The market moved to a more defensive posture and yields declined as rate cut expectations rose.

Highlights from the week of February 6 – February 12, 2026.

December retail sales showed clear signs of cooling after months of resilience amid a turbulent economic backdrop. The latest report showed sales were flat month over month, falling short of expectations for 0.4% growth and marking a sharp deceleration from November’s robust 0.6% increase. Weakness was concentrated in discretionary categories such as furniture, apparel, and electronics, while spending proved more resilient in necessities and home related materials. Soft auto spending was also a key contributor to December’s flat reading. Together, these trends suggest that the effects of tariffs and a softening labor market are beginning to filter through to consumer behavior, raising concerns that households may be approaching the limits of their spending capacity.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Investors rotated into more defensive, value sectors and drove up the price of gold.

Midway through 4Q25 earnings, the aggregate earnings growth rate stands at 13.9%, meaningfully higher than estimates from the start of the period. If this pace continues, it would represent the fifth consecutive quarter of double-digit earnings growth, a clear testament to the strength of the bull market. Thus far, 72% of companies have reported positive earnings, while 80% have posted positive sales growth. In addition, 81% of companies have surprised the market with positive earnings, providing another indication of broad-based strength. Industrials, technology, and financials have led, while consumer discretionary and real estate have continued to lag.

Unlike paper gains, realized PE distributions provide tangible value and fuel new compounding opportunities—key components of sustainable total return.

Interval funds provide a way to invest in less-liquid assets while still offering periodic redemptions. This structure blends the potential for higher returns with flexibility, giving investors greater control over their portfolios. Here’s what you need to know.

Improving global equity fundamentals and valuations argue for a more balanced approach.

2025 was a strong year for markets—but what did that mean for the millions of Americans saving for retirement in target date funds? Here, Barbara Reinhard, CFA, and Susan Viston from Voya IM's Multi-Asset Strategies and Solutions team break down 2025's key performance drivers and share their outlook on opportunities and risks for the year ahead.