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A “Glass Half Full” Market

Markets overlook rising COVID-19 caseloads


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Pfizer made waves with a press release announcing its vaccine (in partnership with BioNTech) is 95 percent effective against COVID-19. Moderna and other global pharmaceutical companies subsequently issued press releases citing progress toward their vaccines as well. Though an effective vaccine is crucial to progress toward economic normalization, headline risks surrounding unforeseen delays loom large. Moreover, we acknowledge it will take time to produce and distribute the vaccine domestically and abroad. Therefore, elevated case counts and continued reopening risks globally will likely characterize the economic experience.

November once again displayed the forward-looking nature of markets. Equity markets overlooked near record-high levels of unemployment claims and COVID-19 case counts and reached new highs on news that a vaccine may be imminent. The prospects for a broader economic reopening demonstrated the benefits of diversification. Economic sectors and equity styles that lagged in the recovery, such as small-cap, value and international stocks produced substantial returns in November. While it is uncertain if the market rotation that began in November will continue, we advise maintaining broad diversification within and across asset classes to ensure a portfolio does not hinge on one economic outcome.

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Wealth Management Services Disclosure
Information in this document was prepared by DiMeo Schneider & Associates, L.L.C. and although information in this document has been obtained from sources believed to be reliable, RSM US Wealth Management LLC, DiMeo Schneider & Associates, L.L.C. and their respective affiliates do not guarantee its accuracy, completeness or reliability and are not responsible or liable for any direct, indirect or consequential losses from its use. Any such information may be incomplete or condensed and is subject to change without notice. The Frontier EngineerTM is a registered trademark of DiMeo Schneider & Associates, L.L.C.

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