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Meanwhile, after the expected lag, deaths are now clearly following the upward trend set by new Covid-19 cases since the beginning of June.

In addition, U.S./China relations continue to deteriorate. Absent Covid-19 concerns, this week's consulate closures and the rhetoric of the respective leaders alone would have been enough to drive a material market decline.

Let's take a point form look at the Good and the Bad in the current Covid-19 economy.

Falling death rates have been used to counter claims that the pandemic crisis in the U.S. is worsening. If this turn higher in daily deaths persists, it will become much more difficult to push this narrative.

And the surge in new cases is not simply a result of more testing. The percent of administered tests returning positive is also increasing.

As U.S. daily caseloads of Covid-19 reach new highs, might the libertarian leanings of much of the U.S. populace be a structural impediment in this crisis vis-à-vis other developed countries?

Amid rising Covid-19 caseloads in certain U.S. states, Apple has opted to close some of its stores. Nationwide, up-trends are also emerging. Might this be a gut check for markets seemingly anticipating a year-end return to normal?

We may be at one of the more critical junctures in caseload data since the coronavirus crisis began.

... and, with it, portfolio adjustments bringing client equity exposure back near neutral. While extreme vigilance remains warranted, one cannot dismiss the possible implications of this morning's U.S. (and Canadian) Employment Report(s)