Updated: Jul 16, 2020
By Steven Doll, Portfolio Strategist
U.S. large-cap stocks’ year-to-date return briefly turned positive at the beginning of the week before losing momentum and dropping back down into negative territory over concerns of a potential second wave of coronavirus cases and the Fed’s poor economic outlook. Consequently, interest rates also fell with the 10-year treasury yield dropping from 0.91% to 0.71%, and the 2-year treasury yield dropping from 0.22% to 0.19%. The price of gold rose over 3.0% on the week as economic uncertainty increased demand for the safe-haven metal. Meanwhile the price of crude oil also lost its momentum, falling over 4.0% on the week, as its demand also diminishes as a result of economic uncertainty.
Year-to Date Return (as of 06/12/2020)