> Stock prices are supposed to include estimates of all futures earnings of a company, discounted for distance in the future, right? Keep in mind that these fu

> Stock prices are supposed to include estimates of all futures earnings of a company, discounted for distance in the future, right? Keep in mind that these future earnings for a given company might also be "zero forever", if the company goes bankrupt. That is, for each company, there are two main scenarios: the company recovers together with the rest of the economy, or the company goes under. If the probability of the later scenario increases, the stock price should decrease to match. And there's also the second-order effect that this probability of going "zero forever" becomes harder to calculate in these times of high uncertainty, which makes holding stock of the company riskier, so those with less tolerance for risk sell the stock.