The virus drives the economy: Morning Brief

Thursday, June 25, 2020

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There can’t be an economic recovery without a public health recovery

Stocks sold off sharply on Wednesday as all three major averages fell more than 2%.

Rising case counts and hospitalizations in Texas, Arizona, and Florida — among other states — continue to make clear there has been no nationwide containment of the coronavirus.

The spread of the virus has slowed considerably in the New York City metro area which was hardest hit in the spring, but data from this region now overstates the current state of the pandemic in the country. A record 38,762 positive tests were recorded in the U.S. on Wednesday, the highest since the pandemic began.

And while the pandemic has been a deteriorating situation for a few weeks now, Wednesday’s action is a

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Stock futures tumble as fears of virus resurgence flare

Stock futures opened lower Sunday evening as daily coronavirus case counts rose by records in some states.

The early moves for futures extended declines from last week’s choppy equity trading sessions. The S&P 500 and Dow dipped at the end of last week but held onto weekly advances after Apple said it was closing retail stores in states where Covid-19 cases were spiking anew.

A number of states continued to struggle this weekend with rising coronavirus cases as businesses reopen, with states across the South, West and Midwest hit especially hard. California on Sunday reported a record 4,515 new cases in a 24-hour period, marking the highest so far in one day for the state during the pandemic. Cases in Florida rose by a single-day record of 4,049 based on Saturday’s tally, and cases on Sunday increased by another 3,494.

States including Arizona, Nevada, Missouri, South Carolina, Montana and Utah

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Reopenings continue as virus counts spike in key states; J&J ramps up vaccine push

A jump in the coronavirus counts of California and southern states fanned fears of a second wave, even with infections on the decline in the northeast, and other regions forging ahead with their own plans to reopen.

New Jersey and New York City, two major COVID-19 epicenters, lifted stay-at-home restrictions this week as their number of daily cases continues to ebb.

However, public health officials nervously eyed states like Arizona, Florida, North Carolina and Texas, all of which have reported consistent increases in cases. Meanwhile, the virus continues to spread globally, with over 7 million infected worldwide and over 400,000 dead.

Lauren Sauer, assistant professor at Johns Hopkins University, told Yahoo Finance’s On The Move Wednesday that many states have significant cases in rural areas.

“Those are the places where we are likely to see challenges in managing these new surges,” Sauer said. However, since the surge is

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‘We could lose control of the virus again’

Although every state has now begun reopening its economy in one form or another, health officials are warning the public to not let their guards down against the spread of the coronavirus.

The U.S. has the highest number of coronavirus cases around the world, but the rate of infections has declined in several parts of the country as a result of social distancing restrictions.

A person jumps trying to make a kite fly at Gantry Plaza State Park, Long Island City on May 30, 2020 in New York City. (Getty Images)

Dr. Lakshmana Swamy, an ICU physician at Boston Medical Center, warned what could happen if people take too much of a lackadaisical approach towards the pandemic.

“What are people seeing across the country in our numbers?” Swamy said on Yahoo Finance’s The Ticker recently (video above). “They’re seeing coronavirus cases go down. That’s fantastic.” 

But, he added, “what

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Stock futures fall as concern over virus fallout mounts

Stock futures opened lower Sunday evening, as mounting concerns that companies would see lasting damage in the aftermath of the coronavirus pandemic spooked market participants.

Famed investor Warren Buffett said during Berkshire Hathaway’s annual shareholder meeting Saturday that his company exited its stakes in four of the largest U.S. air carriers American (AAL), United (UAL), Delta (DAL) and Southwest (LUV) due to the coronavirus outbreak. Buffett noted “the world changed for airlines” as the pandemic overtook the world and halted nearly all global travel. Berkshire’s stake had totaled at least $4 billion in these airlines late last year.

Meanwhile, updates on the status of the outbreak across the country continued to trickle in. New York state, the domestic epicenter of the virus, extended a decline in new virus-related deaths following an early-April peak. Sunday’s latest reported daily death toll totaled 280, versus the 299 reported a day earlier. New York

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