The stock market, so eager to put the entire blow from the pandemic behind, is now coming to terms that a “V-shaped” recovery might be too rosy a scenario.
With recent spikes in coronavirus cases and fluctuations in the economic data, the market seems to be stuck in a range amid elevated volatility. Market analysts said investors should expect more turbulence ahead because the economic recovery is most likely to be bumpy. “The market was priced for a continuation of improvement and I think that’s overstating what’s going to happen,” said Brian Levitt, Invesco’s global market strategist. “We are going to have episodes of cases rising. We are going to have a very slow and uneven improvement in the jobs market.” After soaring more than 40% from the March lows, the S&P 500 turned sideways in the past two weeks, trading at similar levels to early June. The market, which used to turn a blind eye on disastrous news on the thinking that the economy had already bottomed, has become more vulnerable to negative economic headlines as the data begins to give a read on the shape of the recovery.
Reported by CNBC.
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