My personal view is that there’s still some more downside to come, largely due to the fact that we don’t have good data on the extent of the virus in the US,” said Donald Calcagni, chief investment officer with Mercer Advisors, in an interview.

Equities markets may perk up on discussion of tax cuts, Calcagni said, “but I don’t think that’s a long-term solution. Eventually we’ll have to take it back. I think what the market really needs to see is better leadership out of the White House in terms of dealing with the virus.”