Wall St. set to slump after gloomy economic data, bank earnings

REUTERS: Wall Street's main indexes were set to slide at the open on Wednesday, as a record drop in retail sales and dour first-quarter earnings reports lent credence to forecasts for the biggest economic slump since the 1930s.

"Earnings and coronavirus are tightly intertwined and the more progress there is on coronavirus, the sooner economic activity resumes and earnings rebound." "Overall it feels like we're pricing in closer to a 'V-shaped' recovery at the moment, but it's clearly difficult to disentangle the impact that the extraordinary support from the authorities is having," said Jim Reid, strategist at Deutsche Bank.

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