We have used most of the superlatives we know to describe corporate America’s stunning performances over the past two earnings seasons. Despite lofty expectations, results exceeded estimates by the biggest margins we’ve ever seen (and one of the authors of this report has been doing this for 23 years).

With the fourth quarter underway—historically the best quarter for stocks, by the way—2022 is fast approaching. While a lot can still happen between now and the end of 2021, we don’t think it’s too early to start thinking about what stocks might do next year.

And just like that, the calendar turned to October and volatility picked up in a big way, with three consecutive 1% moves for the S&P 500 Index to start the month. This month gets a bad rap for being a bearish month (it isn’t), but it absolutely owns the title as the most volatile month.

It took nearly a full year, but the S&P 500 finally had its first 5% pullback of 2021, thus ending hopes of 2021 joining 1954, 1958, 1964, 1993, 1995, and 2017 as the only years to go a full calendar year without a 5% move lower.

“Volatility is the price of admission,” explained LPL Financial Chief Market Strategist Ryan Detrick. “Sure, we’d all prefer stocks go straight up forever, but that isn’t reality. Investors must learn to embrace and accept the eventual scares and bouts of volatility that are common even in the strongest bull markets.”

They're back! Required minimum distributions (RMDs) are back in 2021 after a hiatus in 2020 thanks to the COVID-inspired CARES Act. And new for 2021, there are some changes you need to know about.

LPL Research explores a few policy-related risks that may increase market volatility in the near-term but maintains the fundamental backdrop for the economy remains strong.  "We believe the priority will be to tune out the noise and not panic over deadline drama.

According to LPL Research’s analysis of the Federal Reserve’s (Fed) recently released Beige Book, business sentiment on Main Street has declined in recent months as the economy navigates the latest wave of COVID-19, but nevertheless remains elevated as business leaders look past current obstacles.

LPL Research explores five things that some bears believe that do not worry us.  First and foremost, this week’s commentary should not be construed to suggest that we are saying stocks will go up forever. We are also not saying that stocks are immune from a pullback in the final four months of 2021.

The term stagflation has been circulating increasingly in the financial media as inflation readings have risen sharply in recent months. The term is often associated with the 1970s, which saw runaway inflation—largely driven by sky-high energy prices—and lackluster economic growth. Stagflation and a return to the weak equity markets of the 1970s would be understandably scary.

Corporate America did it again. Companies blew by estimates and made strategists and analysts look silly (though we humbly suggest that we may have looked less silly than most in our earnings preview on July 12).

The highly transmissible Delta variant of COVID-19 now makes up an overwhelming majority of the new cases in the U.S., bringing with it a rise in cases and hospitalizations.