More US virus cases could cause second bear market wave

US stocks fell on another violently volatile week as the three most populous American states saw Covid-19 infections shoot up and jeopardise the rapid economic recovery.

The losses and volatility are set to continue this week weighed down by the pandemic, portfolio rebalancing and uneven economic data.

Last Friday alone, the US saw an increase of 40,000 confirmed Covid-19 cases, with roughly half of those coming from California, Texas and Florida.