Making Sense Rally or retreat: What‘s next for US equities?
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Jan 27, 2026 Drew Tyler, Global Head of Market Intelligence who provides tactical market views and macro/earnings analysis, discusses a tactically bullish stance based on resilient macro data and earnings growth. He breaks down elevated consumer cash trends and sector bifurcation in consumer positioning. He also covers geopolitical shocks, rate and yield-curve effects, and sectors likely to lead a localized large-cap rally.
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Three Pillars Supporting Tactical Bullishness
- Markets remain tactically bullish based on three pillars: resilient macro data, positive earnings growth, and thawing trade tensions.
- These forces together support continued upside over the next one to two quarters.
Consumer Strength Keeps Growth Above Trend
- Consumer and growth indicators point to GDP growing at or above trend (~2% real).
- Recent PMI/ISM and consumer metrics underpin the view of resilient economic activity.
Thawing Trade Tensions Lower Tariff Risks
- Drew expects trade tensions to thaw with more deals signed, lowering realized effective tariffs.
- Lower tariff rates would ease cost pressures and act as a positive for growth and markets.