Mike’s Morning Brief – April 8, 2020

What’s going on in the world…

Market opens higher, as volatile price action continues. Stocks were in rally mode yesterday morning, but it didn’t last. The S&P 500 closing in the red was the biggest gain surrendered since October 17, 2008. It was also the first day the Dow hasn’t had a triple digit (or more…) move since February 14th. It’s trying again today, but just doesn’t make sense up here considering all that’s going on. Global Markets were mixed overnight. On Tuesday, New York reported its largest single-day COVID-19 death toll at 713 fatalities, while the number of U.S. cases surpassed 400,000. Nationwide coronavirus infections reached 200,000 on April 1, meaning the country has doubled its confirmed case count in just one week. Everyone is trying to get through this deadly virus and back to normal. In the U.S., the effort appears to be dependent on testing far more Americans than has been possible to date, though planning is still in the early stages. The economy would likely be reopened in phases, beginning in smaller cities and towns in states that haven’t yet been heavily hit by the virus. CDC and health experts are expected to object to the idea, amid concerns about further outbreaks. June is most likely the earliest. There is talk of baseball in Arizona in May. Expectations might be a little ahead of themselves.

Have a great morning,

Mike Frazier

We are financial first responders. During this time of crisis, we will continue to operate to serve our clients' financial needs.

 

Contact us today to see how we can assist you.

COVID-19 Update