There’s great urgency to re-open the U.S. economy.
Here in Vermont, we’re starting our fifth week of “shelter in place.” And folks are getting frustrated and impatient.
Yet Japan may offer insights into what happens if restrictions are lifted too early: a second wave.
On Feb. 28, Japan implemented a “soft lockdown.”
Three weeks later, the number of new cases appeared to be under control. On March 19 restrictions were lifted. Kids went back to school. And many people began to return to work.
Less than four weeks after lifting restrictions, Japan now reports a second wave of COVID-19 cases.
On Saturday, Japan reported 743 new cases of the virus.
That was the single highest number of new cases since the pandemic reached the country.
The same second wave is now happening in China. The country reported 169 new cases on Sunday. That was the highest number of new cases in five weeks.
Here in the U.S. investors will be watching corporate earnings closely. These reports will provide signs for what’s ahead as the U.S. enters week No. 5 of the economic shutdown.
The Big News…
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include huge spending on infrastructure projects including 5G. Go here for the top All-American 5G stocks to BUY NOW.
Russia: Outbreak Gets Worse
President Putin previously claimed nearly no infected people in Russia. Yet his comments changed over the weekend. Russia now has over 18,000 cases – and the number has doubled in just five days.
5G Conspiracy Theory
Online communities are spreading conspiracy theories that 5G technology causes or spreads the virus. That’s resulted in over 30 acts of vandalism or arson targeting 5G towers. Celebrities have helped spread the unfounded conspiracy.
California Nears Peak
California says it’s quickly approaching its peak deaths from coronavirus. California officials expect deaths on Wednesday to reach 66 – marking the high point for the state. That’s small compared with New York, which had over 800 deaths in a single day.
The Coronavirus Numbers
Here are the numbers from Monday at 2:15 p.m. ET.
- 1,909,244 Infected worldwide
- 118,497 Deaths
- 577,332 Infected in the U.S.
- 23,077 Deaths in the U.S.
The outbreak will crush U.S. corporations and their earnings. Reports start next week.
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Last week, stocks saw their single biggest weekly gain since 1974.
The S&P 500 gained 12% for the week. The blue-chip index is up 25% from its March 23 lows. And it’s now down 14% year-to-date.
Monday afternoon stocks were trading down 2%.
Earnings season kicks off this week with the big banks. And there’s increasing concern that earnings will be worse than expected.
Over 300 American companies have already withdrawn financial guidance for the year. And 175 companies have suspended their stock buybacks or cut dividend payments.
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Yours in Health & Wealth,