Zeus: The race for 2026 markets kicks off today. Here's what we expect.

Record runs in stocks and commodities can't last forever, but some underlying trends look set to continue well into the New Year

This column is for Callaway Climate Insights subscribers only, but it’s OK to share once in a while. Was it shared with you? Please subscribe.

(David Callaway is founder and Editor-in-Chief of Callaway Climate Insights. He is the former president of the World Editors Forum, Editor-in-Chief of USA Today and MarketWatch, and CEO of TheStreet Inc. His climate columns have appeared in USA Today, and The Independent. He is also the author of a debut novel called Unregulated Militia, about drone warfare in the United States).

SAN FRANCISCO (Callaway Climate Insights) — The race for global markets in 2026 starts today.

The Federal Reserve’s widely expected quarter-point rate cut, the last of the current year, allows investors the breathing room to head into the final trading sessions of 2025 without major economic surprise, and to gear up for what comes in 2026.

After a record year for commodities, from gold and silver to coffee and cocoa, and for U.S. stocks, including renewable energy stocks, and expectations for at least two more rate cuts early next year, the pencils, calculators — and AI simulators — will be out as investors large and small try to gauge how the markets will react in coming months.