63,000 new Covid cases in 24 hours.
That’s the latest nationwide tally for the U.S. And it shows that the number of confirmed new Covid cases is surging.
The number of daily new Covid cases has tripled since early June.
Florida is the new epicenter for Covid-19. The state reported over 15,000 new Covid cases on Sunday. That accounts for approximately 25% of new Covid cases in the country.
Six hospitals in Miami-Dade County have reached 100% of capacity. And Miami’s mayor responded by implementing a curfew and closing restaurants for indoor dining.
The Big News…
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President Trump Wears Mask
President Trump wore a face mask at Walter Reed Medical Center. It’s one of the first times that the president has publicly wore a mask.
Houston Issues Stay-at-Home Order
The largest county in Texas issued another lockdown in the face of surging new Covid cases. The number of active cases in the county now tops 27,600. The entire state had 8,100 new Covid cases on Sunday. And over 10,400 people are currently hospitalized.
Atlanta Requires Masks
Atlanta is now requiring that people wear masks in public. This comes after the mayor tested positive for Covid-19. The state is reporting record numbers of daily new Covid cases in the last week. 25 states now require people to wear masks in public.
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The Coronavirus Numbers
Here are the numbers from Monday at 9:30 a.m. ET.
- 13,074,372 Infected worldwide
- 572,426 Deaths
- 3,414,557 Infected in the U.S.
- 137,795 Deaths in the U.S.
U.S. stocks are rising on Monday morning.
The Dow added 0.6%, the S&P 500 was up 0.7% and the Nasdaq added 1%.
Investors are looking ahead to second-quarter earnings season. The results from U.S. corporations are expected to be very weak.
The second quarter is expected to be the worst three-month period for the U.S. economy. And similarly, corporate earnings are expected to bottom during the period of April – June.
Investors expect horrible earnings reports from most companies. Yet the stock market always looks to the future. And for this reason, investors will be looking at guidance and the outlook for the remainder of 2020.
The soaring number of new coronavirus cases continues to pose a risk to the economy – and the markets.
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Yours in Health & Wealth,