Downgraded healthcare to neutral/positive from positive. Upgraded long/short equities to neutral/positive from neutral.

We expect stock market gains in 2016* despite the latest correction, led by U.S. large caps. We are taking a more balanced sector approach as the business cycle ages, but continue to favor growth.

We expect stock market gains in 2016* despite the latest correction. We suggest focusing on the U.S. and moving up in market cap to help mitigate portfolio volatility and have tempered enthusiasm for technology and industrials.

We expect mid-single-digit returns for stocks in 2016,* as discussed in Outlook 2016: Embrace the Routine, led by large caps, cyclical growth, and healthcare.

Upgraded small foreign to neutral from negative/neutral. Downgraded small value from neutral to negative/neutral.

We continue to expect the S&P 500 to reach the low end of our 5–9% year-end total return forecast for 2015, driven by improving economic and earnings growth.*