S&P 500 Gains May Slow in 2026 — but Raymond James Says These 2 Stocks Could Beat the Market

After posting a 16% gain last year, the S&P 500 capped off its third straight year of double-digit returns. But can 2026 deliver another solid year for equities, or is the market due for a cooldown? That’s the debate taking shape on Wall Street – and according to Raymond James Chief Investment Officer Larry Adam, the pace of gains may begin to slow. “Valuations for the S&P 500 have climbed to the 95th percentile, meaning price-to-earnings multiple expansion has little more to give,” Adam opined.