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March 28, 2020, 2:46 p.m. EDT

Why this wild coronavirus rally has Wall Street experts fearing a bull-market trap

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By Steve Goldstein, MarketWatch

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The market

U.S. stock futures were weaker after the three-day advance, with futures on the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 +0.66%  down over 600 points.

Gold futures /zigman2/quotes/210034565/delayed GC00 +0.67%  fell $32 an ounce.

The yield on the 10-year Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.39%  fell 3 basis points.

The chart

According to Bank of America, the ratio of high-yield to investment-grade bond performance is a leading indicator for stocks. That makes some intuitive sense at a time when the worry is whether companies in more precarious financial situations will be able to survive the economic downturn.

Random reads

The increasingly popular videoconferencing app from Zoom /zigman2/quotes/211319643/composite ZM +2.36%  is sending data to Facebook /zigman2/quotes/205064656/composite FB +0.23%  without user permission, according to Vice.

The air quality in Delhi has quickly improved from the shutdown in India.

A feathered dinosaur used to live in New Mexico .

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/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 26,148.00
+171.00 +0.66%
Volume: 47,894
July 13, 2020 6:01a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,813.90
+12.00 +0.67%
Volume: 66,288
July 13, 2020 7:01a
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.65
+0.0025 +0.39%
Volume: 0.00
July 13, 2020 7:10a
loading...
/zigman2/quotes/211319643/composite
US : U.S.: Nasdaq
$ 275.87
+6.35 +2.36%
Volume: 6.35M
July 10, 2020 4:00p
P/E Ratio
1,603
Dividend Yield
N/A
Market Cap
$77.82 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 245.07
+0.57 +0.23%
Volume: 22.98M
July 10, 2020 4:00p
P/E Ratio
33.58
Dividend Yield
N/A
Market Cap
$698.78 billion
Rev. per Employee
$1.57M
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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