Here’s what you need to know about the coronavirus epidemic to navigate the markets today.
• Prime Minister Boris Johnson was recently transferred to the intensive care unit after being hospitalized on Sunday evening for symptoms of coronavirus, media reports said. Johnson is 55 years old.
• Wisconsin Governor Tony Evers Releases Order delaying the state’s primary elections until June 9. Voters were due to go to the polls tomorrow.
• New York State sees encouraging signs in its fight against the coronavirus epidemic, Governor Andrew Cuomo said on Monday at a press conference. A total of 4,758 New Yorkers died from the disease, he said, an increase of 599 from yesterday. It’s about the same number of new deaths as the day before.
• Unemployment in the United States is expected to be around 12% to 13% and to increase, while GDP is likely to fall 30% in the second quarter, former Federal Reserve President Janet Yellen said in an interview with CNBC on Monday morning. Recent jobless claims figures, reported before much of the country was frozen, have shown that about 10 million Americans lost their jobs in two weeks. The preliminary figure is “absolutely shocking,” she said.
(ticker: AAPL) will ship at least 1 million face masks for healthcare workers a week from this week, CEO Tim Cook said in a press release on Sunday. Cook said the company made its first shipment of face masks this week at a California hospital and was working with suppliers and engineering, operating and packaging teams to produce and ship these masks to medical workers around the world whole. Apple’s work to supply in-demand medical supplies is the latest example of companies that have changed supply chains and manufacturing facilities to produce the materials needed to fight the coronavirus epidemic.
• Japan should declare a state of emergency in Tokyo and six other regions as early as Tuesday when the number of cases in the country had jumped. The disease appeared to be relatively under control in Japan, but doubts were expressed as to the validity of the country’s case data, which appeared to have only increased when the Olympics, which were to be held in Tokyo this summer, were canceled .
• The daily death toll from complications from coronavirus in Spain has dropped to 637 on Monday, down from 674 the day before and continuing the downward trend that the country has experienced in recent days. Globally, there are now almost 1.3 million confirmed cases of Covid-19 and just over 70,000 deaths, according to data compiled by Johns Hopkins University.
• US stocks have jumped, as the growth rate of new infections slowed in the United States and Europe over the weekend. the
Dow Jones Industrial Average
increased by 1,627 points, or 7.7%.
The S&P 500
was up 7% and
the Nasdaq composite
was up 7.3%.
The New York hospital system “At Redline” says Cuomo
The stabilization of deaths from COVID-19, as well as a decrease in daily hospitalizations, the number of intubations and new patients in ICU “could suggest that we are indeed, potentially, at the top or that we are starting to be. “Governor of New York said Andrew Cuomo. While the data from the past few days is promising, it has extended the closure of schools and non-essential businesses until April 29.
The state will continue what it calls its Surge & Flex program to quickly move ventilators and protective equipment to state hospitals as needed.
Cuomo said he would request that the U.S. Navy hospital ship Comfort be used to treat COVID-19 patients during his meeting with President Donald Trump later Monday. The temporary hospital center at the Javits Center, which has 2,500 beds, has already been transformed to treat patients with COVID-19. The two facilities were originally intended to free up hospital space by treating non-COVID-19 patients. Cuomo said one of the effects of the city’s closure is that hospitalizations for other injuries and illnesses have dropped dramatically.
The challenge now, he said, is to ensure that the hospital system has the capacity to treat COVID-19 patients. “We are on the red line … staff cannot work harder,” Cuomo said of the state’s health care system.
Write to Ben walsh at [email protected]