# Coronavirus update: U.S. continues to set new case records and Trump remains insistent that U.S. has ‘rounded the corner’

There are currently 45,045 Americans who are hospitalized with COVID-19, according to the COVIDTracking Project, the highest number since August 14, and up about 50% from a month ago.

A full 27 states reported 1,000 or more new cases on Wednesday as the pandemic continues to spread across the nation. Cases are rising in 47 states, according to a New York Times tracker.

President Donald Trump continues to hold campaign rallies and tell supporters the U.S. has “rounded the corner” on COVID and complain at the constant media coverage of the crisis. His presidential opponent, Democrat Joe Biden, has taken the opposite approach.

“I’m not running on the false promise of being able to end this pandemic by flipping a switch,” Biden told supporters in Wilmington, Delaware. “But what I can promise you is this: We will start on Day 1 doing the right things. We’ll let science drive our decisions. We will deal honestly with the American people.”

Health experts continued to express alarm at a White House press release published earlier this week that touted the administration’s success in ending the pandemic. The claim was one of many the White House’s Office of Science and Technology made regarding alleged scientific breakthroughs achieved during Trump’s first term.

“To those of us who make a career at the intersection of science and politics, this report is a white washed, cherry picked report that takes credit, and casually forgets the administration’s true track record when it comes to supporting science,” said Benjamin Corb, head of public affairs at the American Society for Biochemistry and Molecular Biology. “Facts are pesky little details that do not care about any of our partisan biases or spin. They exist regardless of how we feel or whether we want to believe in them or not.”

See:Group of former CDC heads say no president has ever politicized the leading U.S. health agency the way Trump has

Corb outlined the billions of dollars in cuts that Trump has sought for the National Institutes of Health in budgets from the last three years and his failure to fill vacant positions at many agencies. His anti-immigration policies have stopped the medical and scientific community from bringing in specialized workers and hampered efforts to collaborate with researchers and health experts around the world, said Corb.

The White House’s response to the pandemic has been to politicize science, while ignoring the advice and recommendations of the very experts assigned to lead the government response, he said.

“Scientists, doctors, and public health experts are critical to planning and executing a national response to a once-in-a-lifetime public health crisis. Political leaders should listen to the advice of experts, and policy decisions should be made using the best evidence and data available,” he said.

Instead, Trump has relied on his gut and promoted a series of remedies that were not scientifically sound and in some cases dangerous. “From the malaria drug hydroxychloroquine to bleach and ultraviolet lights to the poisonous plant extract oleandrin — rather than heeding the cautious advice of medical doctors and scientists, the president has relied on his gut instincts and anecdotal results to offer at best unproven and at worst potentially deadly medical advice from the White House podium,” said Corb.

Experts say the record-breaking number of coronavirus cases in the U.S. is partly due to growing weariness among Americans to keep up with pandemic practices like social distancing and wearing masks, as MarketWatch’s Jaimy Lee reported.

“People are tired of being cooped up, and they may not be using the best judgment at all times,” said Dr. Aaron Glatt, chairman of the department of medicine at Mount Sinai South Nassau in New York.

See now: U.S. death toll tops 225,000 and Trump’s chief of staff says U.S. is ‘not going to control the pandemic’

But the lack of a coordinated national response is also putting the onus on individuals to make their own choices and the administration is setting some bad example.

“It’s hard to ask people to do their part, when the federal government isn’t doing theirs. … For example, the White House is hosting social events when we’re asking people not to see their loved ones,” said Dr. Leana Wen, a visiting professor of health policy and management at the George Washington University School of Public Health and Baltimore’s former health commissioner.

Dr. Anthony Fauci, head of the Institute for Allergies and Infectious Diseases and a member of the White House Task Force created to manage the pandemic, said in interviews Wednesday with CNBC and the Journal of the American Medical Association, that it may be time to mandate face masks across the nation.

“If we don’t get one, I would hope that the mayors and the governors do it locally,” Fauci told CNBC’s Shepard Smith.

