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Investors who thought the worst from the coronavirus pandemic was over might need to rethink their optimism — and their portfolios.
A resurgence in Covid-19 cases across the U.S. and abroad is pressuring equities on Wednesday, leaving investors wondering if they should rush back into their trusty stay-at-home stocks.
Major U.S. equity averages hit their lows of the day after Florida said its confirmed cases jumped by a record 5,508 on Tuesday. The state also said its positivity rate rose to 15.91% from 10.82%.
New York, New Jersey and Connecticut ordered visitors of their states to quarantine. A CNBC analysis of Johns Hopkins University data found the U.S. 7-day average of coronavirus cases surged more than 30% from a week ago.
States that started to loosen restrictions on reopening are seeing some of the largest upticks in case numbers. Rapid and increased testing is also contributing to the bloat in cases.
CNBC pulled together Wall Street’s favorite stay-at-home names that stayed afloat during the rapid market downturn in the first quarter.