090919_WMC_Figure1 LPL Financial Research Weekly Market Commentary

-1

Source: LPL Research, U.S. Treasury 05/16/19

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Year-over-Year S&P 500 Index Earnings per Share Growth

-5

Projected Change in Real GDP

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Growth Expected to Slow in Upcoming Quarters

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Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Source: LPL Research, FactSet 09/04/19

Estimates

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RES 78393 0919 | For Public Use | Tracking #1-890561

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This Research material was prepared by LPL Financial, LLC. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL is not an affiliate of and makes no representation with respect to such entity. If your advisor is located at a bank or credit union, please note that the bank/credit union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL may also be employees of the bank/credit union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, the bank/credit union. Securities and insurance offered through LPL or its affiliates are:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 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. All indexes are unmanaged and cannot be invested into directly. Investing involves risk including loss of principal. Economic forecasts may not develop as predicted. Estimates reflect FactSet consensus. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.