“
”Markets in Focus
Timely analysis of market moves and sectors of opportunity
BY MATT ORTON, CFA, AND JOEY DEL GUERCIO, CFA1, 2
Recent market volatility reflects crowded positioning more than a meaningful deterioration in the fundamental economic backdrop.
Watch interest rates. Equities are likely to be increasingly sensitive to any further upward moves with the 10-year US Treasury yield pushing toward its 2026 highs.
Earnings expectations are high, meaning misses may be punished harder while beats could be rewarded less enthusiastically.
Along with artificial intelligence, our playbook is focused on small- and mid-caps as complements to AI, plus international equities as portfolio ballast.
The market has continued to look past the growing macroeconomic noise, with renewed volatility across leadership, rising uncertainty in the Middle East, and upward pressure on interest rates doing little to derail the S&P 500 Index’s push higher.
That resilience matters, but so does the nature of the recent choppiness. The volatility of the past few weeks reflects extended positioning more than a meaningful deterioration in the fundamental backdrop. Concentrated positioning has normalized from extreme levels, but it remains elevated in the highest-momentum areas of the market, especially semiconductors. This means the path higher is unlikely to be a straight line.
Earnings season now becomes the next key test. The bar is high, particularly after consensus estimates moved higher throughout the second quarter and following one of the strongest reporting seasons on record. That creates some asymmetry: Misses could be punished severely, while beats may be met with a more muted response given elevated expectations and more neutral positioning.
Still, we remain constructive and continue to favor using downside opportunistically to add exposure to durable secular growth themes across the market. That has worked well in areas like cybersecurity, the Magnificent Seven, and even semiconductors most recently, while also providing opportunities in non-tech areas such as financials and health care. There are plenty of risks to monitor, but unless earnings start to undermine the fundamental story, investors should think about staying the course and being ready to execute on their shopping lists when volatility provides potential opportunity.
A key risk to monitor right now is interest rates, which are currently an outsized driver for equities. With the 10-year US Treasury yield pushing toward the highs of the year, equities are likely to be increasingly sensitive to any further upward moves. This is particularly true for parts of the market that recently have been stabilizing like software, where higher rates will force investors to reassess valuation multiples.
Higher yields also pose a challenge to the broadening narrative — the rate-sensitive corners of the market need lower yields for the fundamentals to work. Moreover, an easing in rates would support the funding mechanism underwriting the artificial intelligence (AI) build-out.
Additionally, higher yields pose a challenge to traditional portfolio diversification. The realized correlation between equities and 10-year rates is at a 10-year low (this is the positive stock-bond correlation we’ve highlighted all year). S&P 500 3-month realized correlation is at -0.5, and it is even more extreme for small- and mid-cap stocks, with a 3-month Russell 2000® Index/US 10-year correlation at -0.68. This week’s Consumer Price Index (CPI) data for June could serve as a critical catalyst for rates. This is why we have continued to advocate for finding diversification opportunities across other asset classes like commodities and real assets, as well as between geographies, market capitalizations, and across different sectors and industries.
Earnings season could provide the most clearly bullish signal for investors. The estimated year-over-year earnings growth rate for the S&P 500 in the second quarter is 23.6%. That would mark the second consecutive quarter of earnings growth above 20% for the index.
Based on the average beat percentages, we could see earnings growth exceeding 29%. Financials will be in focus this week with many of the money center banks reporting results. Commentary from bank CEOs will be most important to follow to get an update on the underlying economy as well as deal activity outside of the mega initial public offerings (IPOs) that have been in focus lately.
Will the S&P 500's strong, surprising, earnings growth march on?
FactSet end of quarter estimates vs. actual earnings growth
Source: FactSet, as of 7/10/2026.
The biggest challenge is elevated expectations, which set the stage for misses to be punished severely while limiting the upside from beats. This is especially true for companies in the AI halo, where stellar beats and raises will be critical to further gains in share prices. Investors should also watch capital expenditures (capex) guidance from the hyperscalers when they report later this month, and study market reaction as a guide for how the next leg of the AI trade could unfold.
