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Despite the fact that the economic stimulus negotiations in Washington broke down ahead of the weekend, equity futures are fractionally higher ahead of the start of Monday trading. Through executive order, the president has attempted to fill the gap by extending unemployment benefits, suspending payroll taxes, extending lower student loan interest and the moratorium on evictions. Some are questioning the legal authority of the president’s actions, but most agree that the orders are collectively no substitute for a more sizeable and comprehensive stimulus package. Both sides in the negotiations have expressed a willingness to keep trying, but a higher stock market will not lend renewed urgency to crafting a deal. 

The job market recovery stalled in July, but the impact from the resurgence of new virus cases was not as bad as feared. Employers added 1.76 million net new jobs from mid-June through mid-July after gaining 4.8 million from mid-May through mid-June. Given the dynamic nature of the current environment, we believe it’s important to remember that the data used in the Labor Department’s Jobs Report is collected in the second week of the month (the week that contains the 12th, to be specific).  The chart below is sourced from FactSet and has been updated for today’s release.  

MINNEAPOLIS – August 5, 2020 – Ameriprise Financial Inc. today announced that 38 Ameriprise financial advisors were named to the Forbes list of “Top Next-Gen Wealth Advisors.” Each year, Forbes publishes the list recognizing the top advisors under 40 years of age across the country based on several factors including success in the business, compliance records, assets under management and high levels of ethical standards.