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2020 Midyear Review & Outlook:

Benefiting from the “BTE (Better-Than-Expected) Bounce”


Thursday, July 9, 2020 at 11:00 am EDT | 8:00 am PDT

The equity markets have continued to work their way closer to breakeven on better-than-expected economic reports and continued investor optimism toward the gradual recovery of the global economy.  Businesses have slowly re-opened, travel plans have been reconsidered, and consumers proceed cautiously on discretionary purchases. Looking at S&P 500 and sector earnings and valuations, how will this market situation stack up to history? Will consumer discretionary stocks such as restaurants, travel, and tourism-related industries – those most deeply impacted by the pandemic – recover?

During this session CFRA’s Sam Stovall, Chief Investment Strategist, Todd Rosenbluth, Head of ETF and Mutual Fund Research, and Tuna Amobi, Senior Industry Analyst provide our mid-year U.S. economic and investment review and outlook for the second half 2020, with a deep-dive on the consumer discretionary sector that is most likely to keep investors reeling in the months ahead.

Topics include --

  • What’s driving Q2 earnings in the midst of the Covid-19 pandemic, and which sectors are poised to experience the biggest opportunities or risks.
  • CFRA’s outlook for the second half of 2020, just ahead of Q2 earnings season and a few months before the November elections.
  • CFRA analyst recommendations for the consumer discretionary sector, with special focus on restaurants, travel, and tourism-related industries, as these bear the brunt of the crisis.
  • Trends and outlook for consumer discretionary ETFs and CFRAs recommendations.


  • Sam Stovall, Chief Investment Strategist, CFRA
  • Todd Rosenbluth, Head of ETF and Mutual Fund Research, CFRA
  • Tuna Amobi, Senior Industry Analyst, CFRA