Investors in search of good news in Covid-19 trends to justify a bullish bent in markets are finding it right now, particularly in secondary data such as traffic congestion and restaurant bookings.
To be sure, what looks good to traders often diverges from what looks good to the rest of the world, and far from all of the data is positive. But certain trends in some of the worst-hit states, particularly in the Sunbelt, a major area of concern for many, are flattening. All this as the S&P 500 inches toward its February high, a milestone just 3% away.
“You cannot dismiss the virus and it’s always in conjunction with the effect on the economy,” said Quincy Krosby, chief market strategist at Prudential Financial.
The following is a compilation of some of the data investors are focusing on:
52,050 in IndiaMost new cases today
-3% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.226 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4.4% Global GDP Tracker (annualized), June