January 13, 2026

Russell US Indexes Spotlight - January 2026

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Quarterly report

After Q4 wobbles, US equities face heightened investor scrutiny going into 2026

Forecast 2026 growth improved in Q4, and the inflation outlook did not deteriorate materially, but labour market concerns rose to the forefront. The Fed eased twice in Q4 with two “hawkish” cuts; long yields stayed high leading to curve steepening. Even as tariff-related concerns receded, the mixed macro picture and questions around tech valuations dampened US equity returns and outlook at year end.

Key highlights:

  • Large caps edge out small caps in Q4 amid muted returns
  • Value asserts itself in Q4
  • Industry performance narrows
  • Earnings outlook remains healthy; but Valuations mostly de-rate
  • Russell IPO inclusion activity is sustained

Authored by FTSE Russell’s Global Investment Research team, this quarterly publication provides a deep-dive into the performance and key market drivers of US equities, viewed through the lens of Russell large-cap (Russell 1000), small-cap (Russell 2000), Growth and Value indexes. It's part of a series of reports, available by email as soon as they are published.

To support your investment decision-making, we produce specialist content that provides analysis and insights on a range of investment topics. Go to our Global Investment Research hub for valuable Market Insights.

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Webinars

21 January

Russell US Spotlight

Presented by Kristy Akullian (Blackrock/iShares); Mark Barnes, PhD & Catherine Yoshimoto (FTSE Russell)
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