Indexing can make us loose view of the situation of individual companies. Courtesy of the bogleheads, I’ve stumbled upon this chart that shows it well : most of the economy is down but a few giants are carrying the index. I find the video in the link below particularly enlightening. Each dot represents a sp500 company, its size its marketcap and the colors sectors of the economy.
https://www.chartfleau.com/sp500/
Personnaly, I’m with Ray Dalio : we are at a social crossroads. Some countries have the means to mitigate the effects of the crisis (those with debt in their own money), some are way more bound by external rules. Some people are deeply affected, some are brushing it off. The image sent by the markets breeds this idea that rich investors are getting out unscathed while the common man is suffering.
This can go any number of ways, ranging from « nothing changes » to the fall of the dollar, including social unrest and new world orders.
Things may change in the market when people/companies will have to sell their stocks to get money. The governments and central banks are trying to sustain solvency and mainly succeeding for now but this may change as the crisis draws longer.