2. The Fed has committed all told nearly 10 trillion dollars, maybe more.
3. Very little macro data has been released. Market is pricing in a V-shaped recovery which isn’t out of the question if we can open up in May.
Having said all of this, I think we head lower as the health crisis turns into a really bad recession. There may not be jobs for these workers to go back to.
If we try to open up generally in May, without some massive improvement in testing and contact tracing (and the federal government withdrawing support for testing makes that less likely) the shape is going to be more like a left-right reversal of an italic N than a V, due to the devastating and probably higher second peak and the necessary response the run up to that peak will provoke.
Market was due for a fall, this was just what kicked it into gear. I doubt it'll be V shaped. I also doubt that you'll be opened back up in May. I don't see Italy opening up any time soon, and New State alone looks like it'll be worse than Italy.