Health experts warn that a second wave of coronavirus is coming to the South and Midwest.
All 50 states have now re-opened in one manner or another. And there’s concern that easing restrictions will allow the virus to spread more rapidly in a second wave.
Specific states at risk of a second wave include Iowa, Nebraska, Oklahoma and Texas.
The U.S. is currently seeing high levels of infection. Yesterday there were 25,000 reported new cases and nearly 1,300 deaths.
President Trump is adamant that the country will not shut down again.
“We’re not going to close the country – we’re going to put out the fires,” Trump explained.
The president and governors in 50 states want to get the economy going once again. And they’re working to safely re-open the country to save jobs and the economy.
That’s one reason that indices such as the S&P 500 are up over 30%. Yet the gains have been concentrated among the biggest stocks like Amazon, Facebook, Google, Microsoft and Apple.
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The Big News . . .
Facebook Going 50% Remote
Facebook is preparing to have 50% of its workforce work remote. The company employs 48,000 people. Over the next five to 10 years the social media giant will migrate people to working from home.
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U.S. Senate Fails to Extend Paycheck Protection Program
The Senate adjourned this week without extending the small-business payroll program. The current program allows companies to spend the funds over an eight-week period. Some senators were working to extend the program to 16 weeks.
China’s Economy Is Reeling
China has always provided GDP guidance. Yet the country canceled its 2020 GDP guidance due to economic uncertainty related to the virus. The outbreak has shut down China’s economy. And international trade is drying up as the rest of the world recovers.
1 Million New Infections in 2 Weeks
Covid-19 cases worldwide are growing rapidly. In the last two weeks more than 1 million new cases have emerged, heightening concerns about a second wave. That brings the total to more than 5.2 million.
The Coronavirus Numbers
Here are the numbers from Friday at 10:15 a.m. ET:
- 5,232,413 Infected worldwide
- 335,635 Deaths
- 1,623,352 Infected in the U.S.
- 96,432 Deaths in the U.S.
Stocks edged lower by 0.5% on Friday morning.
Tensions are heating up between China and Hong Kong. China is imposing new national security laws on the city. Plus, China’s decision to pull economic guidance weighed on stocks.
Oil prices and energy stocks fell on concerns of a weak outlook from China.
The markets are closed on Monday for the Memorial Day holiday.
I’m expecting continued volatility in the markets. Yet the U.S. economy is now in recovery mode.
That means the worst of the economic crisis may be behind us. And the country is slowly re-opening and healing the economic wounds.
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