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After a wave of optimism that states would finally be reopening, it looks as though that optimism might have been premature. The Centers for Disease Control and Prevention reports that the U.S. just had its highest spike in new coronavirus cases.
According to the reports, cases spiked 36.5% on June 9. And the rolling average number of deaths in the U.S. is now running over 1,000 per day.
The spikes have been particularly bad in states like Texas. That state reopened several weeks ago. Texas has set the record for coronavirus hospitalizations for three straight days.
In all, cases are on the rise in 20 states and Puerto Rico.
Health authorities are concerned the spikes could get worse. That’s because protests with thousands of people following the death of George Floyd brought large groups together.
The U.S. isn’t alone, though.
On Sunday, 136,000 new coronavirus cases were reported around the world, the greatest one-day increase since the start of the pandemic.
There is some good news, though.
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New coronavirus treatments are emerging. And they may hold the key to ending the pandemic.
Gilead Sciences (NASDAQ: GILD) drug remdesivir has been shown to reduce hospital stays from 15 to 11 days.
Researchers are also studying the effects of convalescent plasma. It can be taken from patients who have had the disease and recovered. The results have been mixed. However, researchers at the Mayo Clinic and Michigan State University believe it’s a promising treatment.
There is also a new drug under development known only as EIDD-2801. The antiviral is being developed by researchers from Emory University and Merck (NYSE: MRK).
It’s currently going through human trials in the United Kingdom. And the biggest advantage is that it can be taken as a pill instead of by injection.
So, while new coronavirus cases may be surging, American’s shouldn’t lose hope. Treatments are coming that will put this pandemic to an end.
The Big News
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Covid-19 Patient Receives Double Lung Transplant
A young, otherwise healthy woman’s whose lungs were devastated by Covid-19 received a double lung transplant in a Chicago hospital. It was the first known transplant performed in the U.S. for Covid-19, offering hope for other patients whose lungs are damaged by the disease.
The Federal Reserve Expects Unemployment to Remain High
Chairman Jerome Powell says the Federal Reserve expects the unemployment rate to end 2020 at nearly 10%. The U.S. has already lost nearly 20 million jobs since February because of the coronavirus. The Fed expects unemployment to remain elevated for years. Looking further out, the Fed expects unemployment to remain about 5% at least through 2022.
Enjoy the View – From Your Hotel
Yesterday, Hawaii Gov. David Ige extended the state’s mandatory 14-day quarantine for all tourists arriving on the islands. The quarantine rule was previously set to expire. However, it will now remain in place through the end of July.
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The Coronavirus Numbers
Here the numbers from Tuesday at 6:30 a.m. ET:
- 7,397,349 Infected worldwide
- 417,109 Global deaths
- 2,000,464 Infected in the U.S.
- 115,141 Deaths in the U.S.
What’s Next
Stocks are trading down more than 2.5% in Thursday morning trading.
That follows the Fed’s grim economic forecast yesterday. There was also the news this morning that another 1.5 million workers filed for unemployment benefits last week.
Continuing claims are falling though, down by 339,000 last week, which is a good sign that some Americans are returning to work.
So far, despite the spike in new coronavirus cases, most states are continuing with their plans to reopen over the next weeks and months. While there will still be precautions in place like requiring masks and social distancing to prevent new coronavirus cases, more Americans will be getting back to work.
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Ben Shepherd