Has the stockmarket bounce stalled?

US stocks have come under renewed pressure as America suffers a second wave of Covid infections.

People on Miami Beach © AFP via Getty Images
Florida has seen a renewed surge in coronavirus cases © Getty
(Image credit: People on the beach in Miami © AFP via Getty Images)

Is the “bear market rally” over? America’s S&P 500 index finished last week 6.9% off its 8 June high, says Chuck Jones on Forbes. The problem is a surging coronavirus epidemic in the southern states, with new cases across Texas, Arizona and Florida more than quadrupling since the start of June. Add in “very high” equity valuations and it is difficult to see how this rally continues.

The FTSE underperforms

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Markets editor

Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019. 

Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere. 

He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful. 

Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.