European stocks dropped on Tuesday as traders look for a new catalyst after the big rally from the depths of March.The finance sector struggled, with Natixis KN, -4.89%, Legal & General LGEN, -3.88% and Société Générale GLE, -5.01% retreating.
The U.S. S&P 500 SPX, +1.20% on Monday turned positive for the year. Investors appear to be betting that even if the coronavirus spread accelerates, governments won’t be as strict as they were initially. The World Health Organization on Monday said it is very rare for asymptomatic people to spread the virus.
“No change to policy is expected, but markets will assess for how long current policy settings will be in place and the likelihood of further stimulus despite the unexpected payrolls rebound in May,” said Hann-Ju Ho, senior economist for commercial banking at Lloyds Bank.
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