What's Ahead in the Second Half for Markets? Pt. III

Editor’s note: We asked a group of leading Pittsburgh-area wealth managers to give their answers to this question: “So far, 2026 has been treacherous for investors. What do you expect for the second half and where do you see opportunity?”

Previously in this series: What’s Ahead in the Second Half for Markets? Pt. II

MATTHEW GEORGE, PNC PRIVATE BANK Markets are seeing more ups and downs following energy disruptions in the Middle East, but the overall picture remains solid. Higher energy costs could squeeze consumers and complicate near-term Fed policy, but corporate earnings in the U.S. continue to hold up and are expanding beyond just the largest tech companies. International markets face similar energy-related challenges, though ongoing government spending in Europe and Japan should support medium-term growth. Absent prolonged energy disruptions, markets should refocus on earnings and growth as the geopolitical environment stabilizes.

ANGELA PLATT, J.P. MORGAN PRIVATE BANK Markets have navigated considerable uncertainty this year, but we see a more constructive second half ahead as earnings trends remain broadly supportive. With valuations having reset, periods of weakness can present meaningful opportunities to add exposure selectively. We are focused on areas where sustained investment and strong execution are driving results: technology, industrials, healthcare, utilities and large banks. Pittsburgh carries an added advantage as an emerging hub for AI and autonomous vehicle development, drawing significant venture capital.

BETHANY BRYANT, GLENMEDE After a volatile start to 2026, Glenmede expects the second half to reward discipline over prediction. Policy uncertainty and geopolitical risks may keep markets choppy, but recession risks appear contained. Market leadership is broadening, supporting value stocks, smaller companies, select international markets, and diversified portfolios. With bond yields near fair value, disciplined rebalancing remains key.

JONATHAN DANE, DEFIANT CAPITAL GROUP Treacherous is the right word if you were concentrated. If you were diversified, it was a proof of concept as the equal-weight S&P gained while the headline index fell. Looking ahead, the Strait of Hormuz is the variable through which everything else flows: oil prices, geopolitics, inflation, Fed policy, and ultimately, multiples. But most investors are missing a key point on fundamentals: Earnings estimates are rising. Prices fell; fundamentals didn’t. That distinction is what keeps us constructive, and where we see the clearest case for quality enterprise software and middle-market private equity, which has stayed active while large-cap deals stalled.