As we head into the second half of 2021, the virus appears to be contained at the national level. The declining medical risks have been good for the economy, with consumer and business activity back to pre-pandemic levels. Markets have celebrated the good news by hitting all-time highs. We're on the road back to normal—but will risks like labor shortages, supply-chain gaps, and inflation derail the recovery? Watch my 2021 Midyear Outlook video to find out.

June was a mixed month for the markets. In the U.S., the Nasdaq and the S&P 500 were up, but the Dow ticked down. We saw the same trend internationally, with developed markets falling even as emerging markets moved ahead. On the economic front, business confidence remains at or close to all-time highs. Still, the problems of success (labor shortages and supply chain issues) loom large.

This will be the last of the Coronavirus Update videos, at least for the foreseeable future. There will be one more written update, which will be posted on the blog on June 25.

It was a mixed bag for the markets in May, with the Dow up more than 2 percent, the S&P 500 up slightly, and the Nasdaq down. On the medical front, case growth and death rates declined, and more than 4 of 10 people are now fully vaccinated. With fading medical risks, the economy continued to improve. Layoffs are trending down, and consumer confidence remains close to pre-pandemic levels.

Given how much things have improved, I’ll be taking this video to a monthly schedule, on the second Friday of the month—I’ll see you then.

April was a good month for the markets. The S&P 500 and Nasdaq gained more than 5 percent, while the Dow was up almost 3 percent. These returns were driven, in part, by the medical news, with new case counts, hospitalizations, and deaths all down. While the medical risks declined, reopening accelerated. Job growth rose, and weekly layoffs dropped. Consumer confidence and spending also improved.

Today, I'd like to provide an update on the coronavirus, including the economic and market implications. We’ve had good news on the medical front, as the fourth wave of the virus doesn’t seem to be gaining traction. Case counts and positive test rates are back to the lows we saw as the third wave subsided, and hospitalizations and death rates have improved. One potential problem is that vaccination rates have slowed, which we will need to keep an eye on.

Today, I'd like to provide an update on the coronavirus, including the economic and market implications. On the medical front, we’ve seen modest deterioration over the past two weeks. Case counts and positive test rates have risen steadily, while hospitalizations and death rates have stabilized or increased by less than case growth. But with vaccinations continuing at an accelerating pace—the trend is now at more than 3.3 million per day—the race between vaccinations and the virus continues.

In March, we saw a strong end to a healthy first quarter for stock markets. Both the Dow and S&P 500 here in the U.S. showed gains, while developed markets abroad showed lower but still positive returns. We also had good news on the economic front. Hiring rebounded, layoffs dropped, and consumer confidence rose to post-pandemic highs.

Today, I'd like to provide an update on the coronavirus, including the economic and market implications. After several weeks of improvement on the medical front, we’re starting to see modest deterioration as the country reopens. Case counts and positive test rates are back to early March levels, while hospitalizations and death rates have stabilized. While the short-term risks are real, we do have a better outlook for the next two to three months. At that point, between vaccinations and existing exposure, we should be at or close to herd immunity.