That headline hit stocks

There was some selling on the comment from the CDC, which was made in a conference call.

The thing is, these decisions are made by state and local politicians and the bar is going to be high. Ultimately it's going to come down to what the healthcare system in each place can handle.

Even then, I think that we're not likely to see full-scale lockdowns in a second wave. It's much more likely to be targeted.

In any case, lockdowns are only a part of the reason that economies are struggling. You can open the doors of any business but if people don't feel safe, they're not going to shop.