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CNBC reports that the United States has the worst Covid-19 outbreak in the world with more than 5 million cases, according to Johns Hopkins University data.

Lead paragraphs

The latest grim record comes as growth in new cases in the U.S. appears to be leveling off at an average of 54,235 new infections a day over the last week, according to a CNBC analysis of Hopkins’ data. New cases peaked at 67,902 new cases on July 19, based on a seven-day average, after a resurgence of coronavirus cases ripped through the Sun Belt states in June and July. 

California and Florida have both reported more than 500,000 total cases since the outbreak hit the U.S. in late January and Texas is closely approaching that number. Total cases for each state now exceed New York, which was once considered the epicenter of the nation’s outbreak earlier this year. 

However, those states have reported far fewer deaths than the Empire State, which has lost more than 32,000 people to the coronavirus so far, according to Hopkins.

Market implications

Meanwhile, President Donald Trump has continued to press states to reopen.

“Lockdowns do not prevent infection in the future. They just don’t. It comes back many times, it comes back,” Trump said at a press briefing Monday. 

Investors are banking on a continuation of the economic recovery and such sentiment is keeping the bull recovery trend intact.