Dear Clients and Friends,
The market had a very tough week this week due to a few factors. The upcoming election is obviously weighing on peoples’ minds as well as rising COVID numbers and a lack of a stimulus plan. Hopefully by the end of next week we will have an idea of who won the election and their plans for further stimulus. Unfortunately, it could be far later than that before we know the final outcome.
Economically, the data mostly looked pretty good this week, with new jobless claims at only 750,000 and continuing claims dropping to 7.76 million. Consumer sentiment and spending both beat estimates, again a positive economic sign. Next week as well as the election, we will get the October unemployment rate, which could be dropping low enough to start shrinking potential stimulus plans. It would not be at all surprising to see next week be a volatile one in the markets.
Feel free to reach out to us if you have any questions or concerns.
Have a great weekend!