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Coronavirus update: U.S. death toll nears 216,000 as Midwest and Mountain West cases start to stretch hospital capacity

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The U.S. death toll from the coronavirus illness COVID-19 was heading for 216,000 on Wednesday, driven by a spike in new cases in the Midwest and Mountain West that are starting to fill hospital beds and squeeze health care systems.

In the last seven days, 16 states have added more new cases than at any other time since the start of the pandemic, according to the New York Times.

The Dakotas are reporting more new cases on a per capita basis than any state has so far into the outbreak, and in Wisconsin, which houses 10 of the nation’s top 20 metro areas with the highest rates of new cases, a field hospital is being erected at the state’s fairgrounds to add capacity.

States that appeared to have got the pandemic under control earlier this year, mostly in the Northeast, are also now seeing cases rising again.

The U.S. added 54,403 new cases on Tuesday, according to a New York Times tracker, and at least 826 people died. In the last week, the U.S. has seen an average of 52,141 cases a day, up 21% from the average two weeks ago.

Experts are concerned at the pace of new infection, coming as winter brings seasonal flu and encourages people to move back indoors. They are also concerned that President Donald Trump’s renewed campaigning — Trump held a rally in Pennsylvania late Tuesday — is sending the wrong message to Americans on the safety measures touted by his own health experts as many of his supporters are gathering closely without wearing face masks.

Dr. Stephen Sample, an emergency medicine Specialist in Jasper, Indiana, said on MSNBC that he is glad that Trump recovered from his recent COVID-19 diagnosis, “but this isn’t over for the vast majority of Americans. We’re not even close to being where we need to be, and he’s out at rallies and dancing around like he’s Superman.

“He’s just setting the worst example possible. I was hoping he would learn from his illness but clearly he’s learned nothing,” Sample told anchor Brian Williams.

Dont miss:New England Journal of Medicine says Trump should be voted out over pandemic management as U.S. death toll tops 212,000

The U.S. has 4% of the global population, but accounts for about 20% of global cases and more than 20% of global deaths, according to data aggregated by Johns Hopkins University. The data shows the U.S. has 7.9 million confirmed cases out of 38.2 million worldwide, and 215,955 deaths out of 1.09 million.

The Institute for Health Metrics and Evaluation, a research body based at the University of Washington, is predicting that the U.S. death toll will climb to 394,693 by February, based on current projection scenarios.

In other news:

• It’s not just the U.S. that is being engulfed by a fresh wave of new COVID-19 cases. Russia reported a record one-day high of 14,231 cases on Wednesday, pushing its total tally to 1.3 million, as Reuters reported. At least 239 Russians died in the last 24 hours, bringing the death toll to 23,205.

Don’t miss:MarketWatch’s vaccine tracker

• French President Emmanuel Macron will address the nation later Wednesday and is expected to announce tougher measures to contain the virus spread, amid concerns that intensive care units in Paris will be packed with COVID-19 patients as soon as next week. France is experiencing a steep rise in new infections, setting a record on Saturday when 26,896 new infections were identified, according to local media reports. Experts say a curfew is likely for the capital and other cities at risk of having their hospitals overwhelmed. France has had 798,257 confirmed cases of COVID-19, the Johns Hopkins data shows, and at least 32,982 French people have died.

• Iran reported a record 279 coronavirus deaths in the last 24 hours, according to the Guardian, its highest daily tally since February. Ministry spokeswoman Sima Sadat Lari told state TV that 4,830 new cases were identified in the past 24 hours, also a record that has pushed the total number of cases to 513,219. Iran’s health minister Saeed Namaki told state TV that five cities will have travel restrictions for the next three days, including capital Tehran.

• Crowds took to the streets in Liverpool late Tuesday, to dance, cheer, sing and hug ahead of strict new coronavirus restrictions that come into effect today, the Washington Post reported. The measures will close all pubs and ban socializing with other households. In social media videos, crowds of mostly young people could be seen gathering with few wearing masks, prompting fears the single event will lead to another wave of new cases.

Latest tallies

Johns Hopkins data show that 26.5 million people have recovered from COVID-19 since the start of the outbreak.

Brazil has the second highest death toll at 150,998 and is third by cases at 5.1 million. India is second in cases with 7.2 million, and third in deaths at 110,586.

See: Prepare for a ‘marathon’ and two years of wearing masks to battle COVID-19, says prominent Spanish virologist

Mexico has the fourth highest death toll at 84,420 and ninth highest case tally at 825,340. The U.K has 43,108 deaths, the highest in Europe and fifth highest in the world, and 637,708 cases.

Read: Second coronavirus wave could delay Europe’s recovery: ECB President Lagarde

China, where the illness was first reported late last year, has had 90,858 cases and 4,739 fatalities, according to its official numbers.

What’s the latest medical news?

Eli Lilly & Co.
US:LLY
confirmed that a data safety monitoring board has paused enrollment in a clinical study testing its experimental COVID-19 monoclonal antibody treatment in combination with Gilead Sciences Inc.’s
US:GILD
remdesivir, MarketWatch’s Jaimy Lee reported.

“Safety is of the utmost importance,” a company spokesperson said in an email.

The New York Times first reported that the trial had been paused due to safety concerns. The trial, which is sponsored by the National Institutes of Health, is testing Lilly’s monoclonal antibody treatment, LY-CoV555, in combination with remdesivir, an antiviral drug that has demonstrated that it can reduce recovery times in COVID-19 patients.

Read also:An experimental antibody treatment reduced viral load in some COVID-19 patients. That may also be a positive sign for vaccines

Lilly said last week that it had submitted a request for an emergency use authorization to the Food and Drug Administration for LY-CoV555 as a standalone treatment based on data from a separate trial evaluating the investigational therapy in patients with mild to moderate symptoms.

