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John Authers

Why Are Markets So Calm About the Second Wave?

Evidence is building that herd immunity may be closer than many had predicted.

Cases are up in the U.K., but deaths have barely risen.

Cases are up in the U.K., but deaths have barely risen.

Photographer: Leon Neal/Getty Images 

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Is there a deeper wave than this? Britain is once again tearing itself apart over how to respond to Covid-19, with Prime Minister Boris Johnson facing an insurrection from his own MPs over plans for sweeping second lockdowns to combat the coronavirus. Worries about an uptick in cases in the U.S. have contributed to the market turbulence over the last few weeks.