U.S. markets to take hit as second wave occurs like is happening now in Europe, Bernstein says

Blood collection specialist Niilo Juntunen removes the IV from recovered coronavirus patient Monica Jacobs as she finishes donating convalescent plasma at the Central Seattle Donor Center of Bloodworks Northwest during the coronavirus disease (COVID-19) global outbreak, in Seattle, Washington, September 2, 2020.
Lindsey Wasson | Reuters

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The United States is likely to see a true second wave of Covid-19 like is currently happening in Europe, possibly requiring a reversal of some of the steps of the economic reopening, Bernstein warned clients in a note on Thursday.

A World Health Organization official said Thursday that Europe is currently facing a "very serious situation," and Spain and France in particular have seen large increases in their rate of new cases. Bernstein said that the U.S., which has seen rolling waves of infection in different regions, was poised to get a Europe-like second wave in the months ahead.

"We are not getting out of this without a vaccine," the note said.

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