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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MoneyAdvice@Work® is an employer-sponsored financial wellness benefit designed to connect employees to financial professionals who educate, advise, and coach without the sales pitch. Learn more about our service offering here. The summary/prices/quotes/statistics contained herein have been obtained from sources believed reliable but are not necessarily complete and cannot be guaranteed.  Past performance results are not necessarily indicative of future results. MoneyAdvice@Work® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel does not provide tax or legal advice.