About one-fifth of S&P 500 companies report earnings this week, so many investors are looking for signs of how bad the hit from Covid-19 will turn out to be. The worst news may not come until later in the year, bringing trouble for stocks, yet confusion about what business will look like the rest of the year could also create opportunities.

The first quarter was the relatively easy part of the coronavirus outbreak for many companies. Businesses didn’t see much of a pandemic-related hit until the country went into different stages of lockdown in the last three weeks of the quarter. Extrapolating from those final weeks could offer a ballpark view of the worst-case scenario of how the second quarter will look, said Jonathan Golub, chief U.S. equity strategist for Credit Suisse, in an interview.