The Dow Jones, S&P and Nasdaq correction reflects investors re-assessing the potential economic damage caused by the coronavirus.
"The virus is disrupting supply chains, and companies are asking workers not to travel and not to go to work, which is lowering the total amount of hours worked in the economy," Slok said.
In this scenario, which BNY Mellon has at a 25 percent probability, there is a global pandemic that significantly disrupts trade, demand, and output."At minimum, we would expect the hit to be over the first half of the year," Levine toldIt is in this uncertain context that markets are falling."Markets hate uncertainty and are faced with uncertain economic impact of contagion," Levine said.
Consumer spending has been supporting the market, Silverblatt said, because"corporate spending has been disappointing." Russ Mould, investment director at AJ Bell, noted that the S&P 500's recent drop has taken it back to where it was in October."Putting the drop in that context it's really not such a big deal," Mould told"All that has really happened is that some froth has been blown off what had become a pretty bubbly market, with fairly speculative counters like Tesla, Beyond Meat and Virgin Galactic making spectacular gains in early 2020 .
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