Signs of trepidation over the lasting impact of the U.S. coronavirus pandemic are growing on Wall Street, fanned by resurgent case numbers, the prospect of a slower rebound in growth and rising political uncertainty.
Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson
“We are definitely concerned,” said Nick Maroutsos, Head of Global Bonds at Janus Henderson Investors. “I don’t think you can blindly buy assets. A lot of the value has been squeezed.” Investors are weighing coronavirus cases escalating in southern and western U.S. states, rising tensions between the U.S. and China, potential volatility stemming from the Nov. 3 presidential election and the level of debt being built up to fight the effects of the virus.
There are also concerns that the blistering rally in the S&P 500 from its March lows has been led by a small group of technology-related names. Facebook, Amazon, Apple, Microsoft and Google, the five largest U.S. stocks, now account for 22% of the S&P 500’s market capitalization, analysts at Goldman Sachs said in a recent report.
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