What’s Driving the Market Into Year-End?

The third quarter is nearly in the books, and in this episode we take a look at what could drive markets through the final months of the year. With earnings expectations remaining strong, the focus is increasingly shifting toward market multiples and the forces behind them, particularly interest rates, oil prices and expectations for Fed policy. Michael explains why a market that has become mathematically cheaper isn't necessarily more attractively valued, and why the outlook for oil and rates could be the biggest swing factor for stocks into year-end. They also discuss the fading potential for further multiple expansion among the mega-cap AI names and why investors may want to increasingly focus on profitable companies with strong earnings momentum as the economy moves toward 2027.

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