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Navigating the coronavirus pandemic hasn’t been easy for traders over the last few months. This week continued to see heavy volatility and price swings as the news changes day to day. Unfortunately, much of the week’s news was downbeat and that caused stocks to drift lower throughout much of the trading sessions.
Some of that bad news came from Jerome Powell. While the Fed chief sought to calm the markets and reassure everyone that the Central Bank was doing what it could, the message was one of uncertainty. Adding to the mix was a variety of gurus and top hedge fund managers adding their thoughts about the economy and markets in general. Here, again, the message was worrisome.
Adding the continued deterioration of data as well as corporate earnings/guidance and you had a recipe for overall market losses.
In the end, traders had a hard time overcoming the bad news of the week. And, as a result, the markets finished lower after last week’s decent gains.
Be sure to check out our previous Wrap here, when investors cheered the opening of the economy.