Week in Review: 5 Observations from Leaders at Schwab IMPACT 2026

As stock indexes moved lower last week, with U.S. monetary policy on hold, thousands of financial advisors gathered at the annual Charles Schwab IMPACT conference in Boston.

With significant selling pressure Friday, here's how the week went: The S&P 500 (SPX) was down 0.57% for the week. With significant pressure on AI and tech stocks after earnings reports from Magnificent 7 companies, the Nasdaq-100 (NDX) declined nearly 2% for the week. The Dow Jones Industrial Average ($DJI) was down 0.85%. The Federal Open Market Committee (FOMC) kept interest rates steady Wednesday, and the 10-year Treasury yield moved lower to end the week near 4.929%, helping rate-sensitive small caps outperform. The Russell 2000 (RUT) index was up 1.29% for the week.

The U.S. crude oil futures benchmark (/CL) was at a still-elevated price near $103 per barrel.

Expectations for a December rate hike, and lingering questions about the return on investment (ROI) in AI infrastructure, made for some great live discussions at IMPACT 2026, which drew roughly 6000 attendees including a record number of registered investment advisors (RIAs). Here are five IMPACT video clips addressing the artificial intelligence trade, market volatility, and investment strategy.

Rick Wurster, president and CEO at Charles Schwab, discusses why roughly 17,000 RIAs are using the Schwab platform, why it handles millions of trades daily, and how retail customers are interacting with artificial intelligence in their financial life. He also talks about why AI technology and human advisors are a winning combination to grow wealth. See Schwab IMPACT 2026: Charles Schwab CEO on AI's Value for Clients & Advisors

Liz Ann Sonders, Chief Market Strategist at the Schwab Center for Financial Research (SCFR), discusses the mechanics of performance and rotation, and how credit risk is factoring in. She said “there is a record high share of the S&P 500 right now trading with a negative Beta, meaning on a day-to-day basis, moving in the complete opposite direction of the index. You see very low correlations, very wide dispersion ... work its way into factors that tie directly into that question about credit availability and the cost of credit. You don't necessarily pick this up if you look at the capitalization-weighted index performance." Sonders also discussed the Fed's mandate and the U.S. economy. See Schwab IMPACT 2026: Liz Ann Sonders on Finding AI Winners, Fed's Rate Path

Jim Ferraioli, Director of Digital Currencies Research and Strategy with SCFR, discusses how cryptocurrencies are acting ahead of midterm elections and potential changes in U.S. Congress leadership. For Bitcoin, Ethereum, and other cryptocurrencies, the election may be "noise," and any selloff could create a "buyable dip." He also discusses the Clarity Act and how new policy could affect crypto into the end of 2026. See Midterm Election Noise & Bitcoin, Ethereum's Potential Dip Buying Opportunity

Jeff Mortimer, Chief Investment Officer at Elyxium Wealth, says he remains constructive on markets, but highlighted that "even though the indexes continue near record levels, underneath, the rotation has been significant.” With AI company debt and ROI under the microscope, "markets are rotating from that" because portfolios need “broader diversification." Especially for investors who made money in AI investments, he says, "we are in a mid-cycle bull market where growth and value do well.” He says investors can find diversification within large-cap growth and with smaller companies and international exposure. See Schwab IMPACT 2026: Positioning for AI Diversification Shift

Matt Tuttle, CEO of Tuttle Capital Management, said Alphabet (GOOGL) shares are attractive despite the company reporting earnings that missed expectations. On the greater technology trade, he is cautious about the Anthropic IPO, with the SpaceX (SPCX) debut as a guide. He also discusses Oracle (ORCL)’s cash flow prospects. See Schwab IMPACT 2026: Matt Tuttle Sees GOOGL as a Buy, ORCL Guidance 'Huge'

For many more video clips from the conference, see IMPACT 2026 here on the Schwab Network website.

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