
Market Review - October 30th, 2020
For the Week Ending 10-30-2020
By: Steven Doll, Portfolio Strategist
The U.S. stock market fell over 6.0% on the week as rising coronavirus cases, news of no imminent fiscal stimulus, and weaker than expected earnings from large tech companies disappoint investors. Stocks also moved lower in international markets with developed markets dropping over 5.0% as European countries begin to partially reclose their economies, meanwhile emerging markets only fell about 3.5%.
Better than expected economic data had interest rates move high as the 10-year treasury yield rose from 0.85% last week to 0.88% today, which consequently pushed the total U.S. bond market about 0.2% lower.
The price of gold fell nearly 2.0% to $,1877 an ounce as the U.S. dollar strengthened on news that a fiscal stimulus will not be reached prior to the election.
The price of crude oil dropped nearly 7.0% as rising coronavirus cases in the U.S. and Europe poses a renewed threat on demand.
Year-to Date Return (as of 10/30/2020)
