Shares fell Monday in Asia as worries of the pandemic resurgence caused some U.S. states to backtrack on pandemic reopening.

The rapid increase in the numbers of infected people in the America imply that a bumpy market await investors ahead and they are bracing for a continuation of last week’s risk-off sentiment.

The recovery is going to be much slower and much more uneven than most people believe. Markets are priced for a much sharper V-shaped recovery which we don’t think is likely. 

-David Hunt, president and CEO of PGIM Inc., said on Bloomberg TV. 

For this week, major data will be released for investors to reassessthe recovery of economy reopening. We’ll be looking at the U.S. unemployment rate, the Eurozone's manufacturing PMI's, and how the housing market has endured through the crisis.

More companies will publish their financial reports for the second quarter of 2020 this week, whose results will be the most direct reflection of the economy.

Here's a look at asset classes returns year to date:

Weekly market recap

U.S. stock indexes retreated 2% to 3%—around the same amounts that they’d advanced in the previous week. 

The biggest drop came on Friday amid news about the resurgence of the pandemic amid several southern states in America and the U.S. Federal Reserve’s temporary restrictions on dividend payments and share buybacks by the nation’s biggest banks.

The US health secretary Alex Azar warned on Sunday that the window to halt the spread of the pandemic across America was closing again. 

I don’t think this is a second surge . . . I think this is a continuation of the first wave and it was a failed effort to stop the first wave in the country.

-Alex Azar told Meet the Press

This week in focus

Here's the most anticipated earnings releases and IPOs for the week ahead:

Monday:

• Semiconductor giant $Micron Technology Inc(MU.US)$ is expected to release the financial reports on Monday after the bell, whose guidance for the third quarter will be crucial for the sector.

  The average analyst price target on Bloomberg for Micron is $61.65 implying a 27.1% upside.
  

Wednesday: 

• $DoubleDown Interactive(DDI.US)$, a leading developer and publisher of digital games on mobile and web-based platforms, will begin trading on Wednesday.

  DDI's market cap is estimated at 896 million. Revenue of DDI for the last 12 months was 273.6 million. Net income for the last 12 months was 36.3 million.

• $Dun & Bradstreet Corp(DNB.US)$, a leading global provider of business decisioning data and analytics, is expected to go public on Wednesday.

  DNB's market cap is estimated at 8 billion. Revenue of DNB for the last 12 months was 1.8 billion. Net loss for the last 12 months was 480 million. 

Thursday:

• $Accolade(ACCD.US)$ provides personalized, technology-enabled solutions that help people better understand, navigate, and utilize the healthcare system and their workplace benefits. 

  Accolade's market cap is estimated at $933 million. Revenue of Accolade for the last 12 months was 132.5 million. Net loss for the last 12 months was 51.4 million.

• $Lemonade(LMND.US)$, a heavily-backed startup that sells renters and homeowners insurance to consumers, will go public on Thursday.

  The company is backed by SoftBank, part of the Sequoiaempire, General Catalystand Tusk Venture Partners, among others.

  Lemonade is targeting a $100 million IPO and its market cap is estimated at 1.3 billion. The company’s Q1 results saw its revenue grow from $11.0 million in 2019 to $26.2 million in 2020, a gain of 138.2%. The company posted a net loss of $36.5 million in the first quarter of 2020, a 69% increase over the $21.6 million net loss in the first quarter of 2019.

For more:

Here's a list of economic events for the week ahead:

For this week, major data will be released for investors to reassessthe recovery of economy reopening. We’ll be looking at the U.S. unemployment rate and how the housing market has endured through the crisis.

With extended unemployment benefits expiring at the end of July, the rate at which U.S. unemployment declines will be critical for many families around America. Economists now believe that unemployment was somewhat higher in April and May than the numbers originally suggested.

Last week, the IMF released an update on its World Economic Outlook in which it downgraded 2020 global growth to -4.9%, the largest contraction since 1946. This change reflects a worse than expected impact from the pandemic in the first half of this year, and a slower recovery in the second half than previously projected. 

However, it noted that sizeable fiscal and monetary stimulus around the world has partially offset the damage.

While global economic growth should be slow for the rest of this year, it is expected to surge in 2021 and investors should start asking whether they are positioned for an eventual global economic recovery.

-J.P Morgan

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