I think markets here reflect the naively optimistic view of many people that everything will return to "normal" in a month or two.
At some point the reality will sink in that a bunch of companies, businesses and jobs are simply gone and demand will take a long time to return to 2019 levels even if supply was capable of 2019 levels of output tomorrow (which it probably is).
EDIT: case in point [1]:
> Americans are so nervous about the state of the economy that they are stashing cash in the bank at a rate not seen since the first year of Ronald Reagan's presidency.
> The United States government's Bureau of Economic Analysis reported Thursday morning that the savings rate surged to 13.1% in March -- up from 8% in February.
> That's the highest savings rate since November 1981. Americans had $2.17 trillion in savings last month.
[1]: https://www.cnn.com/2020/04/30/investing/savings-rate-federa...