COVID-19 Cases Spike, Markets Plummet

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Markets are falling today in reaction to the rise in coronavirus cases and lack of federal response.

New U.S. cases are rising. Tuesday marked another record-high level for the third day in a row. The 7-day moving average is at its highest level ever and trending up.

The federal government doesn’t appear to be ready to take any action. The U.S. Senate went into recess after confirming the new Supreme Court Justice Amy Barrett. The last word from the White House came Sunday from chief of staff Mark Meadows: “We’re not going to control the pandemic.”

The major indexes have reacted violently. Markets were down more than 3% at writing. The Dow started the day down 500 points and is now approaching a 900-point loss.

The battleground state of Wisconsin hit record-high COVID-19 deaths on Tuesday.

The presidential election is less than a week away. Many investors are uncertain due to two unknowns: when final election results will be declared and whether they’ll be contested.

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