3M, Pfizer See Recovery in Sight With Economic Woes Near Peak
The coronavirus outbreak blindsided the world as it sent economies into a nosedive. Now, the bottom is starting to come into focus for several of the largest companies in the U.S.
Manufacturer3M Co. and drugmakerMerck & Co. see the pandemic impact peaking this quarter, paving the way for some semblance of a rebound later in the year. As Pfizer Inc. Chief Financial Officer Frank D’Amelio put it on a conference call Tuesday, “Punch line: second-half recovery.”
The comments offer aglimmer of hope that Corporate America is moving past the uncertainty that characterized the initial weeks of the coronavirus outbreak, even as many companies continue to pull their financial forecasts. While the pain isn’t over yet, investors are looking to bellwethers for clarity on what to expect as the economy begins to reopen across the U.S.
The S&P 500 has climbed 29% since hitting a pandemic nadir last month. It’s still well off its 2020 highs, but the steady recent gains underscore the subsiding anxiety in the markets.
22,412 in U.S.Most new cases today
-16% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.124 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March