I'm just a law professor, so I have no expertise in this. But I would guess that the market is underestimating the amount of havoc C19 is causing to the global and US economies and overestimating the US government's ability to carry the entire US economy until it's over.

One explanation I have heard is that a lot of the big investors like to make bets in response to quarterly numbers: They can't be sure how things are going until they get the digits. Going to show, Dylan was wrong: Some people need a weatherman to know which way the wind blows.