Here are RBC's top picks for the third quarter, including McDonald's

A person walk a dog near McDonald's in Union Square during the coronavirus pandemic on April 14, 2020 in New York City.
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With the third quarter underway, RBC put together a list of stocks that it thinks look poised to outperform in the second half of the year. 

While the S&P 500 has staged a record rebound from its March low, the firm believes volatility is here to stay as businesses attempt to get back to normal amid the pandemic.

"Even as economies have begun to reopen, this gradual return to normalcy has seen instances of new spikes in cases, which may lead to a slower economic recovery than initially anticipated," the firm said in a note to clients Friday.

The list of stocks, known as the "Top 30 Global Ideas," has traditionally been published on an annual basis. But last quarter RBC opted to begin updating it on a quarterly basis in an effort to accurately reflect the firm's stance on various stocks and sectors during an unprecedented time for the economy.

"Changes this quarter reflect a rotation out of companies that have seen a solid rebound or structural change to our thesis, into some names that have attractive upside opportunity as the recovery progresses," the firm said.

Here are some of the names on the list, including new additions, as well as stocks that continue to make the cut: