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In a Stock Market Like This, Anything Could Cause the Next Panic. Here’s What to Watch.

Photograph by Alamy

It’s a race against time—and no one knows who is winning.

When the coronavirus crisis first started, it was immediately apparent that it would be like no other. It was one that forced Americans to stay inside and businesses to shut down, and caused the S&P 500 index to fall from an all-time high into a bear market in record time. Policy makers and government leaders seemed to realize just how dire the situation was and responded with trillions in monetary and fiscal stimulus, and that kept the crisis from getting out...

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