You can't make this up
Trading today triggered the second circuit-breaker of the week ie losses were so steep in such a short time period, the market stopped all trading activity for 15 minutes. The bull market is officially over and we have entered bear territory and again the futures market seems to suggest Friday the 13th is going to be a bloodbath for the stock market. Oil prices have stayed low and corporate debt is at an all time high. Bonds are not moving inversely to stocks as they typically do...things are just down.
Worst yet, America is still not testing enough people for coronavirus so we have absolutely no idea how many people are infected. This is quickly evolving into one of the oddest years in history as a global health crisis threatens our economic future.
The term recession has been bandied about quite often, but it looks like we're in one by some accounts and its all driven by uncertainty. Uncertainty in leadership, what the right thing to do is and how we should best move forward.
Interestingly enough, it seems as though businesses have been the true leaders throughout this crisis. As they move to protect their most precious assets- their staff- companies have moved to remote work as often as possible, shut down venues, canceled games and provided financial and health resources for staff, even those who make an hourly wage!
This is unprecedented, maybe our federal government can take some cues from business leaders.