Covid-19 infection figures in USA overtook every other country in March, handily breaking through the 100,000 mark, countermeasures such as social distancing and shelter-in-place orders were gradually adopted as cases spiked. The government was criticized for undermining the potential outbreak at the early stages and reacting too slowly. At the moment, eyes are on various economic figures, with emphasis on employment data, especially with the recent record high in initial jobless claims, which were magnitudes higher than peak figures back in 2008.

With sweeping control measures, economic activity is expected to further dampen, various studies from IMF and others predicted USA to have a flat year in economic growth, the Federal Reserve Bank of St. Louis President even predicted a peak unemployment rate of 30% in the country. The White House is now implementing an unprecedented level of fiscal stimulus, and more is expected to follow in April after the Congress returns from recess. Although the general economic outlook is far worse than how it was at the beginning of the year, valuations are at a much lower level, quality stocks could potentially offer investment opportunities in the mid to long-run.