Q&A Format Based on Questions from 2,000 Investors
Favorable Environment with Both Earnings Improvement and Liquidity Recovery
AI and Semiconductors Remain Core Market Themes
The Toss Securities Research Center has published its market outlook report for 2026, titled 'QnA 2026.' The Research Center defines 2026 as a year in which volatility coexists with an upward trend, emphasizing that investors should view volatility not as something to avoid, but as an opportunity to manage and leverage for investment gains.
A key feature of this report is that it was developed by uncovering investment insights for 2026 together with over 2,000 investors. From the planning stage, the Center collected questions from investors through a preliminary survey and selected 26 key questions-including "Is AI a bubble?" and "Will the U.S. stock market rise or fall?"-to address the market outlook in a Q&A format.
According to the report, the U.S. stock market is expected to maintain its bullish trend in 2026. Concerns about an economic recession are limited, and a generally moderate slowdown (soft landing) is anticipated. The risk of a sharp rise in inflation has also diminished due to the stabilization of energy prices, and even if there is some slowdown in consumption, increased corporate investment is expected to cushion the impact.
The report also notes that while expectations for artificial intelligence (AI) drove the market in 2023 and improvements in corporate earnings (EPS) led the market in 2025, interest rate cuts and increased liquidity are forecast to be the main drivers in 2026. This suggests a favorable environment where robust earnings are combined with ample liquidity.
AI remains a key investment theme. Given that the bull market is led by AI, the probability of a rapid shift in market leadership is considered low. However, as short-term volatility is inevitable, the report advises investors to use market corrections as opportunities to acquire core technology stocks at reasonable prices.
The domestic stock market is also expected to continue its gradual upward trend. Although the significant gains in 2025 may lead to short-term fatigue, the semiconductor sector is still projected to maintain its structural growth trajectory. The improvement in earnings power of major companies such as Samsung Electronics and SK Hynix is expected to serve as a growth driver.
Lee Younggon, Head of the Toss Securities Research Center, stated, "This report is meaningful in that it is a communication-oriented report based on the real concerns of investors," adding, "We will continue to provide diligent research that keeps pace with the market and communicates closely with investors."
The Toss Securities Research Center's annual outlook report for 2026, 'QnA 2026,' can be found on the Toss Securities website.
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