Market Review: 6/19/20

By Steven Doll, Portfolio Strategist

The global stock market recovered some of their losses from last week, rising roughly 1.5%, as US retail sales jumped 17.7% in May, vastly exceeding the median forecast of an 8.5% increase. Meanwhile concerns of a second coronavirus wave, record unemployment, and civil unrest continue to weigh on investor sentiment. Despite the staggering increase in retail sales, interest rates were little changed as the 10-year treasury yield dropped from 0.71% to 0.70% while the 2-year treasury yield was unchanged at 0.19%. The price of safe-haven gold rose over 1.0% on the week as concerns over the coronavirus outweigh positive retail sales data. The price of crude oil rose nearly 5.0% over the course of the week, buoyed by signs of increasing demand as cities begin to emerge from lockdown.

Year-to Date Return (as of 06/19/2020)