The US stock market has closed with a third consecutive year of double-digit gains, positioning investors to evaluate whether a historically rare fourth stellar year is achievable in 2026. The sustained bull run, which commenced in October 2022, has been driven by artificial intelligence optimism, interest rate cuts, and economic resilience that has consistently defied recession predictions.

2025 Market Performance and Historical Context

Despite early volatility following larger-than-expected tariff announcements, US markets delivered robust performance across major indices:

Analysts note that achieving another year of strong returns in 2026 would require "everything firing on all cylinders," including robust corporate earnings, supportive Federal Reserve policy, and continued AI-driven investment momentum.

Corporate Earnings Growth Expectations

Earnings growth represents a central factor in sustaining market momentum into 2026. S&P 500 profits are projected to climb over 15.00% in 2026, building on a 13.00% increase recorded in 2025. Unlike previous years when gains were heavily concentrated in tech giants including Nvidia, Apple, and Amazon—collectively known as the "Magnificent Seven"—analysts anticipate broader-based growth across a wider array of companies.

Artificial Intelligence Investment Dynamics

Artificial intelligence continues serving as a key market driver, with massive capital expenditure in AI infrastructure and anticipated application demand exciting investors. However, returns on this substantial spending face increasing scrutiny from market participants. Any potential pullback in AI investment could significantly impact valuations and limit future gains across technology sectors.

Federal Reserve Policy and Interest Rate Environment

Monetary policy will play a pivotal role in market direction throughout 2026. Markets are closely monitoring Federal Reserve stance, with investors seeking dovish signals that maintain low borrowing costs. Fed funds futures indicate expectations for at least two additional quarter-point rate cuts in 2026, following 175 basis points of reductions implemented over the past two years.

The economy must demonstrate sufficient resilience to avoid recession while supporting continued market growth. This delicate balance between accommodative policy and economic stability remains crucial for sustained market performance.

Historical Patterns and Political Factors

Historical analysis provides mixed outlook for fourth-year bull market performance:

Midterm election years typically bring political uncertainty, historically resulting in weaker market performance compared to other years within presidential terms.

Geopolitical and Market Risk Factors

Geopolitical dynamics could significantly influence market performance throughout 2026. The US-China relationship remains a key variable, with potential diplomatic breakthroughs representing upside not yet reflected in current market pricing. Conversely, renewed tensions or unexpected policy developments could inject substantial volatility into global markets.

Additional risk factors include execution challenges in AI spending programs, potential monetary policy surprises, and broader economic headwinds that could temper growth expectations across various sectors.

While optimism surrounding corporate earnings growth, AI investment momentum, and accommodative monetary policy could support another strong year for US equities, the combination of political uncertainty, market headwinds, and AI execution risks makes the path to sustained double-digit gains in 2026 less certain than previous years.

Global Capital Markets Limited has announced the appointment of Ms. Akshaya Suved Chavan as an Additional Independent Director to its board. The decision was made during a board meeting held on August 19, 2025, and is subject to shareholder approval at the upcoming Annual General Meeting.

Profile and Experience

Ms. Chavan, who holds a Bachelor of Commerce degree from the University of Mumbai, brings over eight years of experience in the field of accounts to her new role. Her appointment is expected to strengthen the company's board with her financial expertise.

Board Responsibilities

In addition to her new position at Global Capital Markets Limited, Ms. Chavan currently serves as a director in four other public companies:

• Silver Pearl Hospitality & Luxury Spaces Limited
• GCM Capital Advisors Ltd.
• GCM Securities Limited
• GCM Commodity & Derivatives Limited

Her extensive involvement in corporate governance is further evidenced by her roles across various board committees. Ms. Chavan currently chairs one committee and is a member of four audit and stakeholders' relationship committees across public companies.

Remuneration and Terms

The company has set Ms. Chavan's remuneration at a maximum of ₹5,000.00 per meeting, plus reimbursement for actual out-of-pocket expenses. Her appointment is structured as a non-rotational position, typical for independent directors.

Corporate Governance Changes

The appointment of Ms. Chavan comes in the wake of recent changes to Global Capital Markets Limited's board composition. On the same day as Ms. Chavan's appointment, the company announced the resignation of Mr. Mahavir Prasad Saraswat from his position as an Independent Director, citing old age and health reasons.

Compliance and Disclosure

Global Capital Markets Limited has made these announcements in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also appointed Ms. Karishma Sureka as the new Company Secretary and Compliance Officer, effective August 20, 2025.

These board-level changes reflect Global Capital Markets Limited's commitment to maintaining strong corporate governance practices and ensuring a diverse mix of skills and experiences on its board of directors.