Wealthion · Thursday, September 24, 2026
Chris Gallup, Head Market Strategist for the Franklin Templeton Institute, notes that the S&P 500 has risen 13.5% year-to-date, with four or five pullbacks between 4-9%. This performance occurred despite significant increases in long rates and oil prices, which Gallup attributes to strong earnings growth throughout the year and expectations for a good third quarter.
“Yeah, well, first of all, it's been the S&P's up 13 and a half percent here as we're talking for the year.”
“Um, I think we've had four or five pullbacks between 4 and 9%. Normal course of business, we just had another one.”
“And as I told our clients this weekend, if you'd told me that long rates would back up 100 basis points, that oil go from 65 to north of 100 and you'd have the tape up, you know, low double digits, 13%, especially starting at a 22 and a half times multiple in January 1, I would have thought, nah, I don't know.”