Good Afternoon,

Another week in the books for 2020 and it has come out swinging. The final presidential face-off is tonight, stimulus talks are hopeful, the DOJ is suing Google, a worldwide surge in Covid cases, and the World Series is underway.

Tonight, President Trump and Democratic candidate Vice President Joe Biden will have their final presidential debate before Election Day. The Commission announced that the microphones will be muted at the beginning of each segment. When one candidate is speaking, the other’s microphone will be muted; this will allow Trump and Biden to have more equitable time to answer questions. There will also be time for discussion, where both microphones are open. This change is another first for 2020.

The question on everyone’s mind in Washington is will an agreement be reached for a new U.S. fiscal-stimulus package before the election? Today, House Speaker Nancy Pelosi said that she and Treasury Secretary Steven Mnuchin are close to reaching an agreement for a coronavirus relief package. Tomorrow is the deadline for the two sides to agree on terms. However, the likelihood that a stimulus package will get through to Congress prior to November 3rd is unlikely.

On Tuesday, the Department of Justice (DOJ) sued Google on allegations that the company has curbed competition to maintain its dominance by acting like an illegal monopoly. This is the largest antitrust lawsuit that has been brought against a tech company in more than two decades. The Justice Department’s complaint targets a series of actions that Google allegedly harmed competitors and prevented rivals from gaining a meaningful audience. Eleven states have also joined the lawsuit against Google. U.S. district judge Amit Mehta will hear the case, but no court date has been set for the filed charges.

Markets continued to show volatility this week, but stocks pushed higher through today’s session. Jobless claims came in at 787,000, better than the expected 870,000 in new claims. Investors focused more on developments in stimulus talks and the final presidential debate than on today’s economic and earnings releases. The negotiations for a new fiscal relief package have caused the financial markets to rise and fall over the past weeks.

Across the globe, a third wave of new coronavirus cases are on the rise. Nevada, Florida, Texas, Wisconsin, and Illinois are reporting the highest daily cases. Last week we saw parts of Europe implement restrictions and curfews to help slow the spread of the virus. Theme parks in California received new state guidelines on reopening and it is not likely they will be able to until next summer. This plan does not allow major parks to reopen until their counties reach a “minimal risk” category. Below is the most recent data:

In baseball news, the Los Angeles Dodgers and Tampa Bay Rays are battling it out to see who is going to be the next World Champions. Right now, the series is tied 1 to 1 with LA winning Game 1 and Tampa Bay winning the 2nd. Game 3 of the World Series is tomorrow in Arlington, Texas in front of a limited crowd of fans.

If you have not already done so, please call our office toll free at (888) 253-8888 or email Sunni@apriem.com to schedule your virtual quarter-end review with your wealth manager.

Warmest Regards,

Rhonda Ducote
President