Here’s what you need to know about the impact of Covid-19 in navigating the markets today.
• New York City is starting to set up checkpoints to inform travelers about the state’s quarantine guidelines, Mayor Bill de Blasio said Wednesday. The checkpoints are manned by city test and trace workers. No travelers will be turned down, but they will be informed that they will have to remain in quarantine for 14 days if they come to New York from the US 35 states which currently meet the state threshold for high levels of Covid-19 infections.
Johnson & Johnson will produce 100 million possible doses of coronavirus vaccines for the United States government in a $ 1 billion deal, Company said Wednesday. The doses will be delivered to the Biomedical Advanced Research and Development Authority of the United States government. The company has a potential coronavirus vaccine that is now in early human trials and likely to start late-stage trials next month. Overall, J&J aims to produce a billion doses of its vaccine by 2021, assuming it has proven safe and effective in trials.
• The University of Connecticut said on Wednesday that it will cancel its 2020 football season because of the coronavirus pandemic. UConn is the first top-level college football program delete the season completely. “After receiving guidance from government and public health officials and consultation with athletes from football students, we have decided that we will not participate in the gridiron this season,” said University athletic director David Benedict, in a statement. “The safety challenges created by Covid-19 place our football student athletes at an unacceptable level of risk.” The team’s coach, Randy Edsall, said his players were involved in the decision not to continue the season. “Our team is united in this approach and we will use this time to promote player development within the program and align with the 2021 season,” he said. UConn went 2-10 last season and decided to leave the American Athletic Conference last month.
• The Chicago public school system, the third largest in the US, will keep all classes at bay this fall, according to reports from local new outlets. Chicago Public Schools has 325,000 students, and the decision was largely motivated by the teachers’ union threatening to strike if the city continued its plan for partial personal instruction. The decision will be formally announced on Wednesday with additional details.
• The number of globally reported deaths from Covid-19 exceeded 700,000 on Wednesday, according to compiled data by Johns Hopkins University. The US has the most fatalities of any country, nearly 157,000, followed by Brazil only 96,000. The total number of reported cases of Covid-19 worldwide has risen above 18.5 million, with 4.77 million reported cases in the US
• The US labor market is cooling down, according to private salary data released Wednesday, as the explosion of coronavirus cases in the south and west has caused many states to significantly reverse their reopenings and impose new restrictions on businesses such as bars and restaurants. ADP reported that private payrolls rose by just 167.00o in July, well below the 1 million expected by economists and a huge drop from the 4.3 million private sector jobs created in June.
• Tuesday’s primary election saw regular Republicans rank best in Kansas and a Black Lives Matter activist appoint a 10-term sitting Congressman in Missouri. In Kansas, the former state secretary of state, Kris Kobachlost his Senate priority against Rep. Roger Marshall. Rep. Marshall, the more moderate of the two men, was preferred by the party concerned that Kobach, a close ally of President Donald Trump with a long history of unfounded electoral fraud allegations, could place an otherwise safe Senate seat. And in Missouri, Cori Bush won her Democratic primaries against Rep. William Lacy Clay, Jr. The district is seen as a safe democratic seat and a boon to the party’s progressive wing, adding to recent primary victories over established politicians.
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