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JP Morgan analysts are of the opinion that a slowdown in the growth rate of the number of coronavirus cases in the US may put a floor under stocks and dampen volatility, according to Bloomberg. 

The Cboe Volatility Index has been tracking data associated with the global spread of cases and has shown a relationship with the virus outbreak in the US, technical strategists Jason Hunter and Alix Tepper Floman wrote in a note Friday.

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The number of states with growth rates above 20% dropped to under 10 from over 40 in the past two weeks, a trend which could keep the pressure on the VIX and moderate any equity declines.

The S&P 500, Wall Street’s equity index, fell by more than 12% last month and hit a 2.5-year low of 2191.9 as the coronavirus uncertainty triggered a global dash for cash, which saw investors sell everything from risk assets to safe havens like gold and treasuries.