Market Update

Brad McMillan, Commonwealth’s CIO, provides an update on the coronavirus, including the economic and market implications. On the medical front, holiday travel effects have kept infection growth at high levels, and positive results also moved to new highs. Still, we should see vaccinations ramp up by the end of the month, and we could approach herd immunity as soon as June. Turning to the economy, job growth looks likely to go negative for December, as shutdowns slowed hiring and increased layoffs. Plus, consumer confidence dropped further, along with retail spending. Overall, the data suggests the pandemic is still acting as a significant drag on the economy. Despite this weaker data, markets have continued to stay near all-time highs and expect better times ahead. Do they have it right? Watch this video to learn more. Follow Brad at blog.commonwealth.com/independent-market-observer.