Tech drags Wall St lower as U.S.-China tensions and COVID-19 cases mount

Erasing all gains for the benchmark S&P 500 index this week. Wall Street’s main indexes dropped on Friday as U.S.-China tensions and fears over mounting COVID-19 cases weighed on investor sentiment.

stock chartMedha Singh for Reuters:

Technology stocks were the biggest drag on all the three main indexes with high-flying companies Apple Inc, Amazon.com Inc and Microsoft Corp, which were pivotal in driving the stock market’s recovery in recent months, down between 0.8% and 1.9%. The technology index fell 1.6%, more than any other S&P sector.

For three straight days, the United States recorded more than 1,100 deaths related to the novel coronavirus on Thursday, which has infected about 4 million Americans.

Intel Corp tumbled 16.9% after the company said it was six months behind schedule in developing next-generation, power-efficient chip technology and that it would consider farming out more work to outside semiconductor foundries…

Latest survey showed U.S. business activity increased to a six-month high in July, but companies reported a drop in new orders as a resurgence in new COVID-19 cases weighed on demand.

MacDailyNews Note: Here are the COVID-19 death rate chart through July 23:

Worldwide:

Each day shows deaths reported since the previous day · Source: Wikipedia, government health ministries, The New York Times, and other sources (via Google)
Each day shows deaths reported since the previous day · Source: Wikipedia, government health ministries, The New York Times, and other sources (via Google)

United States of America:

Each day shows deaths reported since the previous day · Source: Wikipedia, government health ministries, The New York Times, and other sources (via Google)
Each day shows deaths reported since the previous day · Source: Wikipedia, government health ministries, The New York Times, and other sources (via Google)

MacDailyNews Take: Obviously, we remain in a catch-22. We must have an economy and we’re in the midst of a pandemic. Both conditions will exist simultaneously until we have effective treatments and a vaccine, so try to be as safe as you can be – wash your hands frequently, keep your hands away from your face, wear a mask in public, practice social distancing, etc.

The CDC guidelines for how to protect yourself and others — especially older adults and people who have severe underlying medical conditions like heart or lung disease or diabetes and are at higher risk for developing serious complications from COVID-19 — are here.

1 Comment

  1. ” We must have an economy and we’re in the midst of a pandemic. Both conditions will exist simultaneously until we have effective treatments and a vaccine”

    That is a false conclusion and a non sequitur.

    The numbers are FAKE and do not reflect reality! This is not to say that SOME are not dying from COVID-19. They are…

    BUT just got wind of YET ANOTHER CASE of a person that died leaving behind a wife and 2 kids. The reason? His heart surgery for a life-saving pacemaker has deemed non-essential. But here is the kicker…this is being classified as a COVID-19 death EVEN THOUGH he has tested NEGATIVE for the virus!

    Of course, this is NOTHING NEW as this had been mandated by the CDC and many other counterparts around the world. What IS new is this way of classifying cases, hospitalizations AND deaths.

    And it is interesting the US is the ONLY country in the ENTIRE WORLD that has had a resurgence that exceeds the first “wave” (any others that have had any resurgence has been so TINY it is not even worth mentioning)… I know ALL the arguments and NONE used by governments and the media can explain this.

    And many on the grounds in the “frontlines” are saying it is not what it appears to be. Don’t believe the hype… You cannot trust these numbers….AND EVEN IF YOU DO, they numbers STILL do not support the hype when you factor the bigger picture and not just focus on the so-called hotspots.

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