Over the last 24 hours, the US death toll from COVID-19 has exploded higher by 1800 victims, marking the largest one-day increase from the virus globally. At the start of the week, US health authorities reported that this week would be the worst with the virus expected to peak around Easter day.
Along with the dramatic increase in fatalities, the US also reported almost 31,000 new cases of infection from the virus. Regionally, New York remains the worst affected area with 731 of the 1800 fatalities alone occurring in the state of New York.
New York Governor Optimistic
While the figures make for sad and shocking reading, the New York governor Andrew Cuomo attempted to reassure citizens that the figures were not as bad as the projections laid out. Speaking to reporters yesterday, Cuomo said: “Right now we’re projecting that we are reaching a plateau in the total number of hospitalizations, and you can see the growth and you see it starting to flatten… “Change in daily ICU admissions is way down, and that’s good news. The daily intubations number is down, and that’s good news. The discharge rate is right about where it was.”
However, Cuomo was clear in his emphasis that New Yorkers should continue to adhere to social distancing guidelines saying: “This is not an act of God we’re looking at. It’s an act of what society actually does.”
Trump Gives Hope
President Trump echoed the sentiment expressed by Cuomo as he too spoke with reporters on Tuesday. In a speech given at the White House Trump the president said: “Even during this painful week, we see glimmers of very, very strong hope. “we continue to see evidence of stabilization”.
Earlier this week the government revised lower its projections for the total number of US deaths expected from the virus from 94,000 initially (as predicted by the University of Washington model) to 82,000 by late summer.
Social Distancing To Continue
Despite these fledgling signs of optimism, however, there are no plans yet to ease up on the shutdowns and social distancing measure sin place across the country. Health authorities have been very emphatic in warning against the risks of ending these measures too soon which they warn could cause a second spike in the virus, leading to the need to implement such measures all over again.
In the equities landscape, indices and individual names are now starting to recover firmly following the heavy slide seen over March. With hopes that the worst of the virus will soon be over, attention will shift towards the recovery effort.
APPLE (Bullish above 256.89)
Had fallen 35% on the year has now recovered 28% breaking out of the bearish channel and back above the monthly pivot at 256.89. Price will shortly retest VWAP which will be decisive in either capping or extending the recovery here. While price holds above 256.89 bias remains positive.
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