Markets have declined to an area where small pullbacks can end, but large pullbacks can start.

Following the tariff scare in the spring, markets have calmly but consistently pushed to new all-time highs. Some investors say that equity valuations are too high, and that we are due for a correction. What does the data say?

Equity markets and the global economy are on solid footing. While we expect near-term choppiness, we expect the bull market to last well into 2026 before showing more risks. In our report, we discuss the current state of the market and analyze four major potential changes happening now.