The S&P 500 towed an anchor for much of the summer as a historic momentum and leverage unwind under the surface dragged on the equity benchmark before breaking out to fresh records last week. While these mechanical drivers received most of the blame for the mid-year consolidation, higher Treasury yields were also a large part of the headwind. The 10-year yield has remained uncomfortably high as sporadic flare-ups in kinetic activity and unanswered questions around energy production and shipping disruptions in the Middle East have led markets to increase their expectations of a Federal Reserve (Fed) rate hike. And while the 10-year yield i

Depending on the lookback period, it very well can be the best or worst of times. While the majority of the commodity trading advisor (CTA) industry does feature characteristics of medium-term trading programs; managed futures is still just an umbrella term for a group of strategies that differ mainly along a single dimension — how long a position is held.

The Societe Generale (SG) Trend Index, which tracks the 10 largest institutional trend-following CTAs and is representative of this medium-term group, entered August up 7.9%, above the 3.2% gain of the SG Short-Term Traders Index, which is defined as CTAs and macro manage

As advisors gathered at FOCUS 2026, conversations at the LPL Research booth highlighted a common theme: advisors are looking for ways to scale their businesses, enhance portfolio implementation, and deliver increasingly sophisticated strategies for clients. LPL broadly, and LPL Research specifically, have expanded offerings to help advisors do just that.

Five Takeaways From LPL Focus 2026

1. OCIO Services Generating Strong Advisor Interest. As advisory practices grow and client expectations evolve, many advisors are increasingly focused on how to scale investment management capabilities while maintaining personalized client

Demand continues to outpace record supply. Municipal bonds remain an attractive income opportunity in a market where the Federal Reserve (Fed) is likely to remain on hold and carry is driving returns. Despite record issuance of roughly $50 billion per month, demand has remained strong, supported by a reinvestment wave that is running approximately 40% above last year and favorable summer technicals.

The yield curve favors intermediate maturities. Within the market, the yield curve presents the clearest opportunity, with nearly 100 basis points of steepness from 1 to 30 years, making the intermediate maturities particularly compel