Legacy Insights — December 2025
The Market Lens
The third-quarter earnings season is shaping up to be one of the strongest in recent years, with S&P 500 companies reporting impressive momentum. As of November 7, 456 of the 500 companies had reported results, and 82% beat earnings expectations, driving 13.3% year-over-year EPS growth. Meanwhile, 77% of companies exceeded revenue estimates, with average revenue growth of 8.3%. Earnings strength was led by technology, followed by financials and utilities.
At Legacy Wealth Planning, we believe this data provides valuable perspective on the strength of the current bull market. While no one has a crystal ball, the breadth and depth of these results make one thing clear: the market has been on an extraordinary run, supported by strong corporate fundamentals.
Beyond the Balance Sheet
While corporate earnings continue to show strength, the broader economic picture has become more mixed. Recent labor-market data indicates that unemployment has edged higher from its historic lows, suggesting that the job market may be gradually cooling. This isn’t necessarily a sign of trouble—some softening is expected after years of rapid hiring—but it is a reminder that the economy may be transitioning from a period of overheated growth to a more sustainable pace. Wage gains have slowed, job openings have declined, and hiring has normalized across many industries. These trends don’t lead to a recession today, but they do signal that momentum is easing. At Legacy Wealth Planning, we view this as a healthy reminder to stay grounded: the economy remains resilient, but we may see periodic pullbacks as conditions continue to rebalance.
Inside Legacy
’Tis the season for giving as we kick off our annual food drive in support of the Food Bank of Northern Nevada. Your donations help provide meals and fight hunger throughout our region. Canned goods can be dropped off during regular business hours, and you can visit www.fbnn.org for more information on how to get involved.
In November, both Nick and Wendy helped lead meaningful fundraising efforts for the charities they support. Nick, together with the Nevada Ski Team Boosters, helped raise more than $100,000 to support the University of Nevada’s Division I Ski Team. Wendy hosted the 7th Annual Lizzy Hammond Foundation 5K Fun Run & Walk, bringing the community together on a beautiful Sunday morning in Sparks. Phil, Wendy and Nick also attended an event led by Entrepreneur’s Organization (EO) for a session on Strategy, one of the core principles from Verne Harnish’s Scaling Up. Phil has been with EO for 15 years. His involvement continues to bring fresh ideas and inspiration to the team—helping cultivate growth and strengthen the value we deliver to our clients.
See you soon – and as always, Thank you for Your Business.
Phil, Nick, and Wendy | Legacy Wealth Planning | 775-850-2500 | www.lwpreno.com
These views are those of the author, not of the broker-dealer or its affiliates. This material contains an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. All investments involve risk, including loss of principal. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources.
The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.