U.S. equities posted their worst loss in over a month on the combination of rising virus cases, lack of progress on a stimulus plan, and growing election uncertainty. Our latest commentary discusses this topic in more detail. We are not surprised that increasing market volatility will likely be a hallmark of this economic recovery. While it is not anticipated to be the beginning of a bear market, instead the market is finally reassessing the wall of worry that has existed for some time. With valuations pricing in near perfection, market volatility will likely be elevated for some time.
As always, please reach out to us if you have any questions.