The lockdown amid the COVID-19 global pandemic dragged down the global economy and largely contributed to the surge in the unemployment rate.
In the first quarter of 2020, activist hedge fund manager Bill Ackman made a windfall profit of $2 billion. He was short on the market in March 2020.
Lately, US-China tensions have been mounting. JD.com (NASDAQ:JD) and NetEase (NASDAQ:NTES) got a nod for listing on the Hong Kong stock exchange.
President Trump said that he will hold a news conference about China today. The move comes amid a growing rift between the world’s two biggest economies.
Increasing US-China tension could threaten the financial market. The COVID-19 pandemic caused the economic and healthcare crisis across the globe.
US stock markets have been resilient in 2020 despite weak economic indicators. As a result, there have been questions about the S&P 500's valuation.
Several leading fund managers have been forecasting a US stock market crash. However, the prophecy has turned out to be an illusion.
The US Senate has passed legislation that could eventually lead many Chinese companies to delist. There are a lot of steps for the bill to become a law.
US stock markets closed with gains last week. The S&P 500 and the Dow Jones Index gained 3.2% and 3.3%, respectively.