knock on effects
a significant amount of brick and mortar retail and restaurants won't re-open after this.
I'm assuming that this will be it for the hedge fund and private equity milking operations like Sears.
Banks have huge exposure to CRE, and then you get into MBS, REITs etc.
Re: knock on effects
TX Service Sector PMI.
This is a formerly thriving state that has not had a general lockdown.
Oil collapse isn't helping but that take a while to trickle through. And was reflected in the very bad Manufacturing PMI.