We remain bullish. Consider the strong fundamentals: Absent a recession or financial shock, betting against this profit backdrop could be expensive. The central tendency for stocks is higher, with the broadening trade favoring domestic cyclicals alongside technology rather than the more binary rotation we saw at the start of the year. The limited damage from the re-escalation of the US-Iran conflict further highlights that the focus is on fundamentals rather than geopolitical risk. US banks kick off earnings season on Tuesday and the last two weeks of July will be the busiest, with most S&P 500 members — including six of the Magnificent Seven — reporting results. Below we highlight the key areas in focus right now as part of our investment playbook.
We still see opportunities in AI. Crowding and extreme sentiment triggered a sharp unwinding of momentum, with levered exchange-traded products exacerbating moves in a market challenged by quarter-end rebalancing. While momentum volatility and sector dispersion appear likely to remain elevated throughout the summer, we favor selectively adding on weakness to past winners. Bottlenecks are still extreme and visibility into earnings is strong. However, semiconductors and hardware stocks may get hit during earnings season due to elevated expectations and continued profit-taking. We expect those dips would be buyable as long as the fundamentals haven’t cracked. We’ll get a preview for how this part of the market might behave when a leading semiconductor manufacturer reports results this week. Additionally, the hyperscalers have underperformed as the AI capex return on investment debate continues to unfold, which could incentivize more visibility and transparency going forward. The intrinsic value of the cadence of frontier large language model innovation appears to support ongoing corporate investment, and these companies have transitioned to being value plays for longer-term investors. We expect AI capex momentum to remain firm, which would support and, we hope, reinvigorate many of the downstream capex beneficiaries.
Small- and mid-caps as a complement to AI. Low volatility factors have rallied sharply over the last month, and they have outperformed what would be expected given their beta to the broader equity market. Instead of using low volatility to hedge risks that the AI capex boom may slow, we would argue that US small- and mid-caps might be a more asymmetric hedge. Higher exposure to sectors like financials and health care, coupled with lower liquidity, could set the stage for a continued rally if there is more of a rotation out of the mega-cap tech stocks. We also see these parts of the market as providing strong earnings growth that could eventually outpace that of the S&P 500 later this year. US economic activity has remained firm — for instance, the ISM® Manufacturing PMI® Report has been rising — and that should support continued small-cap outperformance relative to large-cap stocks.
International equities as portfolio ballast. With rising stock-bond correlations, investors should consider increasing their focus on other portfolio diversifiers. International equities fit quite well, particularly countries with strong historical risk/return metrics as well as lower correlation to the S&P 500. Markets like Japan, India, and the UK are all well positioned today. Japan has the highest earnings revision ratio outside of the US, and falling energy prices should provide additional support for the domestic economy and profit margins. Markets like the UK might not be top of mind considering a challenging domestic economic backdrop, but that is well discounted at this point. The UK market is also dominated by “old economy” sectors such as banks, health care, and commodity-related companies, which provides diversification to the AI narrative. It also ranks high for risk-adjusted returns over the past five years and has a relatively lower correlation to the US compared to the likes of Europe or Latin America.
Economic data — June CPI on Tuesday. June Producer Price Index on Wednesday. Retail sales on Thursday.
Fed commentary — This week features 15 scheduled US Federal Reserve speaking events, with Chairman Kevin Warsh delivering the Semiannual Monetary Policy Report to the House Financial Services Committee on Tuesday and the Senate Banking Committee on Wednesday (both at 10 a.m. EST). Other potentially market-moving speakers this week include Fed Governor Christopher Waller Monday at 12:30 p.m. EST, Vice Chair Philip Jefferson (Thursday at 7 p.m. EST), and Federal Reserve Bank Presidents John Williams (New York), Lorie Logan (Dallas), and Jeffrey Schmid (Kansas City), who are expected to discuss economic and monetary policy outlooks.
1 Matt Orton, CFA, is Chief Market Strategist at Raymond James Investment Management. Joey Del Guercio, CFA, is Research Analyst at Raymond James Investment Management.
2 Unless otherwise indicated, all data cited is sourced from Bloomberg as of July 10, 2026.
Risk Information:
Investing involves risk, including risk of loss.
Diversification does not ensure a profit or guarantee against loss.
Disclosures:
Any forecasts, figures, opinions, or investment techniques and strategies set out are for informational purposes only. There is no assurance any estimate, forecast or projection will be realized.
