• 1879 Advisors

6/29/20 Market Notes

US equities plunged on Friday driving markets solidly lower for the week amid dramatically rising Covid-19 case counts that call into question the pace and shape of the US recovery, a concern that was reinforced by a consumer sentiment report that failed to meet expectations. The S&P 500 lost 75 points (2.4%) to 3,009, closing below its 200 day moving average; the Dow dropped 730 points (2.8%) to 25,016, and the Nasdaq declined 260 points (2.6%) to 9,757. Treasuries increased marginally and the US Dollar was flat. Gold added $7.06 per troy ounce to $1,770.85.

US equity futures are mildly positive this morning as investors weigh pent-up demand against fears of a slowing recovery in the face of rising virus cases; while global deaths crossed the 500,000 mark. Asian markets closed lower overnight while European bourses are slightly positive. In company news, Facebook (FB) is down almost 4% as Unilever and others halt advertising spending and Boeing shares are up after regulators approved test flights of the 737 Max. Economic news this week will be dominated by June's Manufacturing PMI report on Wednesday that is expected to show continued improvement and the all-important Payroll report on Thursday. The Payroll report, scheduled to be released a day earlier than usual in a holiday-shortened week, is expected to show a gain of 3 million jobs.


1879 Advisors

Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.

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