Weekly Commentary October 12th, 2026

Weekly Market Commentary

October 12th, 2026

The Markets  

We’ve been here before.  

Financial markets work because people have different beliefs. Every trade needs a buyer who expects a stock to rise and a seller who expects it to fall. That tension doesn’t hurt the system. It is the system. Democracy works the same way. While a lot of Americans believe our country has never been more divided than it is now, history tells a different story. 

The founders argued constantly.  

The founders of the United States didn’t agree on much. Documentary filmmaker Ken Burns noted that the 13 colonies were so different, they were like separate countries. There was little trust between the leaders. At the time, the word “democracy” had a negative connotation because people associated it with mob rule. 

“You begin to see that democracy is the unintended consequence rather than the intention of the [American] revolution. [Film Producer Sarah] Botstein said the concept that all men are created equal set up this ‘brilliant, totally new idea of what a government should be.’ And it changed the world forever,” according to Burns. 

The first contentious campaign 

Following the Revolution, the founders’ quarrels remained on hold. A reluctant George Washington won the first two presidential elections, receiving every electoral vote each time. When he declined a third term, the country held its first race for the presidency. 

In that election, the Federalist Party branded Thomas Jefferson an anarchist. Jefferson’s party, the Democratic-Republicans, cast John Adams as a monarchist. Since the Constitution didn’t require separate votes for president and vice president, the runner-up in the race became vice president. Adams won by three electoral votes, and Jefferson was his vice president. 

The 1800 rematch tested the young republic again. Jefferson and Aaron Burr tied with 73 electoral votes each, and the House of Representatives had to decide the election. After 35 ballots, Jefferson prevailed, and Burr became VP. The election marked the first peaceful transfer of power from one party to another. It also led to the ratification of the Twelfth Amendment, creating separate votes for the president and the vice president. 

Division is nothing new  

The reality is that throughout history, Americans have disagreed with one another. Ken Burns argues that Americans stood further apart during the Civil War, Reconstruction, the Great Depression, and the Vietnam War era than they do today. Battles over women’s suffrage and civil rights split the country, too.

The United States has endured throughout it all, and we continue to participate in the great experiment known as Democracy. It is an aspiration pursued by each generation. Ken Burns said it simply, “You don’t have to agree...You just have to be involved.” 

As the midterm elections approach, that may be one of the most important lessons history offers. Learn about the candidates and the issues, talk with friends and neighbors who see things your way and who see things differently, then cast your ballot. The founders argued their way into a republic. Our part is to keep it going. 

Last week, as earnings season began, major U.S. stock indexes gained. The Standard & Poor’s 500 and Nasdaq Composite Indexes both hit record highs during the week, according to Alex Rosenberg of Barron’s. Yields on many maturities of U.S. Treasuries moved lower over the week. 

S&P 500, Dow Jones Global ex-US, S&P GSCI Gold Index, Bloomberg Commodity Index returns exclude reinvested dividends. The three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods. 

Sources: Yahoo! Finance; MarketWatch; djindexes.com; U.S. Treasury.

Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.  

ADAPT OR FADE AWAY. The evolution of business is rife with stories of reinvention. As business models evolve, companies innovate, restructure, and adapt to survive. Some companies see change coming and stay ahead of the curve, others recognize change late and work to adapt, and some never adapt. See what you know about how business has changed and how it can affect consumers by taking this brief quiz. 

1. The combination of high-speed internet and digital devices caused streaming to gain popularity. Why wait seven days for a new episode when you can devour an entire season in one sitting? Binge-watching became a way of life. Now, the industry is evolving, and weekly episodes are making a comeback. What’s behind the change, according to research from Carnegie Mellon University? 

1. A slow-drip schedule helps companies retain subscribers. 
2. Viewers visit the platform more and watch other content.
3. Discussions about weekly shows generate buzz.
4. All of the above. 

