Three experts weigh in on the move.
Drew Matus, chief market strategist at MetLife Investment Management, said the chances of a V-shaped recovery are gone.
"We are seeing some positive movements in the economy. They are not though what people had hoped for. So, the idea of the 'V' is gone. I think people will begin to understand that. You only have to look to China to see that it's just not happening. And that you know what we've lost, we've lost and now it's time to kind of clamor our way out and figure out how is the best way to do it."
Lindsey Piegza, chief economist at Stifel, lays out expectations for growth.
"I do think that we will see a strong rebound in third quarter coming off of those very low levels of the second. We do expect a retreat of around 25% to 30% GDP in the second quarter followed by a 10% to 15% rebound so in the positive realm in the third quarter, but if we aren't able to contain this virus and we do see the second round flare-up continue or if we do see a third round show its head in the wintertimes, we would expect growth to fall back into negative territory by the end of the year."
"Johnson [earnings] better than expected, it doesn't matter. Abbott Labs, complete blow-away, it doesn't matter. Taiwan Semi [Wednesday] night, fantastic, doesn't matter. ... And when you get like that, that just says, 'OK, let the sellers get their job done.' There's some agenda here. They're obviously not caring about news and not reacting to better retail sales, which I thought was terrific or even jobless claims down again."