Investors Fear a Second Wave of Coronavirus, Markets go Down
Posted on 06/11/2020
Stocks plummeted on June 11, 2020 as Wuhan coronavirus cases increased in some U.S. states. Some states have eased lockdowns, while all states have permitted protestors and in some cases rioters march on streets. The S&P 500 fell 3.5% while the Nasdaq Composite dropped 2.6%. Cases of the coronavirus have topped 2 million recorded; however, people are recovering and the general public’s feel of the virus is becoming somewhat normalized. Protesters and rioters took to the streets for quite some time in various cities such as Minneapolis, New York, and Washington, D.C. to protest the death of George Floyd, a Black male U.S. citizen, in Minneapolis at the hands of police officers. His death has fueled public debate about U.S. police procedures and the treatment of Black people in U.S. society prompting companies to donate to organizations tied to the Black Lives Matter (BLM) movements.
Some public health officials even said via their social media accounts that racial injustice was a larger threat to public health than COVID-19, spurring furious debates across social media channels such as Twitter, Facebook, and Instagram, fueling tension.
According to the June 2020 SWFI Global Asset Owner Survey, the biggest tail risk is a viral pandemic. This global survey has respondents such as sovereign wealth funds, pensions, and endowments.