Stocks that would benefit most from an economy that’s growing again were rising the most.

Losses in banks, health care stocks and household goods companies accounted for a big portion of the selling.

Stocks were already headed for a higher opening on Wall Street on Monday when a drug company announced encouraging results in very early testing of an experimental coronavirus vaccine.

The S&P 500 rose 0.4% after falling 1.3% earlier in the day as investors weighed more grim data showing how badly the coronavirus pandemic is crippling the economy.

Analysts say they expect the market to remain in a wait-and-see approach for weeks as investors gauge how economic reopenings underway are going.

Jerome Powell’s grim statement is a sharp departure from the economic optimism that President Trump and some senior administration officials have expressed in recent days.