Broad Market Leadership Opens 2026 Despite early volatility driven by global bond market stress, tariff-related tensions, renewed inflation concerns, and uncertainty surrounding Federal Reserve leadership, equities finished January higher, with the S&P 500 reaching new all-time highs. On the back of strong economic data and earnings, market leadership broadened beyond mega-caps as the S&P 500 Equal Weight Index (+3.4%) outperformed its market cap-weighted counterpart (+1.5%).