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Texas Governor Gregg Abbott announced on Thursday that they are halting the new phases of the reopening of the state’s economy.

Earlier in the day, the latest data showed that COVID-19 hospitalizations in Texas increased by 8% to 4,739 from 4,389 on Wednesday.

Market reaction

This development triggered a fresh wave of risk aversion in the American session. After erasing the early losses and turning flat on the day, Wall Street’s main indexes started to push lower on this headline. As of writing the S&P 500 and the Dow Jones Industrial Average were both losing 0.3% on the day while the Nasdaq Composite was still up 0.1%.