2026 Q2 Market Commentary

Q2 Commentary: The View from Outside

A Strong Second Quarter

After a difficult March, markets came roaring back during the second quarter. The S&P 500 gained approximately 15% (up 9.5% year to date through 6/30), the Dow Jones Industrial Average rose about 13% (up 8.9%), and the Nasdaq Composite advanced more than 21% (up 13.06%).[1][2] It was the strongest quarter for both the S&P 500 and Nasdaq since the second quarter of 2020, while the Dow recorded its best quarterly performance since 2022.[3]

The strength of the quarter was a good reminder of how quickly market sentiment can change. The quarter began with concerns about inflation, interest rates, tariffs, and a war in the Middle East. Despite those concerns, corporate earnings have remained strong, and enthusiasm surrounding artificial intelligence has come back into focus. Markets rarely wait until all the uncertainty has disappeared before moving higher. By the time the headlines begin to feel more comfortable, a meaningful part of the recovery has often already occurred.

A quarterly gain of this magnitude is not the norm. Of course, one strong quarter does not tell us what the next quarter will bring, but it does reinforce the importance of remaining invested during periods when the outlook feels less certain.

Seeing America Through the Eyes of World Cup Visitors

We have a great deal to be proud of as Americans. From the natural beauty of our country to the remarkable stadiums we’ve built, and most importantly, the people who call it home. The World Cup has given Americans an opportunity to see our country through the eyes of foreign visitors, many experiencing the U.S. for the first time. Fans arrived from around the world with concerns shaped by political coverage, social media, and negative headlines. What they have experienced has often been very different.

Visitors have also been fascinated by parts of everyday American life that most of us barely notice. Videos uploaded across social media have highlighted enormous supermarkets, free ice and drink refills (which have been a huge hit), restaurant portions, and exceptionally friendly customer service (although many are confused by the culture of tipping). Interestingly, much of the excitement hasn’t been about five-star restaurants. Instead, visitors have fallen in love with Waffle House, Raising Cane’s, Chipotle, and local diners. Two surprise winners of the World Cup? Buc-ee’s and ranch dressing.[4]

The venues hosting the games have also been a hit with fans in awe of their size and overall impressiveness. One British soccer fan was quoted by the Independent as saying: “We owe apologies to America because their football stadiums are so much better than ours.”[5] Atlanta has had the pleasure of hosting games, and those who have had the opportunity to attend games have raved about the experience. While there’s been positive feedback about our food sizes and stadium experience (not surprising; we take food and sports seriously), the best comments are about the people and the places.

I recently read a story about the Algerian national team being met by more than 500 people at the local airport in Lawrence, KS to welcome them ahead of competition in Kansas City, while members of a local high school band had learned to play the team’s national anthem.[6]

One fan had this to say of his travels, “Indiana is exactly how I dreamed America would be: small towns, wide open spaces, cornfields, barns, cute houses, diners, water towers, friendly people, great food, American flags everywhere, and so much more!”

One Scottish supporter visiting Boston described meeting two local women at a pub and said, “They loved us, we loved them.” She added, “Everyone is so friendly, so nice.”[7] Another Scottish visitor offered an even broader observation, saying, “The America we are experiencing right now is the America we were promised growing up.”[8] The visitor explained that the reality encountered during the trip was far removed from the threatening picture often presented in the news and said that the people they met had been “out of this world.”

My personal favorite was a German who exclaimed, “If you want to hate America, listen to the media. If you want to love it, drive across it.”

None of this means the United States is perfect or that our challenges should be ignored. However, it is good to occasionally be reminded that the country portrayed in the news is not always the same country people experience in their everyday interactions. The friendliness, openness, and optimism visitors have encountered are real American strengths.

Those same qualities also help shape our economic success. The United States continues to attract people, ideas, investment, and entrepreneurial talent from around the world. Our willingness to innovate, welcome new ideas, and believe that tomorrow can be better than today remains our competitive advantage.

The Headline We Would Rather Not Discuss

We would prefer not to return once again to developments involving Iran, but the renewed escalation cannot be completely ignored. Recent military exchanges and uncertainty surrounding the Strait of Hormuz have caused oil prices to rise sharply and temporarily renewed concerns about inflation and broader regional instability. On July 13th, Brent crude rose nearly 10% as investors reassessed the possibility of a prolonged disruption to global energy supplies. Although it must be noted that even during the height of the conflict in March, oil never got close to the $150 a barrel some were predicting. Rather than speculate on where events go from here, we’ll simply continue doing what we always do: monitor developments closely and make portfolio changes only when they align with our clients’ long-term goals.

The concern of the day will change, but uncertainty itself will always be present. Our focus remains on maintaining diversified portfolios, managing risk, and owning investments capable of creating value over the long term.

I never thought I’d become much of a soccer fan, but after the past month, I have a new appreciation for the sport. While the United States didn’t make the run many of us had hoped for, the tournament provided something just as valuable: a fresh reminder of what makes this country so special if we can look beyond the headlines and the things that divide us.

Will

Disclosure: The views and opinions expressed are of Persium Advisors, LLC. This commentary is provided for educational purposes only and should not be construed as investment advice. Persium Advisors is an investment advisor firm located in Atlanta, GA.

[1] https://www.nasdaq.com/articles/june-second-quarter-2026-review-and-outlook

[2] https://www.barrons.com/livecoverage/stock-market-news-today-063026

[3] https://www.investing.com/news/stock-market-news/us-stock-futures-steady-with-tech-rebound-iran-talks-in-focus-4766752

[4] https://ktla.com/news/nationworld/foreign-fifa-fans-hilarious-reactions-to-american-culture/

[5] https://sports.yahoo.com/articles/english-soccer-fan-admits-we-owe-apologies-to-america-after-seeing-stadiums-at-world-cup-083000689.html?guccounter=1

[6] https://www.bostonherald.com/2026/06/22/lawrence-kansas-algeria-national-team/

[7] https://www.reuters.com/sports/soccer/how-warm-world-cup-welcome-is-endearing-us-fans-2026-06-20/

[8] https://www.upworthy.com/world-cup-visitors-are-reminding-americans-who-we-truly-are-in-the-best-way/