The benchmark index has already been dragged into bear market territory by the coronavirus' "unprecedented financial and societal disruption," the analysts said.
The coronavirus outbreak is responsible for "unprecedented financial and societal disruption," the analysts said, and equities have so far served as accurate leading indicators before the release of relevant earnings or macroeconomic data. US equities tanked nearly 30% last week to usher in the first bear market in 12 years. Selling began in late February as new coronavirus outbreaks outside China gripped investors. Stocks sank further through March as Wall Street feared the Trump administration wasn't acting fast enough to issue fiscal stimulus and pad the ailing economy.
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