Even as US stocks tumbled on Tuesday for the first time in a week following reports that a dozen states, including Puerto Rico, had reported record numbers of new COVID-19 infections (nearly half of US states have reported a troubling resurgence in the weeks since MDW), most market analysts attributed the move to a healthy “pause” in the blistering 10-week rally that returned the Nasdaq to its ATH. But that still-sunny outlook has apparently changed overnight, following reports, which we noted last night, that Texas has seen COVID-19-related hospitalizations bounce back to their highest levels since the outbreak began.
While the Greater New York area has seen cases, deaths and hospitalizations continue to fall, the rebound in other parts of the US has kept the number of new cases reported each day from falling more sharply.
On Wednesday morning, the Washington Post reported that hospitalizations in at least nine states are on the rise. Some readers might remember that at the outset of the lockdowns back in March, Dr. Fauci and others insisted that the goal of the American response to the outbreak was to “flatten” the curve enough to prevent hospitals from being totally overwhelmed. Here’s more from WaPo:
In Texas, North and South Carolina, California, Oregon, Arkansas, Mississippi, Utah and Arizona, there are an increasing number of patients under supervised care since the holiday weekend because of coronavirus infections. The spikes generally began in the past couple weeks and in most states are trending higher.
Data from states that are now reporting some of their highest seven-day averages of new cases is disproving the notion that the country is seeing such a spike in cases solely because of the continued increase in testing, according to data tracked by The Washington Post.
The sheer number of states that have reported rebounds suggests that the increase in new cases can’t be attributed (at least, not entirely) to an expansion of testing. Anybody who has been paying attention to the numbers out of Texas probably notice that the state has reported several record daily totals of new cases. Texas has reported 75,616 cases since the pandemic began, but during 10 of the past 15 days, the state’s 7-day average (a metric that’s preferred to the un-smoothed daily data) reached new highs.