Ted Thatcher, founder and president of Bright Lake Wealth Management, says the market is sharply divided: about 10 S&P 500 companies have driven roughly 70% of returns since the March 30 lows, while about 80% of the rest of the index is down 10% or more and 60% is down over 20%. He points to oil near $100 a barrel, inflation and rate concerns as pressure on stocks; although oil flows through the Gulf have recovered about 80%, refinery output for diesel, gasoline and jet fuel is still around 50% of pre-war capacity. He advises investors to stay patient, noting that Q4 in midterm election years has averaged 6.6% for the S&P 500, nearly double the average Q4, and years after midterms have returned around 17% on average. He sees value in international and emerging markets, which trade at lower P/E ratios, and sees a place for them in diversified portfolios without overweighting. He also notes that few people expect a Fed rate hike at this month's meeting.
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Related tickers and likely impact
NVDA
▲ Likely positiveNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/19/2026 | 217.09 |
| Change that session | +1.38% |
QQQ
▲ Likely positiveInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/19/2026 | 718.36 |
| Change that session | +1.21% |
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/19/2026 | 766.48 |
| Change that session | +0.42% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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