“The desire for more, the fear of missing out, the tendency to compare against others, the influence of the crowd and the dream of the sure thing—these factors are near universal. Thus they have a profound collective impact on most investors and most markets. The result is mistakes, and those mistakes are frequent, widespread and recurring.”
― Howard Marks,

1. New York, New Jersey and Connecticut Will Impose a 14-day Quarantine on Travelers from Coronavirus Hotspot States — the governors of New York, New Jersey and Connecticut told travelers to their states coming from states with high rates of Covid-19 cases to self-quarantine for 14 days. That restriction would apply to travelers coming from Florida, Texas, Arizona and a handful of other states throughout the South and Southwest that are experiencing a surge in Covid-19 cases. The announcement comes as the hard-hit tri-state region has seen large declines in cases after experiencing the worst outbreak in the U.S. over the spring.
2. Fauci and Other Health OfficialsRreturned Tesfified in Congress — Dr Fauci expressed concerns as a trio of states with Republican governors who are bullish on reopening — Arizona, Florida and Texas — are among those seeing worrisome increases in cases. He further said “We will be doing more testing,” told a House committee. Todate, the U.S. has tested more than 27 million people, with about 2.3 million – or 8.4% – testing positive; About 2.3 million Americans have been sickened in the pandemic, and some 120,000 have died, according to data from Johns Hopkins University.
3. U.S. first-quarter GDP declines at 5% — the pace of contraction in the economy was left at 5% in the first quarter in the final estimate from the Commerce Department. Using more complete source data, the government found that consumer spending was weaker than previously estimated. This was offset by upward revisions to business fixed investment. The data for the first was dragged down by the impact from the coronavirus pandemic that hit hard at the end of the period.

The week ahead — Economic data from Econoday.com:

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