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Covid cases are spreading like a California wildfire.
75,600 new Covid cases were reported across the U.S. on Thursday. And that number shattered the previous coronavirus record of 68,241 cases.
The number of daily new Covid cases has doubled since June 24.
Dr. Anthony Fauci had warned that new daily Covid cases could surpass 100,000 if the virus is not contained. At the current pace, we could be there within a couple of weeks.
States are responding by rolling back their reopening plans. Plus, more than 50% of states now require masks be worn in public places.
Despite the outbreak, stocks continue rising. The S&P 500 is now only 5% below its all-time highs. The index has rallied 43% since the lows in March.
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The Big News . . .
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CDC Delays School Reopening Recommendations
The Centers for Disease Control is delaying its release of guidelines for schools. The recommendations are now expected to be released at the end of July. President Trump disagrees with the CDC guidelines and is pushing schools to reopen.
U.K. Plans to Reopen by Christmas
Great Britain unveiled a plan for a “return to normality” by November or December. Schools will re-open in September. And public spaces including concerts, theaters and stadiums will be open this fall.
White House: Schools Must Reopen in Fall
.President Trump is pushing schools to open this fall. He believes that schooling should NOT be online. And getting kids back to school is crucial for also getting parents back to work in the pandemic. The White House press secretary explained, “When he says open, he means open and full, kids being able to attend each and every day at their school. The science should not stand in the way of this.”
Apple’s Shocking Earnings Report
America’s biggest stocks are reporting earnings. The results will reveal the huge impact of the outbreak. And will shock investors.
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The Coronavirus Numbers
Here are the numbers on Covid cases from Friday at 10 a.m. ET:
- 13,996,282 Infected Worldwide
- 593,765 Deaths
- 3,698,392 Infected in the U.S.
- 141,150 Deaths in the U.S.
What’s Next
U.S. stocks edged higher on Friday morning.
The markets are increasingly concerned regarding the growing outbreak of Covid cases across states in the south and west. Additionally, renewed tensions between the U.S. and China create an uncertain outlook for global trade.
For the year, the S&P 500 is almost flat. Meanwhile, the tech stock loaded Nasdaq is up 17%.
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Yours in Health & Wealth,
Ian Wyatt