Stocks have enjoyed a powerful run off the spring lows and have largely shrugged off concerns around growth, inflation, higher interest rates, the effects of artificial intelligence (AI), geopolitics, and policy uncertainty. As the calendar turns to September, however, they are entering what has historically been, from a seasonality perspective, the most challenging month of the year for equities.

So why does seasonality exist at all? A handful of recurring, calendar-driven behaviors tend to leave a footprint on returns: tax-related selling, mutual fund fiscal year-ends, corporate buyback windows, summer liquidity lulls, and the

LPL Research explores why value stocks are outperforming, how free cash flow drives returns, and the impact of AI spending on markets.

A regime in transition. Value has reasserted itself into the market's psyche after a long period in which growth leadership felt permanent.

Growth's run was the exception. Growth's leadership since the 2010s was a relatively rare period, helped by falling rates, software multiple expansion, and the rise of asset-light platform companies.

Investors are repricing risk. However, markets are regime-sensitive, and the market regime appears to be shifting as investors have become more sensitive

Last week's announcement that U.S. public debt surpassed $40 trillion renewed investor focus on one of the market's most persistent long-term concerns: whether rising government debt could eventually put sustained upward pressure on interest rates.

James Carville, who served as President Bill Clinton’s chief strategist during his presidential campaign and as a consultant and sounding board for Clinton during his presidency, once said: "I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond ma

U.S. government debt recently surpassed $40 trillion for the first time in history, a significant psychological milestone that caught the attention of investors, economists, and policymakers alike. While $40 trillion is a staggering number, focusing solely on the headlines can be misleading. Understanding how we arrived at this level, why debt continues to grow, and what it may mean for the economy, markets, and investment portfolios can provide valuable context and potentially alleviate investor jitters.

How Did We Get Here?

Debt has been used as a funding source for U.S. government programs going back to 1790 and is used i