Jerry Gendron, First Vice President/Investments - Stifel

11/04/2026

Democrats swept the midterm elections and will have majorities for the next two years in both the House and Senate. Even though the Democratic majorities will be larger than anticipated, the base case remains that legislative gridlock will prevail and that little will get done in the next two years. However, "must-pass" bills will give Democrats the opportunity to pass limited parts of their agenda. This is briefly discussed below. The midterm elections also impact what legislation might be considered during the upcoming lame duck session. The outgoing Senate majority could prioritize nominations over legislation since Republicans will be unable to confirm Trump appointees after 2026. This could crowd out several bills from consideration this year. Senate Republicans will also have to decide whether to pass a reconciliation bill to increase defense spending and possibly raise the debt ceiling. However, given the mood among Republicans after Tuesday's landslide, another reconciliation bill seems like a long shot.

Read more here: https://livesocial.seismic.com/aqAJZK

11/04/2026

Technology stocks have come under pressure in recent weeks as investors take a closer look at the billions of dollars companies are spending on artificial intelligence. For example, Alphabet, Google's parent company, saw its shares tumble more than 12% following its latest earnings report. While its cloud business continued to grow rapidly, investors were concerned about rising spending, weaker-than-expected revenue, and the impact on cash flow.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/a4NsoD

11/02/2026

In this note, Chief Washington Policy Strategist, Brian Gardner, forecasts how the equity markets might react on Wednesday morning to the midterm election results (to the extent the outcome is known). The market may have a knee-jerk reaction followed by a later reassessment. Regardless of the outcome, however, the base case is for gridlock in the coming two years. Few major policy changes are anticipated. Also given is the final outlook for the election. The race for the Senate majority is still too close to call, but if forced to make a prediction, a 50/50 Senate with Vice President Vance breaking the tie in favor of the Republicans is expected. It is noted that if the Senate majority is dependent on the Alaska race, then it could be several weeks before the outcome is known. The race for the House has been over for some time. The only question is the size of the Democrats' majority. It is thought it will be roughly in line with the post-World War II era during which the party not holding the White House has gained an average of 26 seats.

Read more here: https://livesocial.seismic.com/aJgOzX

10/30/2026

Stifel's Chief Investment Officer, Michael O'Keeffe, recently examined why the midterm elections may do little to change the broader direction in Washington. In this week's , he focuses on where the election could matter more, exploring potential impacts on trade, healthcare, financial services, defense, domestic manufacturing, and clean energy, and what those policy shifts could mean for investors.

https://stifel.info/SL103026

10/28/2026

Startups are gene-editing crops to glow or turn purple when disease or pests strike, helping farmers spot trouble and act without widespread chemical use. A mood ring for the farm. If only the basil on the windowsill were this forthcoming.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/aApa91

10/23/2026

Stifel's Chief Investment Officer, Michael O'Keeffe, recently explored how artificial intelligence is advancing through competition and innovation, as well as the opportunities and risks created by its rapid adoption. In this week's , our CIO Office shifts focus to the capital that is financing AI's growth. Stifel's Chief Investment Officer, Michael O'Keeffe, examines how companies are funding data center and computing infrastructure, who is providing that capital, and why understanding financing structures is just as important as understanding AI's long-term potential when evaluating investment opportunities.

Read the full report here: https://livesocial.seismic.com/aqo6Oh

10/21/2026

This note looks at how several nonfinancial sectors could fare if Democrats win the midterm elections. As explained in the previous note, which covered financial services, a gridlock is expected. In such a situation, the Trump administration's regulatory agenda might be slowed down but not stopped. Democrats would lack the ability to reverse most of the Trump legislative agenda that has been implemented over the past two years.

Gridlock does not mean that no legislation will pass, but Democrats will be limited to pressure points (i.e. "must-pass" legislation) in order to enact some of their agenda. This note discusses what might be possible.

The view of the state of the election has not changed. Democrats are favored overwhelmingly to win the House. The race for the Senate majority is more of a coin flip. It is thought that Republicans have a better chance to remain in power there than do the prediction markets.

Read more here: https://livesocial.seismic.com/ajrVhg

10/21/2026

Finally, a price drop worth raising a glass to. California w**eries are selling surplus premium w**e to retailers that put it under their own labels. One buyer says w**e that would normally cost $45-$85 can sell for around $9.99. Bad news for the vineyard; considerably better news for the dinner party.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/aZKwuQ

10/20/2026

This month, Stifel's Chief Investment Officer, Michael O'Keefe looks beyond the midterm elections to artificial intelligence's continuing influence on the economy and markets. Our CIO Office revisits capabilities, adoption, and investment spending, along with the questions surrounding financing, power, productivity, and profits.

Read the full report here: https://stifel.info/ISB102026

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10/15/2026

Third-quarter earnings season is underway, and expectations are high. Companies in the S&P 500 are projected to deliver nearly 30% earnings growth, with analysts raising estimates during the quarter rather than lowering them. In this week's |Lines, Stifel's Chief Investment Officer, Michael O'Keeffe explores what's driving the stronger earnings outlook, why growth remains concentrated in certain sectors, what company reports may reveal about consumers and artificial intelligence investment, and why some believe forward guidance may matter as much as the results themselves.

https://stifel.info/SL101526