{"id":10246,"date":"2026-11-04T10:45:22","date_gmt":"2026-11-04T09:45:22","guid":{"rendered":"https:\/\/pointcapital.ch\/stock-market-outlook-11-2026-new-majorities-new-risks\/"},"modified":"2026-11-04T11:37:56","modified_gmt":"2026-11-04T10:37:56","slug":"stock-market-outlook-11-2026-new-majorities-new-risks","status":"publish","type":"post","link":"https:\/\/pointcapital.ch\/en\/stock-market-outlook-11-2026-new-majorities-new-risks\/","title":{"rendered":"Stock Market Outlook 11\/2026: New Majorities, New Risks?"},"content":{"rendered":"[vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' row_position_desktop='default' row_position_tablet='inherit' row_position_phone='inherit' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][fancy_box box_style='color_box_hover' icon_family='iconsmind' color='accent-color' color_box_hover_overlay_opacity='default' box_alignment='left' border_radius='none' image_loading='default' icon_iconsmind='iconsmind-Information']\n<h2>Briefly summarized:<\/h2>\n<hr>\n<ul>\n<li>\n<h4>Democrats Win the House of Representatives and the Senate<\/h4>\n<\/li>\n<li>\n<h4>Less room for far-reaching legislative changes, but greater potential for conflict<\/h4>\n<\/li>\n<li>\n<h4>Our Focus: Corporate Earnings, Interest Rates, and Quality Remain Crucial<\/h4>\n<\/li>\n<\/ul>\n[\/fancy_box][vc_column_text css='' text_direction='default']<em>November 4, 2026<\/em><\/p>\n<p>The U.S. midterm elections are shifting the political balance of power in Washington: The Democrats have won a surprisingly clear majority in both chambers of Congress. For investors, the question is: Will the new balance of power bring more predictability or additional uncertainty?<\/p>\n<h2>What's Been in the Spotlight Over the Past Few Weeks<\/h2>\n<p>In October, earnings season provided important insights into companies' business performance. The picture was mixed among the major technology companies: While Microsoft posted strong results, Alphabet (Google) fell short of expectations. The U.S. economy also sent mixed signals. The economy continued to grow, while inflation remained elevated. The U.S. Federal Reserve left its benchmark interest rate unchanged at the end of October. This means the tension persists: A robust economy supports companies, while ongoing price pressures cloud the prospects for interest rate cuts.<\/p>\n<p>Meanwhile, the U.S. midterm elections brought about a significant political shift. The Democrats won majorities in both the House of Representatives and the Senate. This brings an end to Republican control of Congress once the new majorities take office in January. The scale of the election victory was particularly surprising. This will make it more difficult for President Donald Trump to push through his political agenda. At the same time, the Democrats will be able to exercise greater oversight of the administration and influence appointments. However, a fundamental change in course is not expected: Trump remains president and can veto legislation.<\/p>\n<p>From an investor's perspective, this situation is neither clearly positive nor negative. On the one hand, the risk of abrupt legislative changes is decreasing, which could give companies greater planning certainty. On the other hand, there is a risk of political gridlock, particularly regarding government spending and financing. The key factor will be whether the parties can reach viable compromises.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' row_position_desktop='default' row_position_tablet='inherit' row_position_phone='inherit' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text css='' text_direction='default']\n<h2>Our Investment Solutions and Positioning<\/h2>\n<p>Our <a href=\"https:\/\/pointcapital.ch\/en\/multi-asset-strategy-investing-in-asset-classes\/\" target=\"_blank\" rel=\"noopener\"><strong>multi-asset solutions <\/strong><\/a>proved resilient in October, thanks in particular to the strong performance of the Swiss stock market. Technology stocks and gold, on the other hand, experienced minor setbacks. Given the balanced market conditions, we refrained from making any changes to our positions or conducting tactical rebalancing. The portfolios thus remain broadly diversified and flexibly positioned.<\/p>\n<p>In the <strong><a href=\"https:\/\/pointcapital.ch\/en\/fund-investment-solution\/\">Cross-Asset Fund Navigator<\/a><\/strong> , we had already taken profits from the tech rally back in September and increased our exposure to consumer staples instead. This reallocation proved to be beneficial. High oil prices and growing doubts about the profitability of AI investments benefited defensive sectors such as consumer staples and healthcare, in which the fund is overweight. Our bond positions also contributed to stability and diversification in October.<\/p>\n<p>For our equity strategy <a href=\"https:\/\/pointcapital.ch\/en\/momentum-strategy-achieving-long-term-returns\/\" target=\"_blank\" rel=\"noopener\"><strong>Global Equity Trends<\/strong><\/a> , October proved to be more challenging. Profit-taking weighed on the technology sector, while defensive stocks provided stability. We reduced our holdings in growth and materials stocks and made targeted investments in small-cap stocks, consumer staples, and less volatile stocks. This approach strengthens the portfolio's resilience during periods of market volatility.<\/p>\n<p>Our Equity Strategy <a href=\"https:\/\/pointcapital.ch\/en\/quality-shares-the-best-choice-for-your-investment\/\" target=\"_blank\" rel=\"noopener\"><strong>Swiss Equity Selection<\/strong><\/a> performed very well in October. The heavyweights Roche and Novartis, in particular, provided positive momentum. As part of tactical adjustments, we reduced our holdings in ABB and UBS and increased our position in Lonza. We also added Kardex to the portfolio.