Equity markets closed lower this week, as valuation concerns and U.S.-China tensions weighed on stocks. Mid and Small-caps underperformed with steep declines (5.7% and 7.5%), followed by more modest losses in the Dow (-2.7%), S&P500 (-2.3%), and Nasdaq (-1.2%). The weakest sectors were energy (-7.1%), real estate (-8.1%), industrials (-5.8%),…

At its high earlier this week (2954), the S&P 500 had risen 35% from its March 23 low. Viewed slightly differently, that equates to a little over one percentage point for every million jobs reported as lost over the last six weeks. In other words, the economic picture isn’t nearly…