Weekly Market Commentary 6/30/20

An Oxford Harriman & Company Commentary

Equities experienced a volatile week as markets digested the diverging themes of improving economic news against a significant increase in new COVID-19 cases.

In particular, there were large spikes in cases in Arizona, Florida and Texas. As a result, governors in these states have commenced efforts to reduce certain activities, such as closing bars again, to help mitigate the spread.

This caused concern in the markets as we closed the week because the positive economic trends we were experiencing as states reopened is now threatened by the resurgence in new cases.

We will continue to pay close attention to not only the number of new cases, but also the number of new hospitalizations, as this might have an impact on the strong economic rebound continuing.

As new cases increase, we believe there are higher odds of another federal stimulus bill passing, and that the bill could be larger than many expect.
This is a short week due to the July 4th holiday and we hope you have a great week and a great 4th.

Sincerely,

Dennis P. Barba, Jr.
President & Managing Partner

Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
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