Index or benchmark performance presented in this document does not reflect the deduction of advisory fees, transaction charges, or other expenses, which would reduce performance. Indexes are unmanaged. It is not possible to invest directly in an index. Any investor who attempts to mimic the performance of an index would incur fees and expenses that would reduce
return.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature, or other purpose in any jurisdiction, nor is it a commitment from Raymond James Investment Management or any of its affiliates to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical, and for illustration purposes only. This material does not contain sufficient information to support an investment decision, and you should not rely on it in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and make their own determinations together with their own professionals in those fields. Any forecasts, figures, opinions, or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions, and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements, and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.
The views and opinions expressed are not necessarily those of the broker/dealer or any affiliates. Nothing discussed or suggested should be construed as permission to supersede or circumvent any broker/dealer policies, procedures, rules, and guidelines.
Sector investments are companies engaged in business related to a specific sector. They are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification.
Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks.
International investing presents specific risks, such as currency fluctuations, differences in financial accounting standards, and potential political and economic instability. These risks are further accentuated in emerging market countries where risks can also include possible economic dependency on revenues from particular commodities or on international aid or development assistance, currency transfer restrictions, and liquidity risks related to lower trading volumes.
Commodity-linked investments may be more volatile and less liquid than the underlying instruments or measures, and their value may be affected by the performance of the overall commodities baskets as well as weather, disease, and regulatory developments.
Definitions
Consumer Price Index / CPI — Measures the change in prices paid by consumers for goods and services. The U.S. Bureau of Labor Statistics bases the index on prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. Prices are collected each month in 75 urban areas across the country from about 6,000 households and 22,000 retailers.
ISM® Manufacturing PMI® Report — A report compiled by the Institute for Supply Management based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month for new orders, backlog of orders, new export orders, imports, production, supplier deliveries, inventories, employment, and prices. A Manufacturing PMI® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining.
Producer Price Index / PPI — A report published monthly by the U.S. Bureau of Labor Statistics that measures the average change over time in the selling prices received by domestic producers for their output.
Indices
S&P 500 Index — Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. It is a market-weighted index calculated on a total return basis with dividend reinvested. The S&&P 500 represents approximately 80% of the investable U.S. equity market.
Russell 2000® Index — Measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
M-967076 Exp. 11/13/2026
BY MATT ORTON, CFA, AND JOEY DEL GUERCIO, CFA1, 2
Our investment playbook for the balance of 2026 includes favoring core overweights in US equities, small caps, and artificial intelligence capital expenditures beneficiaries.
Our overarching themes: Balancing growth and value and leaning into megatrends such as power, infrastructure, and robotics.
Our favored tactical satellites: Select international, healthcare, and financials.
Major risks to monitor: Systemic leverage, the dollar’s continued rise, yields’ ascent, and tight credit spreads.
All year, the market narrative has been dominated by artificial intelligence (AI) and momentum, but over the past few weeks it has become increasingly clear that investors are beginning to test the durability of that leadership.
Equities just capped off an undeniably strong quarter, with the S&P 500 and Nasdaq-100 indices gaining 14.9% and 27.5%, respectively, their best quarterly performances since the second quarter of 2021, while the PHLX Semiconductor Sector Index™ posted a record quarterly gain of 87.8%. Technology has been the clear leader across styles and market capitalizations, but the performance gap between AI winners (semiconductors) and losers (software) has pushed dispersion within the sector beyond levels seen during the dot-com era.
Given how crowded positioning had become, the sharp reversal during the first few trading days of July was hardly surprising, as investors trimmed first-half winners to fund exposure to lagging parts of the market. June had already hinted at this transition, with several short-lived and largely catalyst-free attempts at rotation that repeatedly faded as investors returned to momentum leadership. We suspect this positioning reset has further room to run, particularly in some of the more extended areas of the memory and semiconductor ecosystem, but we continue to view it as a healthy consolidation rather than as a deterioration in fundamentals. Importantly, the earnings backdrop supporting many of these AI leaders remains firmly intact, with hyperscaler spending, positive earnings revisions, and strong backlog visibility continuing to reinforce the longer-term investment case.
At the same time, improving market breadth has created potential opportunities beyond the AI ecosystem, with the Russell 2000® small-cap and the S&P 500® Equal Weight indices finally beginning to deliver more sustained outperformance. If there is one lesson from the opening days of the quarter, it is that balance matters. Investors do not need to choose between AI leadership and improving breadth — they can own both. We expect positioning to continue normalizing over the coming weeks, with the second-quarter earnings season ultimately determining whether improving earnings breadth can translate into more durable price breadth.
