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For one shining moment yesterday, stocks turned positive for the year. It didn’t last, but it’s another sign of the market’s big mid-pandemic rally.
Here’s what you need to know to Get Up to Speed and On with Your Day.
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1. Coronavirus
Major cities around the world are tightening back up as coronavirus cases continue to climb. Florida alone has more cases than all but eight entire countries, and nearly 1 in 100 Americans has now tested positive for the virus. India could reach 1 million cases by the end of the week, a devastating surge that the country’s experts attribute to a rushed reopening. And there could be more bad news on the horizon: The UK’s Academy of Medical Sciences is warning countries to prepare for a winter Covid-19 peak. It points out that people spend more time indoors in the winter, in poorly ventilated areas. Plus, health care systems are typically more taxed in winter months due to seasonal ailments. Speaking of taxed medical systems, limited and delayed deployment of the Defense Production Act in the US has led to continued shortages of personal protective equipment on the front lines. Oh, and that post-Covid immunity some people seem to be counting on? A new study suggests it could last for merely a few months.
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2. Stimulus
Senate GOP leaders and senior administration officials are cooking up a new coronavirus recovery bill, but their Democratic counterparts probably aren’t going to like what they serve. Republican lawmakers said their plan is expected to include financial incentives to push schools to reopen and would also shield health care workers and companies from lawsuits related to the coronavirus. This liability protection is essential, according to Senate Majority Leader Mitch McConnell, but House Speaker Nancy Pelosi said it would remove responsibility from employers and institutions. The whole package is expected to cost around $1.3 trillion and will be rolled out as soon as next week. However, both sides are skeptical that a bipartisan agreement can be reached before Congress adjourns for its summer recess in August.
JUST WATCHEDAndrew Yang: Stimulus money should go to families, not companies
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