaceX IPO was the story investors were watching. The feared “market disruption” didn’t materialize, according to our Chief Global Market Strategist Brian Levitt. The float was too small to meaningfully distort liquidity or sentiment. Whether the valuation makes sense is a stock-specific debate — not a macro signal. The real story, in his view, is still policy: ▪️ Don’t fight the Fed. Volatility is often created by policy uncertainty, and the first rule of central banking is “do no harm.” ▪️ Inflation expectations were relatively contained. Oil prices have been easing. Tightening policy into a strained consumer could risk turning a temporary shock into a policy mistake. That’s why he believes the path of least resistance could still look upward. Read his latest weekly market commentary. inves.co/3QIjHzN

The first half of the year was marked by immense disruption. However, we believe resilience has endured — and provides a favorable investment environment. Our 2026 Midyear Investment Outlook outlines our expectations for a global economic reacceleration, the path of central bank policy, the impact of artificial intelligence, and much more. Read the full outlook here: inves.co/4v9Tw45

The narratives on last week’s stock market downturn seem to be driven by perception, according to our Chief Global Market Strategist Brian Levitt. He doesn’t see the pullback as a sign of structural weakness but more of a reality check: The bar for AI and tech got too high. When expectations soar, even great results can disappoint. Read the latest weekly market commentary. inves.co/43UBBlI

The market advance is too good to be true. Lately, that’s what our Chief Global Market Strategist Brian Levitt has been hearing. His thought: It’s not too good to be true. Here’s his take on the current market: • Strong earnings growth alongside a Federal Reserve that’s on hold can be a constructive combination for markets. • This market cycle will end. It always does. But it typically hasn’t ended with credit spreads tightening and inflation expectations falling. Read his latest weekly market commentary. inves.co/43sdYkB

Rising Treasury yields have revived concerns about the bond market. But our Chief Global Market Strategist Brian Levitt believes this still doesn’t look like the “big one.” Here’s why: ▪️ Higher Treasury yields appeared to reflect a recalibration driven by growth and term premium, not a rupture in confidence in US debt. ▪️ Long-term inflation expectations remained relatively contained despite higher energy prices, suggesting to me that many investors still believe inflation can be managed. ▪️ Markets haven’t shown broad signs of stress, so far. Treasury auctions, the US dollar, credit spreads, and stocks suggest markets have generally absorbed higher rates without a broad disruption. Read the weekly market commentary. inves.co/4u0dlcH

Why can markets move higher even when headlines feel alarming? Our Global Head of Research Benjamin Jones, CFA makes the case that disruption doesn’t automatically mean decline, and looking past scary headlines doesn’t mean markets are irrational. Read the weekly market commentary. inves.co/4nBz1u8

Why have markets moved higher despite ongoing risks? Chief Global Market Strategist Brian Levitt discusses three factors that have helped contribute to a strong fundamental backdrop: 1. Meaningful amount of fiscal support currently in the global system 2. Recent strong corporate earnings 3. US economy continued to show resilience Read the weekly market commentary. inves.co/42AhDMF