U.S. stocks powered through tariff turbulence on the way to all-time highs. But it’s only natural to question whether the three-year winning streak can be extended. We look at what drove equities in 2025 and how prospects for 2026 are shaping up.

Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.