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Every autumn, one of the largest movements of life on Earth passes over our heads while most of us sleep. Between early September and late October, billions of birds head south, the great majority of them flying at night and steering by the stars and the Earth’s magnetic field. Researchers at the Cornell Lab of Ornithology now track this movement with the same weather radar that forecasts our rain; on an average night at the height of fall migration, roughly 400million birds are aloft over the United States at once. To the birder at the edge of a field at dawn, the evidence is simpler: trees that were quiet yesterday are alive with warblers this morning. The movement happens in the dark. The results show up at first light.
The third quarter of 2026 unfolded in much of the same way. Enormous forces moved through markets — a collapsed ceasefire sent oil back above $100 a barrel, the Federal Reserve’s first rate increase in three years, and the worst quarter for municipal bonds in over 40 years. In the face of these events, the S&P 500set new all-time highs along the way and finished within about 1% of its peak. We approach this update the way a patient birder approaches a season: not by reacting to any single sighting, but by reading the radar, keeping careful field notes, and remembering that our families are on a journey measured in generations, not quarters.
Disclaimer:
This presentation has been prepared by Market Street Trust Company. The views expressed herein represent opinions of Market Street and are presented for informational purposes only. They are not intended to be recommendations or investment advice and do not take into account the individual financial circumstances or objectives of the investor who receives them.
Certain statements included in this presentation constitute forward looking statements. Forward looking statements are not facts but reflect current thinking regarding future events or results. These forward looking statements are subject to risks that may result in actual results being materially different from current expectations.
Past performance (before and after taxes) does not guarantee future performance. There is no assurance that Market Street Trust Company investments will achieve their objectives, or that they will or are likely to achieve results comparable to results shown herein, or will make any profit, or will be able to avoid incurring losses. Exposure to foreign currencies may cause additional fluctuation in the value of any investment. Each investor must assess the suitability of an investment, the investor’s tolerance for risk and the impact on the investor’s diversification strategy. This presentation does not constitute an invitation to buy or an offer to sell securities, or any other products or services.
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