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David Darst’s Q1 2026 Market Recap

David Darst’s Q1 2026 Market Recap

David Darst, CFA, Senior Advisor and Investment Strategist at The Family Office, provided his insights on the key developments in Q1 2026. Below are the highlights:

May 12, 2026Market Recap- 1 min
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  • In Q1 2026, the S&P 500 declined by approximately 4.6% and the Nasdaq by roughly 7%, while the Russell 2000 rose by nearly 1%, reflecting a broader rotation within equity markets into sectors such as financials, healthcare, and consumer staples.

  • Gold rose 7% in Q1 but has come under pressure due to rising interest rates, investor liquidations to raise cash, and profit-taking by commodity trading advisors. Gold is currently down approximately 13% from its all-time record high.

  • U.S. GDP growth decelerated sharply, from 4.4% in Q3 2025 to a final estimate of 0.5% in Q4 2025. Early projections for Q1 2026 point to growth in the 1.0–1.5% range.

  • Inflation remains low but is rising, with the Federal Reserve expected to hold rates steady through year-end and the possibility of rate increases rather than cuts.

  • Key macro risks to monitor include a potential technology sector bubble, elevated government debt, reflation pressures, geopolitical developments, and the possibility of deglobalization and a breakdown in global trade.

  • At The Family Office, we have shifted our recommended allocation from a traditional 60/40 model to a 60/20/20 framework (60% equities, 20% fixed income or liquidity, 20% alternatives).

Watch the full video above for more insights.

 

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