Expect significant stimulus from One Big Beautiful Bill in 2026, says Glenview Trust's Stone

Market Catalysts & Economic Outlook - The market anticipates a potential rate cut next month, but tax and regulatory changes are another significant macro driver that should not be overlooked [1][2] - The economy appears to be in a soft patch, but upcoming tax cuts for both consumers and businesses are expected to provide stimulus [3] - The expectation is that the Fed will cut rates in December, further boosting the economy [3] - The primary concern is avoiding a recession, as current stock prices do not fully reflect the possibility of one [6][7] Consumer Spending & Market Impact - Tax cuts could lead to increased consumer spending, which is a major driver of the US economy [4] - Companies like Amazon may benefit from increased consumer spending, and the housing market could also see positive effects [5] Market Breadth & Growth - There is hope for a broader market rally, as the market had become narrowly focused on big tech names [8] - Small caps are starting to pick up, and a spreading out of earnings growth beyond tech names could revitalize them [8][9]