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Market Commentary: Week of July 20, 2020
Written by Horizon Investments, LLC.

COVID-19 continues to dominate the headlines, as hotspot states struggle to control their outbreaks. Democratic Representative of Florida Donald Shalala called his state’s situation “totally out of control.” Despite the viral surge, vaccine optimism drove some sectors of the market higher as multiple vaccine candidates showed breakthroughs in development.

Equity Markets Mixed Last Week as Vaccine Optimism Offsets Virus Outbreaks

Equities were mixed on the week, led by U.S. small caps (RTY 3.6%), U.S. industrials (DJI 2.3%) and international developed markets (MXEA 2.2%). The S&P 500 notched a bit higher as well (SPX 1.3%). Tech reversed its bullish trend, however, ending the week firmly lower (NDX -1.8%). Emerging markets also struggled (MXEF -1.2%) [Figure 1].

Horizon Investments, LLC is a separate entity from Valmark Securities Inc. and Colton Groome & Company.
Fee-based Financial Planning and Asset Management Services offered through Colton Groome Financial Advisors, LLC, an SEC Registered Investment Advisor. Securities offered through ValMark Securities, Inc. Member FINRASIPC, 130 Springside Drive, Suite 100, Akron, Ohio 44333-2431, 1-800-765-5201. Colton Groome & Company, and Colton Groome Financial Advisors, LLC are separate entities from Valmark Securities, Inc.