In other news:

• The governments of Europe’s two largest economies, France on Germany, ordered their populations into strict one-month lockdowns, including the closures of all bars and restaurants, in a desperate attempt to fight the severe spike of COVID-19 that threatens to engulf their national health systems, MarketWatch’s Pierre Briançon reported. France is one of Europe’s worst-hit countries by the coronavirus pandemic, and Germany the country that best dealt with it. The fact that parallel measures are announced on the same day will reinforce the criticism that Macron is acting too late, in contrast to Merkel taking radical measures much earlier in the pandemic cycle. France has 1.28 million confirmed cases of COVID-19, according to data aggregated by Johns Hopkins University, while 35,823 French people have died.

• England is seeing nearly 100,000 COVID-19 cases a day, according to a study by Imperial College London, with the authors warning that the country is at a “critical stage” and that “something has to change.” The report is based on tests taken between Oct. 16 and 26 and found infections had mor than doubled since the previous round of testing with 1.28% infected. “This means an estimated 128 people per 10,000 of England’s population has the virus that causes COVID-19, compared to 60 as of 5th October,” the authors wrote. Infections have climbed across all age groups with people aged 18 to 24 seeing the highest rate of infection, but the steepest rise was in adults aged 55 to 64, which saw rates more than triple.

• Sweden, which has opted not to lock down at any point during the pandemic, counted 2,820 new cases on Thursday, the highest since the start of the outbreak, the Guardian reported. The previous record was set on Wednesday, although the nation’s health agency has said the peak during spring may have run much higher but went unrecorded due to a lack of testing. “We’re beginning to approach the ceiling for what the health care system can handle,” Chief Epidemiologist Anders Tegnell told a news briefing. “Together, as during the spring, we can push down this curve and avoid the strain on health care.” Sweden has relied on voluntary measures to contain the spread and its case and death rate per capital is far higher than its Nordic neighbors.

• Taiwan has marked 200 straight days without a domestic COVID-19 infection, ABC News reported. Taiwan’s Center for Disease Control last reported a domestic case on April 12. CDC officials noted the milestone and thanked the public for playing a role, while urging people to continue to wear masks and to wash their hands often. Taiwan has recorded 553 cases of COVID-19 and just seven deaths, although it continues to register cases from people arriving from abroad.

Latest tallies

The number of confirmed cases of COVID-19 worldwide now stands at 44.6 million, the Johns Hopkins data shows, and the death toll is 1.18 million. At least 30 million people have recovered from COVID-19.

The U.S. has the highest case tally at 8.9 million and the highest death toll at 227,706, about a fifth of all global deaths.

Brazil has the second highest death toll at 158,456 and is third by cases at 5.5 million. India is second in cases with 8.0 million, and third in deaths at 120,527.

Mexico has the fourth highest death toll at 90,309 and ninth highest case tally at 906,863.

The U.K has 45,765 deaths, the highest in Europe and fifth highest in the world, and 945,378 cases.

China, where the disease was first reported late last year, has had 91,274 cases and 4,739 fatalities, according to its official numbers.

There are now 44.6 million confirmed cases of COVID-19 worldwide, the

What’s the latest medical news?

Moderna Inc.
MRNA,
+8.45%
 again reminded investors that the Phase 3 clinical trial for its COVID-19 vaccine candidate is fully enrolled as part of its third-quarter earnings announcement.

It also said it is “actively preparing for the launch” of its COVID-19 vaccine.

Moderna is a preclinical company, meaning it does not yet have an authorized or approved product available on the market. It is developing several mRNA-based vaccines, including one for the coronavirus.

The company said its research and development expenses have nearly tripled to $344.5 million in the third quarter of 2020, primarily due to R&D costs for its experimental COVID-19 vaccine, compared with $119.6 million in the same quarter a year ago. Moderna said it plans to conduct two interim analyses for the late-stage trial of the vaccine.

