Q3 2026 Newsletter from Curry Webb

Greetings from Curry Webb Wealth Management!

We hope you and your family are doing well.  The year has flown by, and you’ll likely read this with 69 shopping days remaining until Christmas.  For now, the focus is on Q3 2026, and we’re pleased to share a few important updates.

What is this document I received?

As part of our ongoing review with our Compliance Team, we have identified some updates that need to be made to our Engagement Letters. In an effort to complete this process by year-end, you will receive (or may have already received) an email from “Jennifer Keene via DocuSign” containing a document that requires your attention. Most clients will see only an updated firm name, logo, and language related to the custodian. The document also specifies how your fee is calculated. If you have any questions, please don’t hesitate to reach out.

Who is responsible for cyber-risk management?  

As it turns out, we may all have a part in this process.  Our partners and we have elaborate systems in place to combat cyber-intruders. But it seems like every day we hear about someone attempting to scam someone we know. Many clients have reported being hacked or contacted directly by scammers through email or phone calls. While we can’t cover every method these fraudsters use, here are some links to information directly from Charles Schwab about how they recommend combating the barrage of scams: 10 tips for preventing fraud https://www.schwab.com/learn/story/10-tips-keeping-your-accounts-secure  Fraud Prevention https://www.schwab.com/learn/topic/fraud-prevention  Who’s Calling? How to Spot Imposter Fraud https://www.schwab.com/learn/story/whos-calling-how-to-spot-imposter-fraud  

A note on performance reporting.

Schwab Alliance provides a convenient way to view your accounts, though its performance figures may not always capture the full picture. For example, deposits and withdrawals are reflected in reported gains or losses rather than shown separately, and dividends are not included in the dollar gain or loss displayed. To provide a more complete and accurate view of your investment performance, we use Tamarac, a third-party reporting platform, which accounts for these factors more effectively. Common standards and rules are followed to arrive at IRR (internal rate of return) or TWR (time-weighted rate of return) calculations. This allows us to provide you with a clearer picture of how your investments are performing over time. These reports are reviewed with you at meetings and are available to view or download any time from your eMoney vault.  

Who should you contact for deposits or withdrawals?

For the quickest and most efficient service, Jenn Keene is your primary point of contact for any money-in or money-out requests. You can reach her by calling our office or emailing her at jkeene@currywebb.com.

Your advisor is always available to assist as well, but contacting Jenn directly helps streamline the process and ensures your request gets to the right person promptly.

Portfolio and Market Commentary

Q3 performance reports are now available in your eMoney Vault.

The third quarter delivered modestly positive but narrow performance. Stocks struggled in July, then set a record close of 7,798.99 on August 13 before slipping in September. The S&P 500 gained 2.3% in Q3 2026 (total return), ending near record highs even though seven of eleven sectors fell. Energy was the top-performing sector, up 17.2%, followed by Information Technology at +7.2% and Healthcare at +6.5%. Energy surged after the U.S.–Iran ceasefire collapsed. Attacks on both sides disrupted key energy routes and pushed Brent crude to $103, and a G7 release of 400 million barrels of reserves did little to help. Tech rose on strong AIdriven earnings, while the coming midterms and federal debt above $40 trillion added political uncertainty.  Higher energy costs kept August CPI at 3.4% year-over-year (core 2.4%), and the Fed raised rates for the first time in three years to a range of 3.75%–4.00%. The 10-year Treasury yield climbed to 5.29%, a two-decade high, thereby pushing down bonds of all but the shortest maturity ranges.

Looking more closely at asset classes, the third quarter closed with the S&P 500 Growth Index up 3.44%, while international stocks, as represented by the MSCI EAFE Index, were down 2.49%. The MSCI Emerging Markets Index was also down slightly, losing 0.24%. Real estate posted a negative quarter, with the Dow Jones U.S. Total Market Real Estate Index losing 5.90%. Bonds generated negative returns, with the Bloomberg U.S. Aggregate Bond Index losing 3.51%. Gold, as represented by the SPDR Gold Trust, gained 3.38%. The federal funds rate increased by 25 basis points in the third quarter.

In July, Invesco reduced exposure to U.S. large-cap value, large-cap growth, and mid-cap stocks while increasing international exposure and nominally increasing our other equity exposures. Its tactical asset allocation framework remains in a slowdown regime, characterized by growth above its long-term trend but decelerating.

Looking ahead to the end of the year, key risks include rising inflation, higher oil prices driven by Middle East tensions, and uncertainty over further Federal Reserve rate hikes. Bond yields may face upward pressure from resilient economic growth and AI-related borrowing. Strong corporate earnings remain a major support, with analysts forecasting 26.8% fourth-quarter earnings growth. However, elevated AI valuations, narrow market leadership, geopolitical risks, and November’s midterm elections could trigger a correction. Historically, stocks have performed well following midterm elections, but investors should prepare for continued volatility and uncertainty.

We will continue to monitor economic data and market developments closely, making portfolio adjustments when appropriate to keep investments aligned with our clients’ long-term objectives. As always, please don’t hesitate to contact us with any questions or if you would like to discuss your portfolio in greater detail.

Important Disclosures

Curry Webb Wealth Management (“CWWM”) is a registered investment adviser. Registration with the U.S. Securities and Exchange Commission (SEC) does not constitute an endorsement of the firm by the SEC, nor does it imply a certain level of skill or training. This communication is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities or investment strategies. Any references to market performance are for informational purposes and based on publicly available data. Indices are unmanaged, not investable, and do not reflect the deduction of advisory fees, trading costs, or other expenses. Past performance is not indicative of future results. Investment returns and principal values will fluctuate. Actual client results may differ due to timing of investments, account restrictions, fees, and other variables. Curry Webb Wealth Management is independent of Charles Schwab, and no endorsement by Schwab is implied. Additional information about Curry Webb Wealth Management, including our advisory services, fees, and conflicts of interest, is available in our Form ADV Part 2A, which is available upon request or by visiting the SEC’s Investment Adviser Public Disclosure (IAPD) website.

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