Monthly Educational Video Script for July 2020
We are pleased to publish our first Monthly Economic & Market Commentary video for July 2020 featuring Jay Richardson. Below is the video text.
"Hello, folks! This is JAY RICHARDSON from KINGDOM WEALTH STEWARDS with an educational economic update for July 2020.
In this month’s video, we’ll discuss some recent headlines that influenced the financial markets in June. I will also provide some perspective on what these developments may mean in the months ahead.
Stocks notched a solid gain in June, overcoming a rise in COVID-19 cases and fears of a slowdown in economic reopenings. The Dow Industrials added 1.7 percent, while the S&P 500 picked up 1.8 percent. The NASDAQ Composite led, gaining nearly 6 percent.[1] Stocks climbed higher on a steady diet of positive news, including a report of an effective COVID treatment for critically ill patients and talk of more fiscal stimulus. Markets reversed late in the month on a surge of new infections in Florida, Texas, and California. Some states rolled back reopening plans, which rattled traders. But stocks closed out the month posting back-to-back gains to cement a solid showing.
Assessing the economy has become more difficult due to the uncertainties caused by the pandemic. For example, May’s employment report showed the economy added 2.5 million new jobs. Wall Street economists were far off, predicting a drop of 8.3 million.[2] Economists are expected to look for more creative ways to measure activity, so they are increasingly turning to real-time data. For example, restaurant apps can help show whether people are returning to social settings. Traditional economic indicators remain vital but expect a growing focus on newer, “big data” tools that give critical real-time snapshots.
That’s it for this month’s economic update. JAY RICHARDSON with KINGDOM WEALTH STEWARDS, signing off for the month of July 2020. If you would like to discuss your personal financial situation, please reach out or give us a call at 949-284-4000. We’d be happy to talk to you.
Investment advisory services offered by Inspire Advisors, LLC a Registered Investment Adviser with the SEC."
[1] The Wall Street Journal, June 30, 2020. The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The S&P 500 Composite index is an unmanaged index that is considered representative of the overall U.S. stock market. The Nasdaq Composite index is an unmanaged index that is considered representative of small-capitalization companies. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost.
[2] WashingtonPost.com, June 6, 2020
