July 31, 2020
For the second week in a row, the S&P 500 didn’t show much of a change overall, even though heavyweights Apple, Amazon, and Facebook each saw above-average gains. For the month of July, the S&P 500 gained about 4%, and the index, including dividends, has gained about 1% year-to-date. Interest rates moved a bit lower after the Federal Reserve reiterated that they are far from raising rates and that they will extend emergency lending programs through the end of 2020. 10-year Treasury bonds are currently yielding 0.54%, which is the lowest since March 9th. This week we saw the first estimate of Q2 GDP, which came in at an annualized rate of -32.9%, which was the worst reading in at least the past 70 years. Next week we will get updates on the manufacturing economy, and on Friday we will see the monthly jobs report with unemployment expected to be around 10%. If your needs are changing, or if you would like more information on the markets or your portfolio, please call us at (937) 435-2742.
Ryan P. Johnson CFA, CFP®
Director of Portfolio Management and Research