GVA Market Insights – July

• Outlook: After a volatile first half marked by geopolitical shocks and policy shifts, the macroeconomic backdrop remains supportive, setting the stage for a constructive second half of the year for financial markets. 
• Stocks: Despite stretched valuations, continued economic resilience and earnings growth could push the S&P 500 to new highs by year-end. 
• Bonds: Higher yields and persistent fiscal pressure create a challenging environment for bonds, with risks skewed toward further downside in prices. 
• Commodities/Currencies/Alternatives: Precious metals and select commodities remain strong diversifiers amid dollar weakness and global volatility, warranting a place in balanced portfolios. 

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Eric Parnell and Evan Coffey are solely investment advisor representatives of Great Valley Advisor Group, and not affiliated with LPL Financial. Any opinions or views expressed by them are their own and are not those of LPL Financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth may not develop as predicted.

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