Market Update: Wed, Jul 8, 2020 | LPL Financial Research


The win streak is over. US stocks opened modestly higher after the S&P 500 Index’s five-day win streak was snapped Tuesday. It is a very quiet day, with the usual concerns over COVID-19 cases and potential impact, along with discussions on challenges to the widely expected stimulus bill. Overnight, China continued recent outperformance, while Europe is down slightly.

Coming July 14. LPL Research’s Midyear Outlook 2020The Trail to Recovery reviews where we’ve been in 2020, where we may be heading, and the path that will take us there. Our special elections section explains how stocks and the economy may predict the next president. Look for the interactive digital version, a streamlined printer-friendly version, and supporting marketing collateral July 14.

A quick look back. It’s been a wild ride for stocks in 2020. So far the year has delivered the worst pandemic to hit the United States in over 100 years, a government-induced lockdown recession, stomach-churning market volatility, and massive stimulus from policymakers totaling several trillion dollars. We look at the stock market’s performance in the first half of 2020 and highlight the leaders of the sharp rebound off late-March lows later today in the LPL Research blog.

COVID-19 news. In the United States, a record of 60,000 new cases were confirmed on Tuesday, up 31% week over week (source: Johns Hopkins). New cases in Texas topped 10,000 for the first time. Holiday catch-up played a role in case growth and testing, with a record 846,000 tests Tuesday. Discouragingly, the death rates in Arizona, Florida, and Texas all reached new highs. In Brazil, second only to the United States in cases globally, President Jair Bolsonaro tested positive for the virus. The World Health Organization acknowledged evidence is emerging of airborne spread of COVID-19 (source: The COVID Tracking Project).


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