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Model Portfolio
Sources: Bloomberg, as of 9/30/2026. United States as represented by the S&P 500 Index, Europe by the Stoxx Europe 600 Index, and Emerging Markets by the MSCI Emerging Markets Index.
August rewarded patience, as global equities regained their footing after July's leverage-driven AI unwind. We believe the volatility was mostly a positioning scare, not a fundamental one, given Q2 earnings delivered broad-based growth and the strongest margins in years. Stocks outpaced bonds, with many major US indices hitting fresh highs mid-month before cooling into month-end, while emerging and international developed markets outperformed. Large cap growth reclaimed the monthly crown as software and semiconductors rebounded. In fixed income, the curve flattened as short yields rose and long yields eased. Corporate credit spreads remained tight, absorbing record AI-buildout-related issuance. The month's plot twist came from Jackson Hole, where Chair Warsh warned that underlying inflation hasn't meaningfully improved and the Fed may still have "work to do," sending near-term hike odds and front-end yields sharply higher.
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Michael Gates
Michael Gates, CFA, Managing Director, is the head of Model Portfolio Solutions in the Americas within BlackRock's Multi-Asset Strategies and Solutions group.
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