Stocks were pointing lower on Monday, June 15. And Texas, Arizona, Florida and North Carolina are still seeing coronavirus cases increase as well as hospitalizations.
Worldwide, there are 7.9 million cases of the virus, with over 433,000 deaths.
The U.S. has over two million cases, with over 115,000 deaths.
And Brazil has over 867,000 cases, with 43,000 reported deaths.
“States like Texas, Florida, Georgia, North Carolina, South Carolina, where you see those outbreaks right now, never really reduced the number of cases substantially,” Scott Gottlieb, former chief of the Food and Drug Administration, said on CBS’s “Face the Nation.” “They had spread. It was persistent. And now it’s flaring up.”
Stocks closed higher Friday but the S&P 500 fell 4.8% in its worst week in nearly three months on worries the economy could take longer to recover if the U.S. sees a resurgence in coronavirus infections. The Dow closed the week with a 5.6% loss, and the Nasdaq declined 2.3%.
So, what does all of this mean for investors?
"I don't think we're in big trouble," said Jim Cramer. "I don't think you should be a seller here."
Watch TheStreet's Interview with Dr. Fauci
- Dr. Fauci On J&J Vaccine Candidate: Moving Quickly Isn't at Expense of Safety
- Dr. Fauci on Regeneron: You Can't Make Statement Until Trial Results
- Fauci 'Cautiously Optimistic' on Moderna, But Phase 3 Trial Will 'Determine Efficacy'
- Fauci: Must Address Social Determinants of Health in Minority Communities During, After COVID-19
- Dr. Fauci Says Return of Sports Cannot Be Same Across U.S.