An analysis published in the New England Journal of Medicine found that Eli Lilly & Co.’
LLY,
+1.19%
 experimental antibody treatment led to fewer hospitalizations and “symptom burden” compared with those COVID-19 patients who had received a placebo.

The news came hours after Lilly announced a deal with the U.S. government to acquire 300,000 doses of the still-unauthorized treatment for $375 million. The drug, bamlanivimab, which is also referred to as LY-CoV555, has not received an emergency use authorization or full approval from the Food and Drug Administration.

“If these results are confirmed in additional analyses in this trial, LY-CoV555 could become a useful treatment for emergency use in patients with recently diagnosed COVID-19,” the researchers concluded.

The randomized, placebo-controlled Phase 2 study is testing three doses of the investigational antibody-based treatment in about 450 recently diagnosed people with mild or moderate COVID-19. The middle dose, 2800 milligrams, was the most effective, according to the analysis.

Read also:Doctors question FDA approval of Gilead’s COVID-19 treatment and say it has limited benefits

Meanwhile, Regeneron Pharmaceuticals Inc.
REGN,
-0.99%
 said its experimental antibody cocktail “significantly reduced” novel-coronavirus levels and the need for “further medical attention,” including hospitalizations and emergency-room visits, in more people enrolled in its ongoing late-stage trial.

“We continue to see the strongest effects in patients who are most at risk for poor outcomes due to high viral load, ineffective antibody immune response at baseline, or pre-existing risk factors,” Regeneron’s President and Chief Scientific Officer George D. Yancopoulos said in a statement.

Regeneron, which earlier this month said it had submitted a request for emergency authorization to the Food and Drug Administration for the experimental antibody treatment, said it had shared the new information with the FDA. The cocktail was one of the therapies prescribed to President Donald Trump as part of his COVID-19 treatment.

What’s the economy saying?

An unshackled U.S. economy expanded at a record 33.1% annual pace in the third quarter as it began to recover from the coronavirus epidemic, but the historic rebound in the summer has already tapered off and a fresh viral outbreak threatens to further choke off growth, MarketWatch’s Jeffry Bartash reported.

The widely expected snapback in gross domestic product, the official scorecard of the U.S. economy, was given a big assist by trillions of dollars in government aid to families, the unemployed and businesses most harmed by the virus.

Most of the aid has now expired though and another surge in coronavirus cases across the country appears to have caused Americans to hunker down again. The economy could suffer another relapse if states reimpose commercial restrictions and customers shun retailers, restaurants and other businesses that rely on large crowds to prosper.

President Trump has been touting the recovery in GDP on the election campaign trail in an effort to drum up votes, but Democrats argue the economy is still in rough shape and that a new approach is needed.

The increase in third-quarter GDP matched the 33% forecast of economists polled by MarketWatch. In premarket trading, U.S. stocks

“The initial recovery in GDP after the first wave of lockdowns were lifted was stronger than we originally anticipated,” said chief economist Paul Ashworth of Capital Economics. “But with coronavirus infections hitting a record high in recent days and any additional fiscal stimulus unlikely to arrive until, at the earliest, the start of next year, further progress will be much slower.”

Separately, the number of Americans applying for unemployment benefits slipped further in the latest week and hit the lowest levels since the pandemic began in mid-March, government data showed.

New claims fell by 40,000 to 751,000 in the seven days ended Oct. 24. Economists polled by MarketWatch had forecast a 770,000 reading. This is the fourth decline in the past five months.

Claims in the prior week were revised higher to 791,000 from 787,000.

Economists are concerned that rising coronavirus cases will lead people to stay home, and cause service industries to begin another round of layoffs. Adding to the sense of unease, Congress went home for the presidential election without passing addition coronavirus financial relief.

What are they saying? “We think initial claims are more likely to increase over the next month than to fall further,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

What are companies saying?

