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VOLATILITY'S PRICE TAG, OPPORTUNITY'S PAYOFF

The S&P 500 .SPX climbed more than 9% in the first half of 2026, but has largely been treading water so far in July.

Even so, Brian Belski, chief investment officer at Humilis Investment Strategies, remains upbeat on U.S. stocks. In his latest "Brief," published Monday, he acknowledged that investors are still grappling with elevated volatility and uncertainty. But in his view, earnings remain the key driver of stock prices, providing a solid fundamental backdrop that supports higher equity prices over the medium and long term.

Belski notes that corporate America is delivering better-than-expected earnings growth, while the economy has held up better than many feared despite inflation pressures and geopolitical tensions. Consumers are still spending, and companies continue to invest through capital expenditures and share buybacks.

Against that backdrop, Humilis sees a more favorable environment emerging for active managers and stock pickers. Market leadership has broadened well beyond the mega-cap technology names, creating opportunities across sectors, industries and market capitalizations.

While Belski expects there could be more pullbacks and bouts of volatility in the second half of the year, he does not see them as a reason to retreat. Instead, he views such periods of weakness as potential buying opportunities.

His bottom line: volatility is simply part of the cost of investing, and in a market driven by earnings growth, dips should continue to provide attractive entry points for long-term investors.

(Terence Gabriel)

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