Summary
The markets soared in the first half of 2026, with the S&P 500 up 9%. Can the momentum continue? At Argus, we think the bull still has some life. In fact, in our “base case” for the second half of the year, we see the S&P 500 gaining another 5%-7%. We also have a “bullish case,” where more goes right, and a “bearish case,” where more goes wrong. As we start the back half of the year, we have tweaked our annual investment themes (originally publish in January), focusing on six that we expect will drive the stock market. Those six themes are AI Broadens Out; Energy Realignment; Upbeat Management Signals, Dividend Hikes; Upbe