The Impact of the Coronavirus on U.S. Markets

71 Business Seciton And Cool Socks

Please visit our COVID-19 resources page with more information for business owners and employees.

Experts provide insight into the current financial situation. 

As coronavirus concerns continue to spread, you may have noticed fluctuations in the financial markets. It’s common for outbreaks to impact economies because it can lead to work stoppages, travel bans that affect tourism and trade, cancellations of significant revenue-making events, and investors pulling back. 

It can be stressful to think about investments and the market right now, but markets have historically bounced back. Experts have also been predicting a market adjustment for the last few years, but indicate that having a long-term plan is key to riding out the problematic periods. 

Though alarming, financial downturns usually self-correct over time. In the meantime, there are some things investors can do, according to the experts. “Be sure you are properly diversified and don’t have ‘all your eggs in one basket,’ says Ryan Hill, AIF, MassMutual retirement plan specialist. “Also, pay attention to your time horizon for investments. Your shorter-term investments may not have time to recover from large downturns if you need liquidity. For longer-term accounts like retirement plans, it’s important to try and stay the course and not panic. It’s difficult to ‘time’ the market and to know when to jump out as well as when should you get back in.” 

While the uncertainty around the virus contributes to the turmoil in the financial markets, financial strategists and analysts say coronavirus isn’t the only thing impacting it. It’s essential to work with your financial advisor on a plan of action that you think is right for you and your financial goals.

We know many have concerns about their retirement plans or investments, which is why we turn to our partners and financial experts at MassMutual. The trust company recently released an investment update that provides some perspective on the current economic situation and what you can expect. Click here to read the full release.

Disclaimer:This article isn’t written or intended as specific financial advice. Please consult your financial advisor for any investment questions or opportunities.
UPDATE: 

Read the latest info from American Funds – Download now 

Also on Nextep

How do you handle employee promotions? When promoting one of your star employees to a management or supervisory position, companies should take the time to train and help the manager adjust to their new role.  An employee’s relationship with their immediate supervisor is one of the top five factors in job satisfaction, so a new […]
Read more
It should be no surprise that your employees post on social media or even blog throughout the day ─ maybe even on company time or equipment. And while they may not post on the clock, it’s unlikely that after hours they think their social media or blog posts could have consequences at work. While employers […]
Read more
The holidays can raise confusing questions on how to pay your employees, especially since there are separate rules for nonexempt and exempt employees. Here is a quick reminder on how to pay both groups during holidays. Pay for Nonexempt Employees If your business is closed for the holiday(s), the Fair Labor Standards Act (FLSA) does […]
Read more
The Equal Employment Opportunity Commission (EEOC) recently released the “Know Your Rights” poster, which updates and replaces the previous “EEO is the Law” poster. Covered employers are required by federal law to prominently display the poster in their workplace.  DOWNLOAD POSTER What it covers The poster includes federal laws prohibiting job discrimination, as well as […]
Read more
Did you know that claims for unemployment benefits from former employees can increase your State Unemployment Tax Act (SUTA) tax rate? Managing the unemployment process can sometimes take excessive resources making it difficult for business owners to give unemployment claims the attention they require. Nextep manages this process for our PEO clients and can help […]
Read more
ALEXANDRIA, Va., October 27, 2022 (Newswire.com) – The National Association of Professional Employer Organizations (NAPEO) announced today that Hank Johnson, Director of Risk Management & Legal Compliance of Norman, OK-based Nextep, Inc., has been elected to the association’s Board of Directors during its annual member meeting last month.  Johnson is among nine new industry leaders elected to […]
Read more
How to handle the SSN in the workplace The Social Security Administration has announced that an individual may now self-select their gender on their social security number (SSN) record. Previously, the sex marker would have to match medical records and other legal documentation. Now, a person can select the male or female sex designation of […]
Read more
Workplace violence among employees is a threat that all companies should be aware of and work to prevent. In 2020, workplace assaults resulted in 20,050 injuries and 392 fatalities, according to Injury Facts®. Background screening before hiring can help find warning signs and prevent employers from hiring a known threat. Sometimes, though, the employee has […]
Read more
When completing the I-9 to verify employment eligibility, you may notice that the form will expire on October 31, 2022. Usually, the government releases a new form to replace the old one. However, the Department of Homeland Security (DHS) and US Immigration and Customs Enforcement (ICE) has announced an extension to the existing form.  As […]
Read more
Should an employee clock out for a short break? What if they leave the office? Knowing the ins and outs of employee pay can be tricky, so today we’re tackling break times to help keep you in the know.  Generally, nonexempt employees do not clock out when taking short breaks of 20 minutes or less […]
Read more
Can I make my employee remove his nose piercing? Can I require dresses? What if my employee smells horrible?  These and other questions frequently arise when companies are developing effective dress codes. A thorough dress code that respects each employee’s judgment and comfort can be challenging for employers to come up with on the fly […]
Read more
It’s more critical than ever to make sure your business has a stable foundation. Businesses must be able to adjust to unforeseen circumstances and keep a solid financial footing through hard times. Here are 4 ways a PEO can help your business have more financial stability and weather trying times: PEO + OVERALL COST SAVINGS […]
Read more

Download Our App