Investors turned more cautious as increases in coronavirus cases cast doubt on a swift economic recovery.
cast doubt on a swift economic recovery. Several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with Covid-19 on Wednesday.
"We believe the market is pricing in quite a bit of good news and the rally is likely to take a breather in coming months as the recovery evolves," Scott Wren, Wells Fargo's senior global market strategist, said in a note. "We expect volatility in the coming months as we gauge how the reopenings are going and how consumer spending is progressing."
New jobless claims data is set to come out Thursday morning, offering an update on the pace of the labor market's recovery from the pandemic. Economist polled by Dow Jones expected a total of 1.30 million new filings for the week ending June 13, a decline from 1.54 million from the week prior. Meanwhile, parts of the country continued to ease lockdown restrictions. New York City is on track to move to Phase 2 of its reopening on Monday, which includes
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