The Armstrong Report: Summer 2026 Firm Update
Reginald A.T. Armstrong • The Armstrong Report
Happy 250th Birthday, America!
She may not be perfect, but she is still the best experiment in governance conceived by man.
ECONOMY
The economy continues to prove its strength, even in the face of higher oil prices for much of the past quarter. Manufacturing has been in growth territory for the entire year, marking the first time that has happened in four years. Non-manufacturing has continued to be in growth mode. Despite higher gas prices, retail sales have continued to rise, with a greater proportion, of course, allocated to energy consumption. Very importantly, corporate earnings for the first quarter were extremely strong. At the end of May, for example, the S&P 500 was up about 9% while earnings estimates were up 14% (CNBC, Globe & Mail, June 2026).
MARKETS
As of today, when I am writing this (June 25, 2026), the quarter is finishing nicely positive for global markets, powered by a blowout May. Bonds are modestly positive, while gold and bitcoin had a very rough quarter. Volatility picked up in June, despite better geopolitical news. Keep in mind, midterm election years are normally quite volatile. We remain cautiously optimistic that equity markets can finish in the black for the year.
THE FIRM
On June 15th, we welcomed Kristen Myers as our fourth client wealth manager. Except for Rhonda, who retired, and Jason, I hired everyone we currently have in their 20s. Now, only one is in their late 30s. The rest of us are more mature. Kristen adds breadth to our service offering to clients due to her unique set of skills and background (more on her on page three), and she adds depth, enabling us to continue to guide and manage clients through multiple generations. In the short-term, you will see her in some client meetings as she is learning what makes us unique. In about a month, she will begin a 4-5 month stint of scheduling reviews for Lee, Matt, and I as a way of meeting clients by phone while learning how we do things here. Please welcome Kristen when you meet or speak with her.