Midyear Outlook 2020 Midyear Outlook 2020: The Trail to RecoveryAt the midpoint of 2020, we're mindful that it's been an extremely challenging year so far in the United States and around the globe. We're in the midst of a pandemic that continues to impact all of us, our communities, and our economies.Together we're looking ahead for new ways to face these challenges and how we can prepare now for better times. We've been impressed by what we've seen so far: The resiliency and accelerated innovation among large and small US businesses; efforts by our national, state, and local governments to support our communities; and most of all, the dedication and unprecedented cooperation among our front-line health care professionals, medical researchers, and everyday people to guide us through this health crisis.At LPL Research, we know the stock market is foward-looking: It focuses on what's happening today and what is sees on the path ahead. Much of the real-time economic data we follow - such as transportation activity, home sales, and jobless claims - is showing tangible evidence that economic activity - while still depressed - has begun to make a comeback.Stocks already are pricing in a steady economic recovery beyond 2020 that may be supported if we receive breakthrough treatments to end the COVID-19 pandemic. However, the optimism we see reflected in the S&P 500 Index now may limit the size of the gains over the rest of the year.It's still going to be a challenging environment with significant uncertainty that may lead to more volatility for the next few months. Still, we continue to encourage investors to focus on the fundamental drivers of investment returns and their long-term financial goals.LPL Reseach's Midyear 2020 Outlook provides our updated views on the pillars for investing - the economy, bonds and stocks. As the headlines change daily, look to these pillars, or trail markers, and the Midyear Outlook 2020 to help provide perspective on facing these challenges now and preparing to move forward together.View the digital version of the LPL Midyear 2020 Outlook: TheTrail to Recovery for stocks, bonds, and the economy as a guide for the second half of the year.Some of this research material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.Economic forecasts set forth may not develop as predicted.Investing involves risks, including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.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.