• Meal-kit provider Blue Apron Holdings Inc.
APRN,
-24.20%
posted slightly-better-than-expected results for the third-quarter but offered tepid guidance for the fourth quarter, despite rising demand for its products during the pandemic. Revenue rose to $112.3 million from $99.5 million. The FactSet consensus was for a loss per share of $1.25 and revenue of $112.0 million. The company has seen increased demand for its meal kits since March with more consumers cooking at home during the pandemic. But it has been challenged in expanding capacity by hiring and attendance issues. “As a result, the company has, from time to time, closed some weekly offering cycles early and delayed the launch of certain new products,” it said in a statement. Blue Apron is now expecting fourth-quarter sales to range from $108 million to $112 million, below the FactSet consensus of $116 million.

• Carnival Corp.’s
CCL,
+4.85%
 Germany-based AIDA Cruises will suspend cruises for the month of November, following new restrictions imposed by the country to limit the spread of COVID-19. AIDA said it “fully supports” the government’s moves. The suspension comes just a couple of weeks after AIDA restarted cruises on a phased-in basis.

• Dunkin Brands Group Inc.
DNKN,
+0.91%
posted third-quarter earnings that topped estimates as it achieved positive same-store sales during the pandemic. U.S. same-store sales rose 0.9%, while the FactSet consensus was for a decline of 3.8%. The company ended the quarter with $341 million of unrestricted cash in the U.S., excluding cash reserved for gift cards and advertising funds. “In response to changing consumer patterns, we moved quickly to adapt our menu, introducing new beverages and snacking items designed to appeal to both morning and afternoon traffic, as well as younger consumers,” Chief Executive Dave Hoffman said in a statement. “We also doubled down on digital, leveraging the strength of our assets to give customers an even faster, frictionless experience.” Same-store sales rose as average ticket increased and offset a drop in traffic caused by the pandemic.

See also: For Dunkin’, a takeover could be a chance to head out west

• DuPont de Nemours Inc.
DD,
+2.84%
swung to a third-quarter net loss, but reported an adjusted profit that beat and revenue that fell less than expectations and provided an upbeat full-year outlook. Sales fell 6.1% to $5.10 billion, with the pandemic negatively impacting key industrial markets, but was above the FactSet consensus of $5.01 billion. Among DuPont’s business segments, electronics and imaging sales rose 7%, while nutrition and biosciences sales fell 4%, transportation and industrial sales declined 14% and safety and construction sales dropped 6%. For 2020, the company expects adjusted EPS of $3.17 to $3.21, above the FactSet consensus of $3.03, and sales of $20.1 billion to $20.2 billion, which surrounded expectations of $20.12 billion.

• Kraft Heinz Co.
KHC,
+2.25%
reported third-quarter earnings that beat expectations and raised its guidance, benefiting from demand for at-home dining during the pandemic. Sales also benefited from higher pricing and fewer promotions. The company now expects mid-single-digit organic net sales growth for the fourth quarter and the full year. FactSet is guiding for fourth-quarter sales of $6.64 billion, suggesting a 1.6% increase, and full-year sales of $25.78 billion, implying 3.2% growth. Kraft Heinz also declared a dividend of 40 cents per share payable on Dec. 18 to shareholders of record as of Nov. 27.

• Molson Coors Beverage Co.
TAP,
+2.46%
reported a third-quarter adjusted profit that rose well above expectations, while revenue fell less than forecast amid challenges posed by the pandemic. Sales fell 3.1% to $2.75 billion, as on-premise restrictions related to the pandemic led to lower volumes, but beat expectations of $2.66 billion. The company said expansion of its hard seltzer production capacity by over 400% is expected to be completed by the end of 2020. The company said its Vizzy Hard Seltzer has risen to eighth on the Nielsen top-10 growth brands chart this year.

