Bar Rescue host Jon Taffer discusses changes to restaurant dining regarding coronavirus safety measures and how businesses are struggling to stay afloat.
Stocks tumbled Wednesday as new COVID-19 cases in the U.S. rebounded to highs not seen since the peak of the outbreak, raising fresh doubts about the strength and longevity of an economic recovery.
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The country reported 34,700 new cases of the virus on Tuesday as cases surged in states that reopened early from lockdowns intended to curb the disease’s spread. Higher numbers have been reported on only two other days: April 9 and April 24, when a record 36,400 cases were logged.
The Dow Jones Industrial Average dropped 233 points, or 0.89 percent, while the broader S&P 500 and the tech-heavy Nasdaq Composite fell 0.68 percent and 0.33 percent, respectively.
The new coronavirus data came just a day after Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, told a House committee that the next few weeks may be critical in combatting a spike in states such as Arizona and North Carolina as businesses and recreational gathering spots nationwide resume operations.
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“Getting back to normality is going to be a step-by-step process and not throwing caution to the wind,” he said. “Plan A, don’t go into a crowd. Plan B, if you do, make sure you wear a mask.”
In the health care sector, hospital operators such as HCA Healthcare and Community Health Systems were under pressure after a federal judge ruled in favor of a Trump administration plan requiring them to disclose the actual costs of routine tests and procedures, an initiative meant to lower prices for patients. An appeal is planned.
In transportation, Fiat Chrysler and General Motors, two of the Big 3 U.S. automakers, were ordered by a federal judge to meet and settle a lawsuit over whether one company got a competitive edge when union leaders were showered with cash and other perks.
GM has accused Fiat Chrysler of racketeering, saying the rival won labor concessions during contract talks because United Auto Workers officials were bribed with money from a job training center.
U.S. District Judge Paul Borman ordered GM chief executive Mary Barra and her Fiat Chrysler counterpart, Mike Manley, to meet in person by July 1 “to reach a sensible resolution of this huge legal distraction.”
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In Silicon Valley, where Apple and Amazon helped drive the Nasdaq to its 21st record close of the year on Tuesday, the iPhone maker was under pressure after wire services cited a report in Politico on a potential investigation of its App Store by the U.S. Department of Justice and state attorneys general.
Social media giant Facebook, meanwhile, risks losing advertising from ice-cream maker Ben & Jerry’s as companies ramp up pressure over misinformation and hate speech on the platform and its competitors, the Wall Street Journal reported.
In commodities, West Text Intermediate crude oil, the U.S. benchmark, tumbled 1.6 percent to $39.74, while gold dropped 0.2 percent to $1,778 an ounce.
Equity markets were lower across the board in Europe, with Britain’s FTSE falling 2.06 percent and France’s CAC 40 and Germany’s DAX each down 1.82 percent.
In Asia, China’s Shanghai Composite rose 0.3 percent, while Japan’s benchmark Nikkei and Hong Kong’s Hang Seng dropped 0.07 percent and 0.5 percent, respectively.
