• The S&P 500® was up 1.84% in June, bringing its YTD return to -4.04%.
• The Dow Jones Industrial Average® gained 1.69% for the month and was down 9.55% YTD.
• The S&P MidCap 400® increased 1.09% for the month and was down 13.56% YTD.
• The S&P SmallCap 600® returned 3.58% in June and -18.54% YTD.
The number of new daily cases of COVID-19 reported in the U.S. rose to over 47,000, a record level; over 2.6 million people in the U.S. were infected (10.5 million globally), with over 127,000 deaths (511,000). Within the U.S., progress on combating the virus remained uneven (and unsure), as New York City, which was hit first and became an epicenter, started to open up, but several states reported significant increases in infections and hospitalizations (Arizona, California, Florida, and Texas). Some states considered reversing openings (Florida, Texas, and others have) and reinstating some restrictive procedures, which have become highly political. In a sign of the regional turnaround situation, New York (along with Connecticut and New Jersey) said it would require out-of-state visitors from “hot spots” (16 specific states) to quarantine for two weeks, similar to what some states did to those visiting from New York earlier in the year. Globally, the EU said it would reopen its boarders to nonessential workers from 14 countries (and possibly China), as it barred the U.S., citing the increasing COVID-19 reports. The bottom line for the virus is that no one knows, as for some, the situation has become more correlated with their political views than with science. The bottom line for the market, which believes in the market, is that eventually there will be a workaround (a cure, a treatment), and that the economy will recover. To that end, as stated, several areas that were hit early have improved, but others that were not as severely affected are now starting to be, with their reaction still in progress.