As we look ahead to 2026, the burning question on every investor's mind is simple yet complex: Will equities continue climbing or hit turbulence? The consensus seems split between optimists banking on double-digit returns and pragmatists settling for single-digit gains.

Market analysts are weighing multiple factors—interest rate trajectories, earnings growth, geopolitical tensions, and inflation dynamics. Some see the bullish case intact: corporate fundamentals remain solid, and valuations, while elevated, offer room for expansion in a soft-landing scenario. Others flash warning signs: stretched multiples, slowing growth, and macro headwinds could squeeze returns.

The bull market narrative hinges on persistent AI productivity gains and steady consumer spending. The bear market camp points to valuation compression risks and recession concerns creeping back into the narrative.

Whether we're staring at 10%+ upside or 3-8% returns matters significantly for portfolio construction. The reality? 2026 will likely deliver something in between—volatility, sector rotation, and selective opportunities rather than a straight line in either direction.