US Federal Reserve Bank Chairman Jerome Powell (Photo by ERIC BARADAT/AFP via Getty Images)
AFP via Getty ImagesHere’s what you need to know about the impact of Covid-19 to navigate the markets today.
•Federal Reserve Chair Jerome Powell said the U.S. economy’s path forward is “extraordinarily uncertain” and depends largely on how successful the country is in containing the virus. “A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities,” he said in a statement prepared for his Tuesday Congressional testimony.
• Los Angeles county has surpassed 100,000 coronavirus cases. It reported 2,903 new cases Monday, the highest number since the pandemic began. In response to the recent spike, Gov. Gavin Newsom has ordered bars closed there as well as in six other counties.
• Broadway theaters will remain closed until 2021. The closure, which started on March 12, is yet another sign of how severely New York City’s tourism industry has been hit by the virus. Broadway shows brought in $1.8 billion in total sales in the 2018-19 season, attracting nearly 14 million visitors. Several major openings had already been pushed back to 2021, including The Music Man starring Hugh Jackman and Plaza Suite with Matthew Broderick and Sarah Jessica Parker.
•New Jersey is pausing plans to allow indoor dining later this week due to a spike in cases in other states, Gov. Phil Murphy said. Earlier Monday, New York Gov. Andrew Cuomo announced the state will re-evaluate its July 6 schedule for restaurants to resume indoor seating. Over the past few days, California, Florida, Texas, and Washington all modified their reopening plans as cases continue to rise.
• Reddit, the social network and message board platform, banned the biggest community devoted to President Donald Trump on Monday. The company said that the group, known as a subreddit, r/The_Donald, had repeated broken its rules against hate speech and harassment despite repeatedly telling the moderators of the forum that certain content breached its guidelines. The Trump-focused message board has 790,000 members, the New York Times reported, who post messages and memes supporting the President. In addition to r/The_Donald, Reddit said that it had banned about 2,000 other subreddits, including one focused on the leftist podcast Chapo Trap House. Reddit CEO Steve Huffman told reporters that the decision had nothing to do with the politics of the Trump subreddit, but instead was about the repeated violations of the site’s rules. “We’ve given them many opportunities to be successful,” he said. “The message is clear that they have no intention of working with us.”
• Jacksonville, Fla., the city that will host the Republican National Convention in August, made mask-wearing mandatory on Monday. Florida is seeing a massive spike in Covid-19 cases, with reported diagnoses increasing fivefold in the last two weeks. The order takes effect at 5 p.m. Monday, the city government said in a statement, and applies to public and indoor spaces where social distancing isn’t possible. In early June, the Republican Party announced that it would move its convention from Charlotte, North Carolina to Jacksonville, because of North Carolina’s social-distancing guidelines.
• Pending home sales jumped by the biggest amount recorded in May, according to survey data from the National Association of Realtors released on Monday. Pending home sales, which cover contracts signed to buy existing houses, rose 44.3% in May compared with April, the biggest leap seen since the survey began measuring pending home sales in 2001. The jump was less robust measured on a year-over-year basis, with pending home sales dropping 5.1% compared with last May. “More listings are continuously appearing as the economy reopens, helping with inventory choices,” NAR’s chief economist Lawrence Yun said in a statement. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”
• The U.S. Supreme Court ruled Monday that the structure of the Consumer Financial Protection Bureau must be changed because the current set up gives too much authority to the agency’s director. In a 5-4 decision written by Chief Justice John Roberts, the court held that the head of the CFPB can be removed by the president. Before the ruling, the chief of the bureau was removable “only for cause,” which the law that created the agency defined as “inefficiency, neglect of duty, or malfeasance in office.” The CFPB is the brainchild of now-Senator Elizabeth Warren (D., Ma.), who pushed for the creation of the agency when she was a Harvard Law professor. Since its creation in 2010, the CFPB has returned more that $12 billion to consumers.
• There have now been more than a half a million deaths from coronavirus globally, according to data collected by Johns Hopkins University. 502,387 people have reported to have died from Covid-19 infections, the data show, with the U.S. recording a world-leading 125,803 deaths. There have been more than 10 million reported cases globally, and the true number of infections around the world is likely much higher, because of limited testing and the fact that some portion of people with the disease don’t develop symptoms.
• China is set to put visa restrictions in place for some Americans in retaliation for the U.S. placing visa restrictions on Chinese officials involved in Beijing’s crackdown against people in Hong Kong. Zhao Lijian, a spokesman for the Chinese foreign ministry, announced the new restrictions Monday but didn’t specify which Americans it would apply to, beyond “U.S. individuals with egregious conduct on [Hong Kong]-related issues.” The U.S.’s move to restrict visas for Chinese government officials was in response to Beijing adopting a new so-called national security law that gave the mainland broad authority to restrict civil and political rights in the semiautonomous city.
• More than 400,000 people in a county 90 miles from Beijing have been sealed off by the government in an attempt to contain a coronavirus outbreak. Anxin county is now “fully enclosed and controlled,” officials said Sunday. The lockdown in the county is similar to what the government imposed in Wuhan earlier this year, with only one person per family allowed to leave their home each day to purchase essential items. The outbreak in Anxin appears to be linked to a cluster of cases that have been traced to Beijing’s largest meat and vegetable market, with business from the area selling fish at the market, state-run media reported. In response to the market-linked outbreak, Beijing closed schools, canceled many flights and implemented temperature check-stations in many apartment complexes. State-run media said that the government tested 8.3 million people in an attempt to isolate those infected.
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Write to Ben Walsh at ben.walsh@barrons.com
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