Fox Business · Sep 26, 2026
With David Spika, Chief Market Strategist at Turtle Creek Wealth Advisors
David Spika expects stocks to rise another 5% to 10% before the end of the year.
The Federal Reserve has just raised rates for the first time since 2023, the anchor noted, and markets are rallying anyway. Spika said the rally can continue as long as oil and interest rates both come down, and that he thinks they are already heading that way.
"Lower oil and lower rates are the key."
David Spika, Chief Market Strategist at Turtle Creek Wealth Advisors, on Fox Business, laid out his case for a fourth-quarter rally and named two stocks he likes for their cash flow.
The full segment is covered here so you can skip it.
Here are the 4 predictions that matter.
Key Takeaways
Stocks have 5% to 10% of upside before year end, if oil and rates keep falling
Earnings growth of 15% next year would be slower than this year but still enough to push the market higher
Microsoft's AI spending is backed by very strong cash flow
A cloud backlog of almost $700B, he said
Berkshire Hathaway under Greg Abel has the same appeal: several sources of revenue and a lot of cash flow
1. Oil and Rates Are the Key
The anchor opened on the market backdrop. The Federal Reserve had just raised rates for the first time since 2023, and markets were rallying anyway on falling oil prices, renewed optimism about AI and growing confidence that the Fed has inflation under control. She asked why Spika thinks the strength can carry into year end.
The rally depends on the economy staying where it is
"The rally will be a function of what is going on in the economy today. Lower oil and lower rates are the key." — David Spika
He said the economy is in good enough shape to support stocks, with strong earnings growth, strong employment and decent consumer spending. What it still needs is lower rates and lower oil prices.
He thinks both are coming
"I think we are on the path toward that. It gives me a lot of confidence." — David Spika
