Coronavirus Update, July 16th, 2020

It's a confusing time- businesses reopening, businesses closing again, Coronavirus cases are back on the rise, but the stock market is rising. This article will cover what's going on with Coronavirus, how this is affecting the market, and how it will affect the market.

Coronavirus Update

As of July 16th, there are about 13.7 million cases of Coronavirus worldwide. In the USA, there are close to 3.53 million cases, with about 138,000 deaths, just shy of a 4 percent death percentage. New hot spots have risen, such as Texas and Florida with cases around 298,000 and 316,000 respectively. Many companies are becoming more strict with their mask mandates, the most prominent right now being Walmart and Sams' Club, requiring all stores nationwide to have their customers wear masks. Other states like Florida, have been starting to shut down again, with bars no longer being allowed to open- and many tourist attractions on holiday weekends were closed- for example, July 4th weekend saw all Florida beaches closed. In one of the newest epicenters, Florida, a lab reported 100% positivity, however hospital systems have reported this information as incorrect, reports USA Today. Health officials say this resurgence in cases was caused by businesses opening too early, with lax social distancing rules, so to counter this, fines are now in place for businesses who do not follow social distancing rules, as well as people who do not wear a mask- many argue that it is undebatable, and all should wear a mask, while others argue it is imposing on their freedoms.

Although experts say a Coronavirus vaccine could take months to distribute, vaccines are being tested- many other doctors are also speaking out on "home remedies" for the virus. It seems the majority of groups researching the virus are privately-funded laboratories, and their scientists.

How does this, and how will it affect our economy?

Besides a slight fall in the market yesterday, the US Economy has continued booming, with the NASDAQ hitting a new high, driven by Apple. For more information regarding the NASDAQ's recent rally, and how Coronavirus will affect certain industries, you can check out one of our articles here.

After a rough day in the market, the Dow ended up closing down 135 points, or half a percent, and the NASDAQ ended its record rally, closing down 0.7 percent. The NASDAQS' rise was fueled by Apple, while the fall was fueled by Netflix, which underperformed in their earnings statement for third quarter. Because of these disappointing earnings, Netflix dropped around 9.4%. Although having nothing to do with Coronavirus, we consider this an important move in the market. Although new jobless claims weigh in, the Dow seems to out of its red slump, with the futures switching from green to red, the Dow pointing up around 44 points.

Summary: Coronavirus cases have hit about 3.5 million in the USA, with about a 4 percent death rate. Many businesses both local and nationwide are becoming much stricter with their safety regulations, and state and county governments have the authority to fine those who do not wear a mask, as well as businesses who do not follow proper safety procedures. Privately funded groups are coming closer to a vaccine. The stock market posted a bad day yesterday, with the poor earnings of Netflix fueling the downfall. Futures point upwards, the Dow up about 44 points.

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