In the nationwide battle against coronavirus, some states have decided against accurate reporting. Reporting accurately is necessary to understand where breakouts are occurring so that steps can be taken to identify sources and help prevent exposure to even larger groups. The CDC requires that states not only report confirmed cases but also probable cases.
A probable case is one where there are symptoms that indicate that coronavirus may be present but it had not been confirmed yet. This is seen as a problem because 26 states are seeing a rise in the number of cases and it is especially seen in those states that have opened early. It is believed that at least 28 states are not reporting accurately, including New York, California, and Texas.
New York City Opening
Although most other places have been released from their shutdowns, New York City has not yet had the luxury. They have been under lockdown for three months. On Monday, they entered phase 1 of their governor’s 4-phase release. The city started running more buses and trains and they expect that about 400,000 people would return to work. While many businesses are not allowed yet to open, most will be glad they are headed in the right direction. Because of the more than 20,000 deaths that have occurred in the city during the pandemic, much testing will be done to watch for resurgences of the coronavirus.
NASDAQ Hits Record Highs
NASDAQ briefly hit record highs on Tuesday reaching over 10,000 for the first time before settling down to 9,953.75 – a gain of 0.29%. Apple helped boost the market after its shares increased by 4%, enabling the company to reach a new record. This boost was caused by an announcement that it will start using its own chips in Mac computers. Amazon also helped NASDAQ reach new heights by gaining almost 3% in its shares, also reaching new heights.
Nikola Motor Company Becomes Most Valued Truck Company
The Nikola Motor Company has become the one most valued. The new company offered an IPO just last week and it produced unexpected results – making it the most valuable, now has a market value of over $30 billion. The founder of the company, Trevor Milton, is offering its first Nikola truck called “Badger” near the end of June. Although the company is also making a medium and heavy-duty truck, it will not be made until 2021 and 2023.
President Trump Orders New Icebreakers and Bases for Oil Exploration
President Trump wants to expand our Arctic and Antarctic resource exploration to be able to protect U.S. interests. Other countries are already getting oil and other resources from those territories. In order to get started, President Trump has ordered three heavy icebreakers and four bases built – by 2029. The bases are for support and possible locations are to be submitted to him in 60 days. The move will enable the U.S. to start drawing resources from the areas to compete with Russia and China who are already there.
Bad News from the Airlines
The drop in airline traffic during the pandemic has taken a huge toll on the airline industry. The industry expects losses to be about $84 billion by the end of the year. Even though they were given $25 billion in aid recently, they still are not getting enough income to stabilize the industry. Loan terms state that the airlines that take the money cannot reduce salaries or lay off employees until September 30. Because of the low-profit margins, three major airlines – American, Delta, and United are offering their employees a choice between voluntary separation or risk that they will be laid off come October 1st.
Many of the airline bosses do not predict that air travel will increase enough to save the day. Although they do expect the airlines to recover, they do not think it will occur soon.