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AUGUST 2026 CLIENT LETTER

August 5, 2026 Dear Valued Investor, The second half of 2026 began with investors facing no shortage of uncertainty, from the Iran conflict and higher oil prices to ongoing questions surrounding potential payoffs from massive artificial intelligence (AI) investment. Despite these challenges, the S&P 500 entered August near all-time highs, and prospects for further gains […]

August 5, 2026/by Tracey Meyer

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

Client Letters

MIDYEAR OUTLOOK – Executive Summary – July 2026 We’re halfway through the year, and our newly released Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks helps you cut through the noise and understand what’s shaping the economic and market landscape right now… Click the link above to read the full Executive Summary.

July 10, 2026/by Tracey Meyer

AUGUST 2026 CLIENT LETTER

Client Letters

August 5, 2026/by Tracey Meyer

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

Client Letters

July 10, 2026/by Tracey Meyer

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AUGUST 2026 CLIENT LETTER

Client Letters

August 5, 2026

Dear Valued Investor,

The second half of 2026 began with investors facing no shortage of uncertainty, from the Iran conflict and higher oil prices to ongoing questions surrounding potential payoffs from massive artificial intelligence (AI) investment. Despite these challenges, the S&P 500 entered August near all-time highs, and prospects for further gains remain favorable based on a resilient economy and solid corporate fundamentals.

The AI investment cycle remains the dominant theme. As major technology companies reported second quarter earnings, it became clear that markets have shifted from rewarding the promise of AI spending to execution on that investment. Can the big hyperscalers such as Microsoft, Amazon, Alphabet, and Meta generate attractive returns on the enormous capital being deployed into data centers, chips, cloud infrastructure, and AI platforms? Second quarter results offered a mixed response. Companies demonstrating strong revenue growth, cash flow generation, and evidence of AI monetization were rewarded, while those showing rising spending with less visible returns faced increased scrutiny.

Importantly, we believe the AI story remains fundamentally intact. Business investment tied to AI continues to support economic growth, productivity gains, and corporate profitability across a growing number of industries. While investors should expect periods of volatility as markets assess returns on these investments, AI remains a powerful earnings tailwind for technology leaders and business adopters.

Supported by AI investment, corporate earnings continue to provide a strong foundation for stocks. S&P 500 companies in aggregate are growing profits nearly 30% year over year in the second quarter, excluding markups of private holdings in Anthropic, OpenAI, and SpaceX. Strength has extended beyond technology, with earnings growth excluding the so-called Magnificent Seven tracking toward 20%. Encouragingly, stock market gains have been driven more by earnings growth than valuation expansion, a healthier backdrop, in our view.

The inflation picture remains muddled but poised to improve. The ongoing Iran conflict and solid economic growth have put upward pressure on long-term interest rates, leaving the Federal Reserve in a tricky spot. Renewed hopes for productive talks to open the Strait of Hormuz and weaker Chinese demand for oil have helped offset oil supply concerns, keeping WTI crude oil prices near a tolerable $80 per barrel.

Overall, we believe resilient economic growth, improving prospects for restored shipping traffic in the Persian Gulf, compelling earnings, and AI-driven innovation support a positive outlook for equities even after the recent advance. With volatility tied to geopolitics and uncertainty around returns on AI investment likely to persist, diversification remains at a premium.

As always, please reach out to me with questions. Thank you for your continued trust.

Warmest Regards,

Wayne Rigney

Important Information

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

LPL Financial does not offer access to or purchase of initial public offerings (IPOs).

This material is intended for informational and educational purposes only and does not constitute investment research, a research report, or a recommendation regarding any specific security or issuer.

All data is provided as of August 5, 2026.

All index data from FactSet.

The Standard & Poor’s 500 Index (S&P500) 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.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Past performance does not guarantee future results.

Asset allocation does not ensure a profit or protect against a loss.

This research material was prepared by LPL Financial, LLC.

Not Insured by FDIC/NCUA or Any Other Government Agency

Not Bank/Credit Union Guaranteed

Not Bank/Credit Union Deposits or Obligations

May Lose Value

RES-0007124-0526 | For Public Use | Tracking #1152535 | #1152541 (Exp. 08/2027)

August 5, 2026/by Tracey Meyer

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

Client Letters

MIDYEAR OUTLOOK – Executive Summary – July 2026

We’re halfway through the year, and our newly released Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks helps you cut through the noise and understand what’s shaping the economic and market landscape right now…

Click the link above to read the full Executive Summary.

July 10, 2026/by Tracey Meyer

Copyright © Rigney Financial Services, LLC. All rights reserved. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC The LPL Financial representative associated with this website may discuss and/or transact securities business only with residents of the following states and territories: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, VI, WA, WV, WI, WY

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AUGUST 2026 CLIENT LETTER

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

AUGUST 2026 CLIENT LETTER

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

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AUGUST 2026 CLIENT LETTER

MID-YEAR OUTLOOK EXECUTIVE SUMMARY JULY 2026

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