“I think this will be a gradual recovery,” Blackstone’s Byron Wien says. “I think earnings will come back. But I think it'll be 2022 before we’re back to 2019 levels.”
Stocks have been under pressure in recent days, but UBS' Mark Haefele thinks more gains lie ahead. We are still confident that with positive medical developments and supportive stimulus measures, economies will be able to reopen sustainably without a second wave of infection overwhelming healthcare systems," Haefele, CIO for UBS Global Wealth Management, said in a note. "We think there is still room for equities to move higher in both our central and upside scenarios.
Shares of major U.S. airline companies fell across the board in premarket trading Monday morning as inflamed fears about a second wave of coronavirus cases continued to threaten the market's recent optimism about economic reopening. Delta, United and Alaska Air fell 7%, 8.7% and 6.8%, respectively, underperforming S&P 500 futures that pointed to a slide of 2.1% for the broader market when regular trading resumes. JetBlue Airways and Southwest Airlines dropped 7.3% and 6.1%. —U.S.
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