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MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

July 7, 2026 Dear Valued Investor, LPL Research is pleased to present Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks. Their semi-annual update offers a comprehensive analysis of the economic and market environment, highlighting potential implications for you. I’m pleased to bring you a few key highlights today. In the 2026 Outlook: The Policy Engine, considerable […]

July 10, 2026/by Tracey Meyer

JULY 2026 CLIENT LETTER

Client Letters

July 1, 2026 Dear Valued Investor, Get your grills and beach chairs ready America because July 4th — and America’s 250th birthday — is fast approaching. As the weather heated up last month, the stock market cooled a bit, and investors took profits on some of their technology winners. Market watchers blamed a variety of […]

July 2, 2026/by Tracey Meyer

MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

Client Letters

July 10, 2026/by Tracey Meyer

JULY 2026 CLIENT LETTER

Client Letters

July 2, 2026/by Tracey Meyer

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MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

Client Letters

July 7, 2026

Dear Valued Investor,

LPL Research is pleased to present Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks. Their semi-annual update offers a comprehensive analysis of the economic and market environment, highlighting potential implications for you. I’m pleased to bring you a few key highlights today.

In the 2026 Outlook: The Policy Engine, considerable time was spent discussing how policy is increasingly a driver of capital markets. The disruptions from the Iran conflict certainly served as another example of how policy, geopolitical or otherwise, should be top of mind for investors.

So, what now? The simple answer is that the team expects more of the same. Policy again will be front and center as attention turns to U.S. midterm elections and the uncertainty surrounding Kevin Warsh as the new chair of the Federal Reserve. Mr. Warsh’s ability to influence his colleagues and questions around congressional balance of power will help shape the second half of 2026.

LPL Research continues to focus on AI and corporate earnings. As a matter of fact, strength in earnings is a key reason they’ve raised their 2026 stock market return expectations. While some frothiness around AI expectations and market concentration are concerning, the earnings wave adds conviction to their forecast.

Internationally, they are less sanguine, as European economies have again fallen behind, and emerging markets may continue to be hit-and-miss in aggregate. Simply stated, while the bias for U.S. equity exposure remains, the variance between the U.S. and the rest of the world may be less pronounced.

All these items should be major variables of focus for the balance of the year. But the key question is: How should investors position themselves to optimize investment opportunities? The answer is grounded in the belief that equity markets should be constructive in the second half, but keep in mind that midterm election years have historically made for a bumpy investment ride.

To that end, they believe bonds should remain a steadfast allocation, while market conditions persistently point to use cases for alternative exposure, in their view. Being well-balanced is key, but it is perhaps most important when policy shifts can cause the market to turn on a dime.

These are just some of the insights you’ll find in Midyear Outlook 2026: Policy, Buildouts, & Bottlenecks. To get more, including considerations we can discuss, visit go.lpl.com/midyearoutlook.

Sincerely,

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.

All data is provided as of July 7, 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.

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-0007080-0526 | For Public Use | Tracking #1128680 | #1128683 (Exp. 07/2027)

July 10, 2026/by Tracey Meyer

JULY 2026 CLIENT LETTER

Client Letters

July 1, 2026

Dear Valued Investor,

Get your grills and beach chairs ready America because July 4th — and America’s 250^th birthday — is fast approaching. As the weather heated up last month, the stock market cooled a bit, and investors took profits on some of their technology winners. Market watchers blamed a variety of factors for the decline, but a 12-week rally in the Philadelphia Semiconductor Index of 92.5% pointed to an AI trade that went too far too fast. Gains in healthcare, industrials, and financial services stocks helped offset declines in the big tech stocks and limited the magnitude of the decline.

Stock market volatility has increased in recent weeks amid the push-and-pull between AI-driven optimism and concerns about high valuations. While major indexes have pulled back some, particularly large cap technology names, broader market participation has helped limit downside and maintain a constructive backdrop. The revitalized market for initial public offerings (IPOs), highlighted by the recent SpaceX IPO, offered a sign of healthy market conditions. Overall, equities remain supported by AI-driven earnings strength and improving breadth, but near-term gains may be tempered as markets consolidate earlier advances and navigate ongoing geopolitical uncertainty.

Meanwhile, the bond market has shown signs of stabilization. Earlier in June, rising Treasury yields reflected stronger economic data, bubbling inflation concerns, and rate hike fears. More recently, however, falling oil prices and evolving central bank expectations have helped ease pressure on yields, supporting bond market performance.

The economic backdrop remained resilient in June, supported by AI infrastructure investment, productivity gains, and lower oil prices. Inflation remains in focus, with policymakers balancing persistent price pressures against improving global supply conditions. Geopolitical developments continue to introduce uncertainty, while AI investment serves as a longer-term growth driver. This combination suggests an economy that is neither overheating nor contracting — but one that continues to expand at a moderate pace.

These economic and financial market crosscurrents reinforce the importance of staying disciplined and diversified in a volatile, policy-sensitive environment. While stocks may still need to digest earlier gains in the near term, bonds are regaining diversification value, and the economy remains on stable footing. In the second half, several key themes will shape the investment landscape, including the AI buildout, the leadership change at the Federal Reserve, and midterm elections.

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

Warmest Regards,

Wayne Rigney

Important Information

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.

The PHLX Semiconductor Sector Index (SOX) is a modified market capitalization-weighted index composed of companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.

All data is provided as of July 1, 2026.

All index data from FactSet.

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 #1132973 | #1132980 (Exp. 07/2026)

July 2, 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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MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

JULY 2026 CLIENT LETTER

MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

JULY 2026 CLIENT LETTER

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MID-YEAR OUTLOOK CLIENT LETTER JULY 2026

JULY 2026 CLIENT LETTER

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