Here’s what you need to know about the impact of Covid-19 to navigate the markets today.
• National Institutes of Health Director Dr. Francis Collins advised Americans to do a careful risk-benefit analysis when making summer travel plans. Traveling, especially for people at high risk because of age or chronic disease, “ought to be taken with great seriousness,” Collins told USA Today, adding that he canceled his vacation plans at a South Carolina beach. Covid-19 cases have risen in more than half of U.S. states in recent weeks, with the number of new cases at their highest number since May 1.
• Boston Fed President Eric Rosengren said the second half of 2020 may become “more difficult than many people are anticipating,” considering the failure to contain the first wave of the Covid-19 outbreak earlier. Rosengren forecasts gloomier unemployment and GDP contraction rate for this year compared with his colleagues. On the rising cases in recently reopened states, such as Arizona and Florida, Rosengren told Yahoo Finance that “they may not be opening up as safely as they need to.”
• Novak Djokovic, the world’s number one tennis player, has tested positive for coronavirus during an exhibition event in Croatia. Yet having no symptoms, Djokovic and his wife Jelena, who also tested positive, will undergo self-isolation for the next 14 days, according to an official press release. Grigor Dimitrov, who ranks 19th in the world, and several other top tennis players in the tournament have also been infected with the virus.
• Prime Minister Boris Johnson announced Tuesday that cinema theaters, museums and galleries can reopen in England on July 4. And the government is about to lift the 14-day quarantine for travelers arriving from countries such as Germany, France or Spain. The U.K. government also announced that Britons will be allowed to vacation in the country, with hotels, holiday 亚游真人官方网站homes and bed-and-breakfast allowed to reopen as the 2-meter distancing rule is halved to 1 meter. Pubs, restaurants and hairdressers will also reopen in July.
• White House trade advisor Peter Navarro told Fox News Monday night that the U.S.-China trade deal was over. The news caused Dow Jones Industrial Average futures to drop 400 points. After the interview aired, President Donald Trump tweeted the U.S.-China trade deal is “fully intact,” causing Dow futures to rebound.
• Trump signed an executive order Monday to suspend H-1B, H-2B, L-1, and J visas, citing a spike in unemployment amid the coronavirus pandemic. Tech giants including Alphabet CEO Sundar Pichai have urged the White House to reconsider such restrictions, noting the potential for negative economic consequences. The proclamation is set to expire on Dec. 31, but it can continue as the Trump administration sees necessary. The White House also said it plans to reform the immigration system “to prioritize the highest-skilled workers and protect American jobs.”