The recent rise of coronavirus in the United States has seen equities fall. Oil has fallen below $40 a barrel while Treasury yields decline.
Financial companies were among the worst performers on the S&P 500 Index as Wells Fargo & Co. prepared to cut thousands of jobs, and the Dow Jones Industrial Average fell more than 1.5%. European shares were also experienced the downward trend.
“The second wave of the coronavirus has thrown a monkey wrench into the government’s plans to reopen the economy,” said Chris Rupkey, MUFG Union Bank’s chief financial economist. “We can’t keep getting record amounts of unemployed and pretend that the economy is OK.”