Private Client Group

December 24th, 2025

2026 IPO Boom, Inflation Data Gaps, Slowing Job Growth

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In today’s Steady Investor, we break down the forces shaping the market right now and highlight what investors should be watching next, including:

2026 is Poised to be a Blockbuster IPO Year. Investors Should be Cautious – (Please note: The companies mentioned below are referenced solely in the context of this story. This discussion is for informational purposes only and should not be considered a recommendation to buy or sell any security.) After four quiet years for new stock offerings, bankers and investors are increasingly focused on 2026, when a slate of large, high-profile private companies are poised to make their public-market debuts. Among them are SpaceX, artificial-intelligence firm Anthropic, and mortgage giants Fannie Mae and Freddie Mac. If even a handful of these companies come to market, total issuance could easily rival or exceed recent historical records. Beyond the biggest names, investment banks are reporting a broader pickup in IPO preparation across sectors, particularly in technology, after years when many startups chose to remain private. Still, some market participants are cautious. A heavy concentration of blockbuster offerings could strain investor demand, especially if portfolio managers need to sell existing holdings to make room for large, “must-own” new names. That dynamic, strained demand with large new supply of securities—is a recipe for price pressure.1

Preparing Your Retirement for Today’s Markets

Markets today are navigating uneven growth and tighter financial conditions. Even as certain areas continue to advance, policy uncertainty and elevated interest rates increase the risk of sudden pullbacks.

For retirees and near-retirees, the challenge isn’t simply market volatility. It’s maintaining appropriate allocations and avoiding reactive decisions when conditions change. A disciplined, flexible approach can help you manage market stress, reduce costly mistakes, and keep your retirement strategy on track.

To stay prepared, download our free guide, How Solid Is Your Retirement Strategy?2, to learn:

If you have $500,000 or more to invest, get our free guide by clicking on the link below.

Get our FREE guide: How Solid Is Your Retirement Strategy?2

Inflation Eased to 2.7% in November, But Gaps Appeared in the Data – The year-over-year change in inflation appeared to cool in November to 2.7% (from 3.0% in September), but it’s clear that investors aren’t getting the full story. With no October inflation report and incomplete November data because of the government shutdown ending on November 12, it was widely understood that technical workarounds would likely bias the headline number lower. Several distortions stood out. Seasonal adjustments struggled to account for Black Friday discounting, since price collection resumed just as retailers were cutting prices. More importantly, missing October data likely caused housing inflation to appear softer than it actually was, since the Bureau of Labor Statistics estimates rent changes using multi-month trends rather than spot prices. One more inflation report will arrive before the Fed’s next meeting, and it is expected to carry far more weight. January and February’s inflation prints will be far more telling, as many companies reset prices at the start of the year. With cleaner data collection back in place, those readings should offer a clearer picture of where inflation is really headed. Stay tuned.3

Job Gains Appeared in November, but the Unemployment Rate Rose. Why? November’s jobs report sent mixed signals. Payrolls increased by 64,000, yet the unemployment rate ticked higher to 4.6% from 4.4% in September. This ‘mixed’ combination raised questions about whether the labor market is weakening more than headline numbers suggest.But one reason for the divergence was timing, much like the inflation report above. The prolonged government shutdown disrupted data collection, leading to delayed releases and a two-month batch of figures that blended October and November together. Another factor is composition. Job growth has continued in areas such as healthcare, social assistance, and construction, while sectors like manufacturing, transportation, and parts of white-collar services have softened. When federal government layoffs are stripped out, private-sector job growth over October and November was broadly in line with this year’s slower, but still positive, trend.The rise in the unemployment rate also appears less dramatic than the headline suggests. Rounding effects accounted for part of the increase, the September number was rounded down to 4.4%, while the November figure was rounded up to 4.6%. The headlines show a 0.2% increase, but the underlying change was closer to 0.12%. In our view, the labor market looks more like a low-fire, low-hire environment. Companies are generally holding onto workers, but hiring cautiously amid policy uncertainty, higher costs, and ongoing experimentation with automation and artificial intelligence. Wage growth has slowed, but remains positive, and widespread layoffs have not materialized.In short, November’s report points to a labor market that is cooling, not cracking.4

How Solid is Your Retirement Strategy? Market ups and downs are inevitable, but your retirement doesn’t have to suffer. The key is a strategy designed to weather uncertainty and keep your savings on course.

Download our free guide, How Solid Is Your Retirement Strategy?5, for practical insights to help safeguard your wealth and stay on track, including:

If you have $500,000 or more to invest, get our free guide today!

Disclosure

1 Wall Street Journal. December 17, 2025. https://www.wsj.com/finance/stocks/ipos-2026-openai-spacex-freddie-fannie-e9085e32?mod=djemMoneyBeat_us

2 ZIM may amend or rescind the guide “How Solid Is Your Retirement Strategy?” for any reason and at ZIM’s discretion.

3 Wall Street Journal. December 18, 2025. https://www.wsj.com/economy/consumers/consumer-price-index-inflation-november-2025-b0440253?mod=hp_lead_pos1

4 Wall Street Journal. December 16, 2025. https://www.wsj.com/economy/jobs/jobs-report-october-november-2025-unemployment-economy-7f6eea90?mod=economy_lead_pos5

5 ZIM may amend or rescind the guide “How Solid Is Your Retirement Strategy?” for any reason and at ZIM’s discretion.


DISCLOSURE

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.

Zacks Investment Management, Inc. is a wholly-owned subsidiary of Zacks Investment Research. Zacks Investment Management is an independent Registered Investment Advisory firm and acts as an investment manager for individuals and institutions. Zacks Investment Research is a provider of earnings data and other financial data to institutions and to individuals.

This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Do not act or rely upon the information and advice given in this publication without seeking the services of competent and professional legal, tax, or accounting counsel. Publication and distribution of this article is not intended to create, and the information contained herein does not constitute, an attorney-client relationship. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole.

Any projections, targets, or estimates in this report are forward looking statements and are based on the firm’s research, analysis, and assumptions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Clients should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.

Certain economic and market information contained herein has been obtained from published sources prepared by other parties. Zacks Investment Management does not assume any responsibility for the accuracy or completeness of such information. Further, no third party has assumed responsibility for independently verifying the information contained herein and accordingly no such persons make any representations with respect to the accuracy, completeness or reasonableness of the information provided herein. Unless otherwise indicated, market analysis and conclusions are based upon opinions or assumptions that Zacks Investment Management considers to be reasonable.

The S&P 500 Index is a well-known, unmanaged index of the prices of 500 large-company common stocks, mainly blue-chip stocks, selected by Standard & Poor’s. The S&P 500 Index assumes reinvestment of dividends but does not reflect advisory fees. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor. An investor cannot invest directly in an index.

Questions posed are for demonstrative and informational purposes only and may not reflect the views of current clients or any one individual.

Any investment inherently involves a high degree of risk, beyond any specific risks discussed herein.
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