It is a well-known fact that stocks belonging to the transportation sector are having a tough time due to the coronavirus pandemic. Notably, the health scare was declared a pandemic by the World Health Organization on Mar 11.
As coronavirus claimed multiple lives, apart from infecting scores across the globe, several countries were under lockdown amid wide-spread travel restrictions, particularly since March, thereby crippling the transportation sector. In fact, cases are surging even now as economies re-open. For instance, the United States recorded 52,789 new cases on Jul 1, thereby crossing the 50,000 mark in a day for the first time since the COVID-19 outbreak. What is worse is that even more 55,220 cases were registered the following day.
E-Commerce Surge: A Bright Spot
As a result of the pandemic and the current rise in new cases, people are staying indoors and avoiding going out unless absolutely necessary. Consequently, in