Market Commentary
Considered observations on the markets, the economy, and the moments that move them, written for long-term investors who value clarity over noise.
Introducing the IPO Class of 2026
June 15, 2026 | LPL Research
The U.S. initial public offering (IPO) market appears to be entering one of its most consequential periods in years. After a long drought following the 2021 issuance boom, a healthier macro backdrop, improved risk appetite, and a long queue of mature private companies have reopened the new-issue window.
Is Bad News Already Priced into the Bond Market?
June 8, 2026 | LPL Research
Since the onset of the Iran conflict (through last Friday’s close), the U.S. Treasury curve has experienced a meaningful bear flattening with front end yields rising more than back-end yields. The 10-year Treasury yield has increased by approximately 60 basis points (bps), while the 2-year yield has risen by 77 bps.
Add Context, and Stock Market Valuations are Fair
June 1, 2026 | LPL Research
Before digging into what we think this stock market is worth, it’s important to recognize that valuations have not historically been good timing tools. There is essentially no correlation between valuations and where stocks will go over the subsequent year. However, P/Es have value as a basic valuation tool, especially as it pertains to predicting long-term returns.
Kevin Warsh Could Shake Up the Fed
June 22, 2026 | LPL Research
A hawkish debut. At his first Federal Open Market Committee (FOMC) meeting, Chair Kevin Warsh paired a hawkish, minimalist tone — tersely emphasizing price stability — with the launch of five task forces to review key aspects of Federal Reserve (Fed) policy.