- Nearly every US state is now classified as having an uncontrolled spread of the virus.
- Investors positioning for prolonged fiscal stimulus measures and move away from economically growth-sensitive stocks.
The trajectory of the US coronavirus spread has been going from bad to worse in recent weeks with new cases surging across all states of America.
Texas has just become the first state to hit one million in total cases.
Other states, including Illinois, Wisconsin, Minnesota, California and Florida, have also seen numbers rise.
CBS News reports 15 states saw the numbers of patients in the hospital due to the virus double in the last month.
According to a study by covidexitstrategy.org, nearly every US state is now classified as having an uncontrolled spread of the virus.
While Americans’ attention has been centred on the outcome of the presidential election, the country quietly hit a grim milestone, marking a record-breaking 102,831 last week in new COVID-19 infections for a single day.
The US has been seeing more than 100,000 new cases per day over the last 10 days in what experts say may be a worse outbreak than those seen in the spring and summer.
There are now over some 10 million confirmed US cases and 239,732 deaths so far.
The death toll is moving up to an average of over 900 a day and experts have warned hospitals across the country could soon be overwhelmed.
The Wall Street Journal has written that New York will set a 10 p.m. curfew for most bars and restaurants and will limit gatherings at private residences to 10 people as the number of novel coronavirus cases and hospitalizations continued to rise around the state.
The Democratic governor, Gov. Andrew Cuomo said Wednesday, has been reported by the WSJ to have also said gyms must close by 10 p.m. The new restrictions take effect on Friday.
”Mr. Cuomo said private gatherings, bars, restaurants and gyms have been a source of increase for the virus, which killed 21 New Yorkers on Tuesday.”
Meanwhile, the US infectious disease chief Dr Anthony Fauci offered some hopeful news.
He said the new Covid vaccine by Pfizer, which in human trials suggest it is 90% effective, was expected to go through an emergency authorisation process in the next week or so.
Welcomed news of the vaccine wearing off
As for the markets, the welcomed news of the vaccine has started to wear off as we have seen investors move back into the technology and away from economically sensitive sectors.
At 2:40 p.m. EST, the Dow Jones Industrial Average was losing 62.24 points, or 0.21%, to 29,358.68 and the Nasdaq Composite added 201.66 points, or 1.75%, to 11,755.51.
The US dollar’s relief rally is also coming under pressure as markets prepare for prolonged fiscal stimulus measures:
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