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Coronavirus Update: April 24, 2020

Here's the latest commentary from Commonwealth's Chief Investment Officer, Brad McMillan. We continue to monitor the markets and will keep you posted. As always, please call us if you have any questions.

Brad's Commentary

Today, I'd like to discuss where we are in the coronavirus crisis and what that means for the economy and markets. We’ve seen significant progress in terms of the virus, with the daily case growth rate dropping below 4 percent for several days in a row. Further, the number of tests given has risen from about 150,000 to 300,000 per day. As we turn to the economy, the news is more of a mixed bag. Jobless claims are still very high, although this damage may have started to peak. Plus, with measures like the Paycheck Protection Program and stimulus checks, both individuals and businesses are getting some much-needed relief.

Given these signs of improvement, the market seems to be saying the economic recession won’t be as bad as was originally anticipated. But what does all this mean for reopening states and the economy?


Authored by Brad McMillan, senior vice president, chief investment officer. © 2019 Commonwealth Financial Network® 
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All information according to Bloomberg, unless stated otherwise. Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets. All indices are unmanaged and investors cannot invest directly into an index. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue-chip stocks. The Nasdaq Composite Index measures the performance of all issues listed in the Nasdaq Stock Market, except for rights, warrants, units, and convertible debentures. The MSCI EAFE Index is a float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 26 emerging market countries in Europe, Latin America, and the Pacific Basin. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners. The Barclays Capital Aggregate Bond Index is an unmanaged market value-weighted index representing securities that are SEC-registered, taxable, and dollar-denominated. It covers the U.S. investment-grade fixed-rate bond market, with index components for a combination of the Barclays Capital government and corporate securities, mortgage-backed pass-through securities, and asset-backed securities. The Barclays Capital U.S. Corporate High Yield Index covers the USD-denominated, non-investment-grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
Raymond A. Daigle, Jr., Robert J. Comeaux, Jr., Walter A. Bond, Edward Ian Blanchard, Doug Tillman & Mollie Taylor are financial consultants located at CBD Wealth Management 3000 21st Street Metairie, LA 70002. They offer securities as a Registered Representative of Commonwealth Financial Network®, Member FINRA/SIPC. They can be reached at (504) 309-6911