Beyond positioning, the macroeconomic backdrop has quietly become more supportive of broader market participation.
We’re now two weeks into the latest ceasefire, and despite a few inevitable headlines along the way, markets have taken the geopolitical developments largely in stride. Given that the ceasefire is set to expire on Aug. 21, it’s somewhat surprising to see oil prices already back at pre-conflict levels. With the consensus already expecting disinflationary forces to continue pulling core inflation lower over the balance of the year, falling energy prices provide an additional tailwind and should further temper calls for another US Federal Reserve (Fed) interest rate hike this year.
On the other side of the Fed’s mandate, June’s labor market report showed the US adding just 57,000 jobs, roughly half the 110,000 expected by consensus. Although the unemployment rate unexpectedly ticked down to 4.2%, the broader report did little to suggest an imminent need for tighter monetary policy. We continue to believe the Fed remains on hold through year-end, diverging from market pricing that still reflects more than one full 25-basis point hike by December. As expectations for a 2026 hike have become increasingly the consensus, the front end of the Treasury curve has repriced meaningfully higher and, before reversing late last week, the yield curve had reached its flattest level since March 2025. We continue to expect additional resteepening as investors reassess both Fed and inflation expectations, a backdrop that could remain supportive of financials — particularly banks — in the second half of the year.
Technology returns dispersion is higher than during the dot-com era
Rolling 3-month performance gap, top decile less bottom decile
Source: Bloomberg, as of 6/30/2026.
One macro risk we continue to monitor closely is the US dollar. While longer-dated Treasury yields eased following the ceasefire announcement, the dollar has yet to experience a similar repricing and remains in a shorter-term uptrend. Until the longer-term downtrend resumes — potentially aided by budget negotiations and the upcoming midterm election cycle — we believe a stronger dollar will continue to act as a modest headwind for global risk assets.
Against this backdrop, tail risks continue to dissipate, but we still believe patience is warranted before aggressively rebuilding exposure to the most crowded momentum trades. July has historically been one of the strongest months for the broader equity market — the S&P 500 has been positive in each of the last 10 Julys, and it ranks as the index’s second-best month on average — but seasonality has been less forgiving for momentum strategies.
Rather than chasing near-term rebounds, we would welcome additional consolidation as positioning continues to normalize ahead of earnings season. The encouraging news is that investors have no shortage of potential opportunities to consider in the meantime. We’ve become increasingly constructive on healthcare, particularly biotechnology, as well as financials, where improving fundamentals and a steeper yield curve should continue to support earnings.
Small caps remain another area of conviction for us. This is the most sustained period of small-cap outperformance in years, and with earnings season representing the group’s most important near-term catalyst, we continue to expect improving fundamentals to support additional upside.
Finally, one of the market’s most important battlegrounds remains the Magnificent Seven. While recent positioning-driven weakness has weighed on the group, these companies now trade at roughly 23.8x forward earnings — much closer to the broader market’s valuation than many investors appreciate — while continuing to possess some of the highest-quality business models and strongest secular growth profiles in the world. Should earnings continue to validate those fundamentals, they remain well positioned to stabilize, reinforcing the case for maintaining balanced exposure rather than making binary allocation decisions.
While it’s likely that we’re in for some short-term turbulence as momentum churns and investors shore up positioning for the third quarter, we maintain our broad optimism in this bull market.
The next major catalyst for equities is earnings season, which kicks off in earnest next week with the megacaps reporting at the end of July. The S&P 500 is expected to post 23.3% earnings growth for the second quarter, which would mark a second consecutive quarter of earnings per share (EPS) growth above 20%. Notably, and dissimilar to history, earnings estimates for the second quarter have risen 3.4% since March 31. Typically, analysts reduce earnings estimates over the course of the quarter with the 5-year and 10-year average change to estimates being -2.0% and -2.7%. That makes 3.4% the largest increase to estimates since the second quarter of 2021, with the largest revisions being within energy, information technology, communication services, and materials. After the first quarter’s historically large EPS surprise, valuations have already been reset meaningfully: The S&P 500 is trading at a 20.4x forward price-to-earnings (P/E) ratio versus 5- and 10-year averages of 19.9x and 19.0x. Considering all of the above, we expect the second-quarter earnings season to support further market gains. As earnings strength becomes increasingly broad-based, we also expect participation beyond AI-related stocks to continue expanding.
