Over the last two weeks, new coronavirus cases in America have gone up by 80%, mainly in the South and West.
California, which was the first to lock down, reported 7,000 new cases on Monday, a new daily record for the state. 2,800 of those new cases came from Los Angeles County, which is the source of almost half of California’s cases.
But this isn’t just because of testing. The number of Californians hospitalized because of COVID-19 has almost doubled in just two weeks.
Arizona is doing even worse. It reported 4,600 new cases on Tuesday, and hospitals are running out of beds. On Monday, Arizona’s health director authorized hospitals to activate their “crisis care” contingency plans.
Meanwhile, hospitals in Houston have run out of beds as cases in Texas are surging too. Florida is in a similar situation, and last Friday reported all-new daily infection highs along with Idaho, Kansas, Oregon, South Carolina, and Utah. And on Wednesday July 1, the U.S. hit an all-time for new daily cases at 50,655 according to data from Johns Hopkins Coronavirus Resource Center.
Whether you want to call it a spike, a surge or just the second stage of the first wave, it’s here and it’s bad.
But you wouldn’t know it from looking at the stock markets.
With much of this data coming out on Friday and adding in the news of Texas re-imposing some lockdown limits, the Dow dropped some 700 points. It then made more than 500 of them back on Monday with more gains on Tuesday and Wednesday. Markets don’t seem to be reacting much to all this bad news.
Not yet, at least. And it’s not just because of all the stimulus…