Raymond James' Orton: Fundamentals will win out over volatility concerns

Matt Orton, chief market strategist at Raymond James Investment Management, says a robust earnings landscape — with the S&P 500 expected to achieve over 25 percent earnings growth for the third straight quarter — has been remarkably consistent and has positioned the market to power through most concerns, even as the pace of growth must slow because it can't stay so high forever. As a result, Orton says durability of earnings, rather than multiple expansion, should be a key focal point for investors. Orton also says that while the Federal Reserve will hike rates, he does not expect the hikes — or the current levels of bond yields — to be a significant obstacle to the capital expenditures that are backstopping economic growth.

Chip Lupo discusses the 2026 Holiday Shopping Survey released this week by WalletHub, which found that more than two-thirds of Americans say the economy will make the December holidays less festive this year, with 85% of people planning to spend the same amount or less on the holidays this year compared to last, and with that spending not going quite so far due to inflation. Among other findings, the survey showed a high level of gift fatigue, with 67% of respondents saying they would enjoy the holidays more if people didn't exchange gifts.

Plus, Chuck answers a listener's question about a tough decision facing his son, who wants to eliminate debt and is weighing selling a structured settlement from a car accident versus cashing on a small 401(k) balance to get out from under the debt. Neither choice is financially ideal, so Chuck examines the pitfalls of each and weighs in with a different potential solution that might accomplish the goal with less financial pain.