In last week’s Beyond the Numbers, we made the case that free cash flow deserves a prominent place in investors’ valuation toolkits. Earnings can provide a useful measure of profitability, but free cash flow (FCF) gets closer to the centr

Much of the market's attention in recent weeks has centered on the sharp moves in long-term U.S. Treasury yields. Rising term premiums, concerns about debt issuance, and questions around the sustainability of fiscal policy have all helped drive v

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

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 gr

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

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

For an asset often designated as a store of value, gold volatility has been especially apparent this year. After starting off the year with a high-paced record-setting run that lifted the metal to nearly $5,600 an ounce, including a 13% rally in Janu

As we wrote earlier this month, earnings have provided a strong foundation for stocks this year. With second quarter earnings growth for the S&P 500 on track to exceed 30% (excluding private investment mark-ups) and analysts continuing to raise e

Investors have spent much of the summer navigating a familiar tension: an economy that continues to show resilience even as concerns linger over inflation, fiscal deficits, and geopolitical risks. Yet beneath the daily headlines, several underlying f

For years, Russell index reconstitutions have been treated as a routine maintenance event. Thousands of stocks are ranked, memberships are adjusted, and markets move on. But the June 2026 Russell reconstitution revealed something far more interesting