Market Update (Article)
Market Update for October 2, 2020
Stock momentum slows amid uncertainty
Following five months of rapid gains for global equity markets, September saw risk assets take a small step back in a highly volatile period of trading. September’s market activity directly reflected a growing sense of uncertainty regarding the trajectory of economic growth. While the global economy continues to rebound, the rate of recovery, particularly in employment, has slowed meaningfully.
Momentum has also stalled on the stimulus front, with a second coronavirus relief bill stuck in a political impasse.
Importantly, we believe each of these concerns to be transitory in nature and unlikely to derail economic progress between now and the eventual completion of an efficacious COVID-19 vaccine. We continue to advocate a disciplined and diversified approach to asset allocation and would not shy away from risk assets through 2020’s final three months.
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