<\/p>\n<p>The Equity Strategy <a href=\"https:\/\/pointcapital.ch\/en\/quality-shares-the-best-choice-for-your-investment\/\" target=\"_blank\" rel=\"noopener\"><strong>Global Equity Selection <\/strong><\/a>was weighed down in October by profit-taking in technology and growth stocks, but remains well in positive territory year-to-date. To strengthen the portfolio's defensive characteristics, we replaced E.ON with the utilities Naturgy and Iberdrola. We also sold Comfort Systems and added two new high-quality companies\u2014Fastenal and Expeditors International\u2014to the portfolio.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' row_position_desktop='default' row_position_tablet='inherit' row_position_phone='inherit' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text css='' text_direction='default']\n<h2>What's next? And what should we keep in mind?<\/h2>\n<p>Following the U.S. elections, the concrete political consequences are now coming to the forefront. Which initiatives can still be implemented? Where are compromises possible? And which companies could benefit from or suffer as a result of shifting priorities?<\/p>\n<p>That said, expectations should remain realistic. New majorities do not automatically mean new laws. The legislative process and the president's potential veto remain significant hurdles. We therefore believe it makes little sense to classify individual industries as winners or losers based solely on their political alignment.<\/p>\n<blockquote><p><strong>'Elections provide clarity on the balance of political power. For the financial markets, however, growth, inflation, and interest rates remain the key influencing factors.'<\/strong><\/p><\/blockquote>\n<p>We continue to focus on earnings growth, debt levels, financing costs, and corporate valuations. Companies with rising revenues, stable margins, and solid balance sheets offer attractive prospects even in a politically challenging environment. The election results alone do not imply lower interest rates or falling energy prices. The actual trend in inflation, economic data, and the geopolitical environment remain the decisive factors.<\/p>\n<p><strong>For investors, this means<\/strong> capitalizing on opportunities without betting on a single political scenario. We remain true to our approach and focus on quality, transparent valuations, broad diversification, and consistent risk management.[\/vc_column_text][vc_column_text css='' text_direction='default']<em>Point Capital Group<br \/>\nNovember 4, 2026<\/em>[\/vc_column_text][nectar_circle_images images='621,620\u2033 positioning='standard' alignment_desktop='left' alignment_tablet='inherit' alignment_phone='inherit' animation='none' image_size='large' image_loading='default'][vc_column_text css='' text_direction='default']Our experts: <a href=\"https:\/\/pointcapital.ch\/en\/team\/\">Jules Kappeler<\/a> (CEO) & <a href=\"https:\/\/pointcapital.ch\/en\/team\/\">Christian Sutter<\/a> (Portfolio Manager)[\/vc_column_text][\/vc_column][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' bg_color='rgba(63,75,111,0.2)' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' row_position_desktop='default' row_position_tablet='inherit' row_position_phone='inherit' overflow='visible' class='border-box' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none' shape_type=''][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid']<div class=\"vc_row-fluid box-element-row newsletter-box\" style=\"text-align:left\"><div class=\"box-body\"><div class=\"box-body-inner-wrapper\"><div class=\"box-body-inner\"><p class=\"box-sub-title\">Newsletter<\/p><h3 class=\"box-title\">Gut informiert: Aktuelles zur Verm\u00f6gensanlage<\/h3><div class=\"box-content\">Mit uns sind Sie stets gut informiert! Wir liefern Ihnen News und wichtige Infos rund um das Thema Verm\u00f6gensanlage.<\/div><\/div><a style=\"background-color:#3f4b6f;color:#ffffff\" class=\"open-newsletter-form custom-box-btn \" href=\"#\"  ><img decoding=\"async\" src=\"https:\/\/pointcapital.ch\/wp-content\/themes\/salient-child\/img\/arrow-btn.svg\" \/>Newsletter abonnieren<\/a><\/div><div class=\"box-image\"><img decoding=\"async\" src=\"https:\/\/pointcapital.ch\/wp-content\/uploads\/2021\/03\/PCG_Newsletter.svg\" width=\"100%\" alt=\"Newsletter\"><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' row_position_desktop='default' row_position_tablet='inherit' row_position_phone='inherit' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' flex_gap_desktop='10px' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>November 4, 2026 \u2014 Learn more about developments in the financial markets: New majorities, new risks?<\/p>\n","protected":false},"author":3,"featured_media":10247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"wds_primary_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[152,153],"tags":[156,204,160,155,157,461,154,163,159,158,161],"class_list":["post-10246","post","type-post","status-publish","format-standard","has-post-thumbnail","category-insights","category-stock-market-outlook","tag-asset-manager","tag-fed","tag-financial-markets","tag-inflation","tag-interest","tag-stock-exchange-2026","tag-stock-market","tag-stock-market-correction","tag-stock-market-news","tag-stock-market-outlook","tag-trump"],"acf":[],"_links":{"self":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts\/10246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/comments?post=10246"}],"version-history":[{"count":0,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts\/10246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/media\/10247"}],"wp:attachment":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/media?parent=10246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/categories?post=10246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/tags?post=10246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}