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USA is the one first world economy that never contained the virus really much at all. It was always going to have a 2nd wave, it's just that it's now going to come much sooner and much steeper as a result of the george floyd riots, and another dude was just shot/more riots were kicked off over the weekend.

Think what the data is going to look like when all those infections are actually reflected in it, which seems to take 3ish weeks from moment of infection. Just look at last thursday on the nasdaq in response to USA infection spike or today on the ASX in response to the chinese news. Think those are both one-off's?

Remember that people aren't actually afraid of the virus yet on account of relatively low infection spread. Think how they're avoiding hospitals due to the environment being so infectious, and take and apply when the whole country is like that.

Also remember your exponentials RE: virus spread.

One of the quants in another thread has already said that today's asx tank puts us very close to busting all his modelling limits too. Another drop and even his model says we're toast.