Insights

Last week was marked by volatility as investors moved cautiously ahead of this week's Federal Reserve meeting.

The U.S. stock market endured quite a bit of volatility last week.

The U.S. economy remained resilient in 2025. Despite a cooling labor market, a weak housing sector, and uncertainty around tariff policy, the economy continued to grow, supported by steady spending, AI-driven investment, and lower interest rates.

Wall Street responded to mixed economic data by closing higher last week. The Dow reached a record high, ending the week well above the 49,000 milestone, surpassing that mark for the first time in its history.

Wall Street began 2026 in rather lackluster style, with each of the major benchmark indexes listed here closing the week lower, with the exception of the Global Dow. A brief tech rally last Friday wasn't enough to prevent stocks from closing the week in the red.

What's in this issue: Record Charitable Giving in 2024; Traditional vs. Roth: IRA Preference Differs by Generation; Finish the Year Strong by Considering These Tax Moves; Holiday Tipping Etiquette: Tis' the Season to Show Your Appreciation; Goodbye Passwords, Hello Passkeys; Strategies for Smarter Giving; and Beneficiary Designations: Who Gets the Money?

The stock market declined for most of last week, only to rally last Thursday and Friday. The last two weeks have been "catch-up" periods for the economy with the release of a large influx of economic data following the 43-day government shutdown.

Our base case for 2026 is no recession. Accommodative monetary policy is set to deepen via Fed rate cuts, a dynamic further reinforced by fiscal stimulus to sustain economic momentum.