Following last week’s setback equity markets (the S&P500) are still up 6% YTD and more than 50% above than the depths of corona-panic levels in March. We anticipate it getting more difficult over the near-term. The recovery in sectors hurt by Covid19 is decelerating. Meanwhile, many companies that have benefited from the pandemic have their best results behind them. The Fed remains supportive, but more than 10 million people are still without a job compared to last year. It took five years to create 10 million jobs in the period leading up to 2020. Next up, a two-month countdown to a Presidential election in an era of simmering social tension.