2. Rock stars once built fortunes on album sales. Streaming upended that business model. With royalties shrinking, many artists now earn most of their income on the road, from live shows and merchandise sales. In 2020, how many times each month did a musician need their songs to be played on a streaming service to earn the equivalent of a full-time, $15-an-hour job, according to Geoff Bennett of PBS News? 

1. 8,000
2. 80,000
3. 800,000
4. 8 million 

3. Clothing retailers are trying to cope with a surprising change: growing demand for previously owned clothing. The market for secondhand apparel grew by 19 percent in the United States in 2025, and some retailers are introducing resale programs. What type of buyer is primarily driving the change, according to Dan Berthiaume of Chain Store Age? 

1. Retirees on a budget
2. Boomers seeking bargains 
3. Gen Z and millennial thrifters
4. High school students on allowances 

4. The subscription business model isn’t new. It dates back to the 1600s, when publishers sold books by subscription in Britain, Ireland, and British America. Today, fast internet and apps have turned subscriptions into a way of life. CNET researched the state of subscriptions. How much did it find U.S. adults spend on unused subscriptions each year? 

1. $157
2. $252
3. $376
4. $490 

From entertainment viewing to secondhand closets, business models change quickly. When companies adapt early, they can turn disruption into opportunity. 

WEEKLY FOCUS – THINK ABOUT IT

“Life doesn't always present you with the perfect opportunity at the perfect time...Opportunities come when you least expect them, or when you're not ready for them. Rarely are opportunities presented to you in the perfect way, in a nice little box with a yellow bow on top…Opportunities, the good ones, they're messy and confusing and hard to recognize. They're risky. They challenge you.”

— Susan Wojcicki, CEO

Answers: 1) d; 2) c; 3) c; 4) b

 These views are those of Carson Coaching, not the presenting Representative, the Representative’s Broker/Dealer, or Registered Investment Advisor, and should not be construed as investment advice.

* This newsletter was prepared by Carson Coaching. Carson Coaching is not affiliated with the named firm or broker/dealer.

* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.

* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.

* The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.

* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.

* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.

* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.

* Gold represents the 3:00 p.m. (London time) gold price as reported by the London Bullion Market Association and is expressed in U.S. Dollars per fine troy ounce. The source for gold data is Federal Reserve Bank of St. Louis (FRED), https://fred.stlouisfed.org/series/GOLDPMGBD228NLBM.

* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.

* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.

* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.

* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.

* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.

* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.

* The risk of loss in trading commodities and futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage is often obtainable in commodity trading and can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

* Past performance does not guarantee future results. Investing involves risk, including loss of principal.

* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.

* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

* Asset allocation does not ensure a profit or protect against a loss.

* Consult your financial professional before making any investment decision.

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Sources:

https://www.pew.org/en/trust/archive/summer-2026/ken-burns-finds-hope-in-americas-divided-past

https://virginiahistory.org/learn/getting-message-out-presidential-campaign-memorabilia-collection-allen-frey/elections-1789-1828

https://www.nps.gov/articles/anti-suffragism-in-the-united-states.htm or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/10-12-26-Barrons-Stocks-Are-At-Record-Highs%20-3.pdf

https://www.archives.gov/exhibits/treasures_of_congress/text/page24_text.html

https://www.barrons.com/articles/stocks-record-highs-volatility-d2b9b436 or go to https://resources.carsongroup.com/hubfs/WMC-Source/2026/10-12-26-Axios%20-%205.pdf

https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=202610

https://www.axios.com/media-trends-membership/2026/06/13/streaming-binge-weekly-release

https://www.heinz.cmu.edu/media/2025/August/for-video-on-demand-platforms-release-strategy-matters

https://www.pbs.org/newshour/show/musicians-push-back-on-dwindling-payments-from-streaming-services

https://chainstoreage.com/thredup-us-resale-apparel-hit-788m-2030-10-most-shopped-resale-brands

https://en.wikipedia.org/wiki/Publication_by_subscription

https://www.cnet.com/tech/services-and-software/subscription-survey-2026/

https://hub.jhu.edu/2014/05/29/commencement-wisdom-wojcicki/