The new year is off to a brisk start, and January has already delivered signs that 2026 may diverge meaningfully from last year’s narrow, tech‑driven rally. Value stocks are leading the way so far, while policy developments from the Trump Administration continue to shape economic headlines. Although it’s still early, we’re closely watching a clear shift in market dynamics to begin to take hold. 

As we embark on 2026, we at Carnegie reflect on a resilient 2025 that saw the S&P 500 deliver solid gains amid headwinds such as tariffs and government budget cutbacks. The market tested many investors through sharp headlines portraying market news and pullbacks as dramatic declines, such as "Dow plummets 500 points," often representing less than 1% moves.  

Our take? Headline-driven commentary is designed to elicit an emotional response (to drive clicks!), but it is often the best time to remember your time horizon. Over longer horizons of 1, 5, or 10 years, these fluctuations pale in comparison to the power of compounding in quality investments. At Carnegie, we remain focused on identifying continual compounders striving to build wealth steadily through economic cycles. 

As we enter 2026, maintaining discipline amid noise remains key, emphasizing long-term horizons over reactionary moves. Below, we share a few larger themes we are watching as we turn the page on 2025. 

The idea of the U.S. government taking direct ownership stakes in private companies felt largely anathema to the nation's capitalist ideals. Yet, the current administration is increasingly embracing a more active role in the private sector. This isn't about regulation or tax incentives; it's about direct investment and influence, echoing—but diverging from—past interventions. 

Interest rates have the ability to impact consumer spending, saving, the economy, inflation and so much more. But how exactly do they work and how do they impact you? Here’s everything you need to know about the advantages and disadvantages of high interest rates – and low.

This article was originally published in October 2021 and has been updated in February 2026 to reflect current information.

We’ve always been told that the only certainties in life are death and taxes. Fair enough. But when it comes to retirement, most people would prefer a little more clarity, especially around income.

Financial planning tools can help estimate future income, but retirement is still built on assumptions. Longevity, health, inflation, and policy changes all play a role. No one knows exactly how long income will be needed or how markets will behave over a 20 to 30 year retirement.

Because of that uncertainty, most retirees rely on multiple income sources working together.

Here is a look at the most common options, along with additional ways some people choose to supplement their income.

Recently, Carnegie Investment Counsel Portfolio Manager/Regional Director Scott Inglis was a guest of Behind the Numbers, which is a podcast about the “real stories” behind business performance and valuation. Inglis talked with the host, valuation expert and bestselling author Dave Bookbinder. Scott provided detailed insights around demystifying noise in the market place”. Here’s an overview of the conversation.

The U.S. rejoined the 197-nation Paris Climate Accord. Under the accord, the U.S. has committed to reducing greenhouse gas emissions by 50% of 2003 levels. President Biden has also stated that his administration wishes to move the U.S. to net zero emissions by 2050.

There is a great deal of trepidation about the potential economic consequences surrounding this matter. The concern is that it will require a lowering of consumption in the U.S. and even our standard of life.

If these targets are not just posturing but serious goals, they may portend both large government spending and tax incentives. Rejoining the Paris Climate Accord may signify a historical capital spending boom by both government and private businesses.