Today, on the 19th anniversary of 9/11 we take extra time to remember the tragedy that unfolded that morning. So many lives impacted, a generation that will never forget that day; our lives changed forever.

Over the past nineteen years, our world has faced numerous tragedies, setbacks, and surprises. Without diluting or forgetting the significance of any single event, we find that a common denominator includes; resilience, unity, and finding ways to advance. This year too has been remarkable. A global pandemic that, alongside the health impact itself, brought the shut-down and gradual reopening of entire economies worldwide. Highly admirable is the work being done by those on the front lines of COVID-19.

Uncertainty still exists as it always does. Despite this, uplifting advancements are occurring within vaccine research and in schools as they reopen in various forms. Nobody knows how this pandemic will eventually unfold; however, it can be worthwhile to recall that a history of overcoming challenges is on our side.

Market Comments

The U.S. stock market was lower by about 1% during the holiday-shortened trading week

• International stock markets, both developed and emerging markets, were positive on the week

Crude oil prices have been declining in recent weeks as reduced demand weighs on prices; consumption has been declining more than the decline in production

• Estimates from the U.S. Energy Information Administration (EIA) shows that compared to last year, production of petroleum and other liquid fuels has decreased 6% while consumption has decreased further by 8.2%

Global manufacturing increased for a second straight month, signaling an improvement in some economic conditions

Comparing higher frequency data:

• About 70% of U.S. restaurants are open for reservations, however, reservations are down 54% compared to a year ago (source: opentable.com)

• On the other end of the spectrum, mortgage purchase applications are up 40% from a year ago (source: Mortgage Bankers Association)

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