• Ralph Lauren Corp.
RL,
-7.29%
 reported fiscal second-quarter revenue that missed expectations, as it posted losses during the pandemic. Ralph Lauren announced the next step in its business transition, moving the Chaps brand to a fully-licensed business model. Effective Aug. 1, 2021, the company has entered into an agreement with 5 Star Apparel LLC, a division of Oved Group, which will produce and distribute Chaps men’s and women’s clothing. The move will reduce Ralph Lauren’s exposure to North American department store retailers, the company said. Ralph Lauren previously announced workforce reductions that will be complete by the end of fiscal 2021 and result in annualized pre-tax savings of $180 million to $200 million. Ralph Lauren did not provide guidance due to uncertainty from the coronavirus pandemic.

• Royal Caribbean Group
RCL,
+1.03%
 swung to a wider-than-expected loss, as most of the cruise operator’s operations remained suspended as a result of the COVID-19 pandemic. Passenger ticket revenue plunged to $3.2 million from $2.34 billion, missing the FactSet consensus of $10.9 million. Total revenue was negative $33.7 million after positive $3.19 billion, as onboard and other revenue swung to negative $36.9 million from positive $842.1 million. The company had liquidity of $3.7 billion as of Sept. 30, and said it raised $1.15 billion in additional liquidity in October. Royal continues to estimate monthly cash burn of $250 million to $290 million during a prolonged suspension of operations. “The Company continues to work with government and health authorities across the globe to address the unique public health challenges posed by COVID-19 and expects to restart its global cruise operation in a phased manner,” the company said in a statement.

• ServiceNow Inc.
NOW,
+3.59%,
the collaborative-software company posted fiscal third-quarter revenue that edged Wall Street estimates. Revenue soared 30% to $1.15 billion from $885.8 million a year ago. “We’re seeing digital transformation is accelerating because there is a redefining of working from home, amplifying the need to unify systems, silos, and processes into holistic enterprise workflows,” ServiceNow Chief Executive Bill McDermott told MarketWatch after the results were announced. ServiceNow raised full-year guidance after disclosing it has 1,012 customers with more than $1 million in annual contract value, up 25% year-over-year. That included 41 such transactions in the third quarter.

• Tapestry Inc.
TPR,
+5.35%
 the parent of the Coach, Kate Spade and Stuart Weitzman brand, posted better-than-expected earnings for its fiscal first quarter, despite the “unprecedented and challenging backdrop” of the pandemic. Sales fell to $1.17 billion from $1.36 billion, but were ahead of the FactSet consensus of $1.07 billion. “We drove a meaningful sequential improvement in topline trends, supported by strength in Digital and China,” Chief Executive Joanne Crevoiserat said in a statement. “At the same time, we expanded gross margin by deliberately reducing promotional activity and raising AUR, while also tightly controlling SG&A expense.” Sales at Coach fell 9% to $875 million, sales at Kate Spade fell 21% to $240 million, while sales at Stuart Weitzman fell 35% to $56 million. The company is not offering guidance because of the uncertainty caused by the pandemic.

• Tempur Sealy International Inc.
TPX,
+2.29%
shares rose after the mattress and bedding maker declared a four-for-1 stock split, said it planned to initiate a dividend and reported a third-quarter profit that was well above expectations. The stock split will go into effect in the fourth quarter of 2020 to make the shares “more accessible to new investors” and improve liquidity; the stock closed Wednesday at $86.90. The company also boosted its stock repurchase program by $170 million to $300 million. The company has withdrawn its full-year financial guidance given uncertainties related to the pandemic, but said it expects fourth-quarter sales growth in the low double digits percentage range, while the FactSet sales consensus of $937 million implies a 7.5% rise.

• Yum Brands Inc.
YUM,
+0.09%
reported third-quarter earnings and revenue that beat expectations during the pandemic. Digital sales reached a record $4 billion, up $1 billion from last year. Systemwide global same-store sales rose 1%, ahead of the FactSet consensus for a 4.1% decline. KFC same-store sales fell 4%, Pizza Hut was down 3% and Taco Bell increased 3%. Yum is now also the owner of Habit Burger Grill, which saw a 3% same-store sales decline for the quarter.