August 5, 2020

July 2020 Market Recap

Anna Rathbun, Chief Investment Officer

For most of July, the United States and our rising number of COVID-19 cases seemed to be an anomaly among developed nations. However, as the month unfolded, we began to see coronavirus cases resurge in countries that had the infection under control. The immediate response to these local outbreaks have been the limitation of economic activity. Corporations around the world must navigate around these challenges, but despite the present predicament, risk assets continue to rise throughout the month.


  • Equity markets around the world advanced through July despite surging coronavirus case numbers around the world.
  • The tone of this earnings season has been about the availability of liquidity to survive the duration of the pandemic and cost management to reduce the cash burn for many companies not able to operate at full capacity. This earnings season is gearing up to be another quarter of sparse guidance.
  • International stocks also posted positive returns during the month, although the developed markets returns for U.S. investors were mostly due to the falling value of the U.S. dollar.
  • The credit markets continued to rally alongside equities, and corporate spreads tightened throughout July, benefiting both investment grade and high yield corporate bond indices.
  • The U.S. Treasury yields fell across the curve as well, enhancing performance of longer duration instruments in particular.

Looking Ahead

Several months in the COVID-19 pandemic, we find ourselves in a public health struggle that will most likely be drawn out for months to come. Whatever hopes one may have had earlier in the year about a “V” shaped recovery or a successful containment of the outbreak is now highly doubtful. The journey before us may be one in which the pandemic runs its course. Even if we have a vaccine by the end of the year, consumer behaviors and spending patterns may remain cautious for the foreseeable future.

More Information

For more information on the July 2020 Market Recap, please contact CBIZ Investment Advisory Services.


The information included in this update is provided for informational purposes only and should not be construed as investment advice. The views expressed are those of the author based on the data available when this update was written and are subject to change based on market conditions or other factors. CBIZ Investment Advisory Services and/or CBIZ Retirement Plan Services disclaims any liability for any direct or incidental loss incurred by applying information supplied in this update.

Investment management services to individuals, corporations, trusts, endowments and foundations offered through CBIZ Investment Advisory Services, LLC, SEC Registered Investment Adviser. For information about additional service offerings, please see the Form ADV 2A for CBIZ Investment Advisory Services, LLC at adviserinfo.sec.gov.

CBIZ Retirement Plan Services is a trade name under which certain subsidiaries of CBIZ, Inc. (NYSE Listed: CBZ) market investment advisory, investment management, third party administration, actuarial and other retirement plan services. Investments, investment advisory and investment management services offered through CBIZ Financial Solutions, Inc., Member FINRA, SIPC and SEC Registered Investment Adviser, dba CBIZ Retirement Plan Advisory Services.  Investment advisory and investment management services may also be offered through CBIZ Investment Advisory Services, LLC, SEC Registered Investment Adviser. Third party administration, actuarial and other consulting services offered through CBIZ Benefits & Insurance Services, Inc.

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