For the second half of 2026, here are our high-level calls and thoughts on positioning:
We expect further upside in equities, driven by strong earnings growth.
Consider selectively buying the dip in momentum and AI capital expenditure (capex) beneficiaries as well as leaning into markets with the highest EPS revisions such as the US and Japan.
The AI capex trade isn’t done, but we’re watching for earnings breadth to finally translate to more sustainable price breadth.
We favor overweights to small caps and biotech, leaning into financials, and looking overseas, particularly at Japan and select European markets.
Mind the positive stock-bond correlation.
Think about overweighting equities relative to bonds, diversifying within and across asset classes, and layering in metals/gold and real assets.
A normalization of geopolitical volatility.
Don’t chase upside, use downside opportunistically.
The Fed probably stays on hold through year end, so consider positioning for a resteepening of the yield curve and owning banks.
Economic data — ISM® Services PMI® Report on Monday.
The Fed — June Federal Open Market Committee (FOMC) meeting minutes are released on Wednesday. Going forward, FOMC minutes could be a risk event given the Fed’s limited communication style under new Fed Chairman Kevin Warsh. Three FOMC members are scheduled to speak — Fed Governor Christopher Waller, Federal Reserve Bank of New York President John C. Williams, and Federal Reserve Bank of Dallas President Lorie Logan. We also could also learn more about the Fed’s new task forces.
Global — The 2026 NATO Summit kicks off in Turkey on Tuesday. This could renew attention around defense spending.
1 Matt Orton, CFA, is Chief Market Strategist at Raymond James Investment Management. Joey Del Guercio, CFA, is Research Analyst at Raymond James Investment Management.
2 Unless otherwise indicated, all data cited is sourced from Bloomberg as of July 2, 2026.
Risk Information:
Investing involves risk, including risk of loss.
Diversification does not ensure a profit or guarantee against loss.
Disclosures:
Any forecasts, figures, opinions, or investment techniques and strategies set out are for informational purposes only. There is no assurance any estimate, forecast or projection will be realized.
Index or benchmark performance presented in this document does not reflect the deduction of advisory fees, transaction charges, or other expenses, which would reduce performance. Indexes are unmanaged. It is not possible to invest directly in an index. Any investor who attempts to mimic the performance of an index would incur fees and expenses that would reduce
return.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature, or other purpose in any jurisdiction, nor is it a commitment from Raymond James Investment Management or any of its affiliates to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical, and for illustration purposes only. This material does not contain sufficient information to support an investment decision, and you should not rely on it in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and make their own determinations together with their own professionals in those fields. Any forecasts, figures, opinions, or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions, and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements, and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.
The views and opinions expressed are not necessarily those of the broker/dealer or any affiliates. Nothing discussed or suggested should be construed as permission to supersede or circumvent any broker/dealer policies, procedures, rules, and guidelines.
Sector investments are companies engaged in business related to a specific sector. They are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification.
Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks.
International investing presents specific risks, such as currency fluctuations, differences in financial accounting standards, and potential political and economic instability. These risks are further accentuated in emerging market countries where risks can also include possible economic dependency on revenues from particular commodities or on international aid or development assistance, currency transfer restrictions, and liquidity risks related to lower trading volumes.
Commodity-linked investments may be more volatile and less liquid than the underlying instruments or measures, and their value may be affected by the performance of the overall commodities baskets as well as weather, disease, and regulatory developments.
Definitions
ISM® Services PMI® Report — A report compiled by the Institute for Supply Management based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month for business activity, new orders, backlog of orders, new export orders, inventory change, inventory sentiment, imports, prices, employment and supplier deliveries. An index reading above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining.
Indices
S&P 500 Index — Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. It is a market-weighted index calculated on a total return basis with dividend reinvested. The S&&P 500 represents approximately 80% of the investable U.S. equity market.
S&P 500® Equal Weight Index — An index that includes the same constituents as the capitalization-weighted S&P 500 Index, but each company in the S&P 500 Equal Weight Index is allocated a fixed weight.
S&P 500 Information Technology — A sector index comprising companies included in the S&P 500 that are classified as members of the GICS® information technology sector.
PHLX Semiconductor Sector Index™ — A modified market capitalization-weighted index composed of companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.
Russell 2000® Index — Measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
M-959645 Exp. 11/6/2026
