This just in: CEO Chris Shuba in Financial Planning

The last full week before the November 3rd elections was turbulent as stocks fell the most since March 2020. The S&P 500 Total Return Index was down –5.62% for the week.

The US reported Coronavirus cases reached all-time daily highs this week by topping 90,000 cases on October 29. Fears of further economic shut-downs resurfaced as much of Europe announced virus mitigating measures in an attempt to slow the spread of the virus.

The US economy grew at an annualized rate of 33.1% in the third quarter. As with the second quarter decline {-31.4%}, the annualized headline rate exaggerates the move to the untrained eye, as real GDP grew 7.4% over the last quarter. Nonetheless, the quarter’s growth easily puts it in the record books following Q2’s historical decline.

Former Vice President Joe Biden has a perceived lead over President Donald Trump heading into the final stretch of the presidential election. Markets started to show volatility around the election outcomes and more so over the uncertainty regarding a clean transition next week.