Five Wall Street investors explain how they’re approaching the coming year

Supreme Court ends up striking down President Trump’s tariffs: “I think that possibility is being overlooked a bit. It could reduce inflationary pressures, allow more rate cuts and accelerate the economy.”Tech bulls point out a key difference between now and the dot-com bubble: Today’s most-valuable companies, such as Nvidia, Microsoft and Alphabet, are some of the most profitable in history.

And those profits are growing fast.Saira Malik, who oversees $1.4 trillion as chief investment officer at Nuveen, thinks there is more upside ahead to the technology and AI trade, and she plans to add to some of her favorite holdings in 2026. It all comes down to profits.The Magnificent Seven tech companies plus chip maker Broadcom—a group Malik is now referring to as the “Great Eight”—are forecast to grow earnings by 24% this year, well over double the forecast for the S&P 500 as a whole.“We think the earnings growth and future growth justifies the premium valuations in tech, which will continue to dominate and lead the S&P 500 higher,” Malik said.Tech stocks’ yearslong dominant run has made a handful of the biggest companies a larger share of the S&P 500 index than ever, making some investors fret over concentration risk.

Malik shrugs those concerns off.“I don’t necessarily say the market has to broaden out for it to be healthy. We’ve been living in this world of tech dominance for basically a decade straight…as long as the earnings power is there, the stocks will follow,” she said.Outside of stocks, Nuveen expects municipal bonds and private equity both to bounce back in 2026.