- Nearly every US state is now classified as having an uncontrolled spread of the virus.
- Investors positioning for prolonged fiscal stimulus measures and move away from economically growth-sensitive stocks.
The trajectory of the US coronavirus spread has been going from bad to worse in recent weeks with new cases surging across all states of America.
Texas has just become the first state to hit one million in total cases.
Other states, including Illinois, Wisconsin, Minnesota, California and Florida, have also seen numbers rise.
CBS News reports 15 states saw the numbers of patients in the hospital due to the virus double in the last month.
According to a study by covidexitstrategy.org, nearly every US state is now classified as having an uncontrolled spread of the virus.
While Americans' attention has been centred on the outcome of the presidential election, the country quietly hit a grim milestone, marking a record-breaking 102,831 last week in new COVID-19 infections for a single day.
Update: 144,000 new confirmed cases 11/11/2020.
The US has been seeing more than 100,000 new cases per day over the last 10 days in what experts say may be a worse outbreak than those seen in the spring and summer.
There are now over some 10 million confirmed US cases and 239,732 deaths so far.
The death toll is moving up to an average of over 900 a day and experts have warned hospitals across the country could soon be overwhelmed.
The Wall Street Journal has written that New York will set a 10 p.m. curfew for most bars and restaurants and will limit gatherings at private residences to 10 people as the number of novel coronavirus cases and hospitalizations continued to rise around the state.
The Democratic governor, Gov. Andrew Cuomo said Wednesday, has been reported by the WSJ to have also said gyms must close by 10 p.m. The new restrictions take effect on Friday.
''Mr. Cuomo said private gatherings, bars, restaurants and gyms have been a source of increase for the virus, which killed 21 New Yorkers on Tuesday.''
Meanwhile, the US infectious disease chief Dr Anthony Fauci offered some hopeful news.
He said the new Covid vaccine by Pfizer, which in human trials suggest it is 90% effective, was expected to go through an emergency authorisation process in the next week or so.
Welcomed news of the vaccine wearing off
As for the markets, the welcomed news of the vaccine has started to wear off as we have seen investors move back into the technology and away from economically sensitive sectors.
At 2:40 p.m. EST, the Dow Jones Industrial Average was losing 62.24 points, or 0.21%, to 29,358.68 and the Nasdaq Composite added 201.66 points, or 1.75%, to 11,755.51.
The US dollar's relief rally is also coming under pressure as markets prepare for prolonged fiscal stimulus measures:
-637407241412659813.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD corrects toward 0.6850, awaits US PCE Price Index
AUD/USD is falling back toward 0.6850 in Friday's Asian trading, reversing from near 19-month peak. A tepid US Dollar bounce drags the pair lower but the downside appears called by the latest Chinese stimulus measures, which boost risk sentiment ahead of US PCE data.
USD/JPY rebounds toward 146.00, as focus shifts to US PCE data
USD/JPY is bouncing back toward 146.00 in the Asian session on Friday even as Tokyo CPI inflation data keep hopes of BoJ rate hikes alive. Intensifying risk flows on China's policy optimism underpin the pair's renewed upside. The focus shifts to the US PCE inflation data.
Gold price consolidates below record high as traders await US PCE Price Index
Gold price climbed to a fresh all-time peak on Thursday amid dovish Fed expectations. The USD languished near the YTD low and shrugged off Thursday’s upbeat US data. The upbeat market mood caps the XAU/USD ahead of the key US PCE Price Index.
Bitcoin surges past $65,000, sets sights on $70,000
Bitcoin broke above its consolidation zone, signaling a potential bullish move ahead. At the same time, Ethereum is finding support at a key level, hinting at an upcoming rally. In contrast, Ripple consolidates between its crucial levels, indicating a period of indecision among traders.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.