Brazil’s stock exchange had no trade this Thursday due to the Corpus Christi national holiday, but the country’s assets were severely hit on a bad day in Wall Street. Concerns that a second wave of COVID-19 could plague economies that are reopening have shattered the recent optimism of the markets.

Valor Investe informed that EWZ, the main Brazilian exchange-traded fund in New York, closed down 7.84%, while Brazil Titans 20, the ADR (acronym for American Depositary Receipts) that includes the main Brazilian shares traded in the US, plunged 8.71%. ADRs offer a way for shares listed in other countries to be traded in the United States.

In addition to the fear of a second wave of the pandemic, the pessimistic tone adopted by the Federal Reserve chairman Jerome Powell weighed in on investors’ mood about the resumption of the economy.