The pause is notable for two reasons. Lilly’s investigational antibody drug is similar to Regeneron Pharmaceuticals Inc.’s
US:REGN
 experimental antibody treatment that was prescribed to Trump. It is also the third major clinical trial in this pandemic to be paused for safety reasons, which experts say is a common occurrence but likely one being scrutinized given the lack of treatment or prevention options against the coronavirus.

Stat News reported Monday that Johnson & Johnson
US:JNJ
had paused its COVID-19 vaccine trial over an “unexplained illness,” and AstraZeneca
US:AZN

UK:AZN
 halted a trial for its vaccine candidate in September for the same reason.

What are companies saying?

• Asbury Automotive Inc.
US:ABG
expects third-quarter per-share earnings to range from $4.88 to $4.96. The Duluth, Georgia-based car retailer said it expects adjusted EPS, excluding a $24.7 million gain on a dealership divestiture, a $1.3 million acquisition-related cost and a $700,000 real estate-related charge, to range from $4.00 to $4.08, well ahead of the $3.26 FactSet consensus. The company expects its store gross profit to climb 6% to 7%. The company will release full earnings on Oct. 27 before market open.

• Bank of America Corp.
US:BAC
reported a third-quarter profit that topped expectations but revenue that fell shy. Total revenue declined 10.8% to $20.34 billion, missing the FactSet consensus of $20.8 billion, as the global markets, global banking and global wealth and investment management segments missed expectations during the pandemic, while consumer banking topped forecasts. Net interest income fell 16.9% to $10.13 billion, just shy of the FactSet consensus of $10.24 billion. Provision for credit losses increased to $1.39 billion from $779 million, but that was below expectations of $1.88 billion.

• Dave & Buster’s Entertainment Inc.
US:PLAY
offered a business update that showed continued comparable sales improvement, though September was still down 62% as the pandemic continues to weigh. Comparable sales for the second quarter were down 87%, and for the month of August, the decline was 75%. As of Oct. 4, Dave & Buster’s had reopened 98 of its 136 locations, and the company had opened one new location. September performance at the 81 comparable stores that Dave & Buster’s reopened was at an index of 65% versus 2019.

• Goldman Sachs Group Inc.
US:GS
reported a third-quarter profit that rose well above expectations and revenue that topped forecasts. Total revenue increased 29.5% to $10.78 billion, above the FactSet consensus of $9.38 billion, as annualized return on equity of 17.5% was the highest quarterly ROE since 2010. Investment banking revenue rose 7% to $1.97 billion to beat expectations of $1.85 billion, while global markets revenue rose 29% to $4.55 billion. Within global markets, equities revenue increased 10% to $2.05 billion to top expectations of $2.03 billion, while fixed income, currency and commodities (FICC) revenue grew 49% to $2.50 billion to beat expectations of $2.03 billion. “The operating environment continued to recover during the third quarter of 2020 from the impact of the COVID-19 pandemic earlier in the year as global economic activity significantly rebounded following a sharp decrease in the second quarter, market volatility declined modestly, and monetary and fiscal policy remained accommodative,” Goldman said in a statement.

•Restaurant Brands International Inc.
US:QSR
will offer $1 billion in 4.00% second lien senior secured notes due 2030, joining the many companies issuing record levels of debt during the pandemic. The company will use the proceeds along with cash on hand to refinance debt. This latest senior debt will be in addition to $1.4 billion issued as of Oct. 5 and due in 2030. Restaurant Brands has $12.3 billion in long-term debt, according to its latest 10Q filing. Restaurant Brands’ lineup includes Burger King, Popeyes Louisiana Kitchen and Tim Hortons.

• Six Flags Entertainment Corp.
US:SIX
 is “committed” to cut its full-time workforce by about 240 employees, or 10%, as it sees attendance in its amusement parks dwindle during the pandemic and end of the summer. Six Flags is offering affected employees severance pay as well as “outplacement services,” the company said in a filing. It expects to incur severance-related costs of around $1.5 million in the third quarter and about $3 million in the fourth quarter.

• United Natural Foods Inc.
US:UNFI
is planning to offer $400 million in eight-year bonds, joining the many companies raising record amounts of capital during the pandemic. The parent of brands, including Albert’s, Tony’s Fine Foods and Woodstock Farms, said proceeds will be used to repay a portion of its term loan facility.

• Wells Fargo & Co.
US:WFC
reported a third-quarter profit that was less than half what it was last year and was below expectations, while revenue topped forecasts. Net interest margin fell to 2.13% from 2.66%, just below expectations of 2.19%. Provision for credit losses was $556 million, down from $608 million a year ago and down from $3.38 billion in the second quarter, while the FactSet consensus was $1.79 billion. “Our top priority continues to be the implementation of our risk, control, and regulatory work, but we are also taking targeted actions to improve the experience for our customers, clients, communities and employees,” said Chief Executive Charlie Scharf. “As we look forward, the trajectory of the economic recovery remains unclear as the negative impact of COVID continues and further fiscal stimulus is uncertain, but we remain strong with our capital and liquidity levels well above regulatory minimums.”

•Xenia Hotels & Resorts Inc.
US:XHR
offered an update of its business during the pandemic, while also announcing new amendments to some of its borrowing and unveiling a $150 million five-year bond deal. The Orlando, Fla.-based REIT said 37 of its 38 hotels and resorts are open, after being closed during the pandemic, and it is continuing to review the timing of reopening its Hyatt Regency Portland at the Oregon Convention Center. The company’s revenue per available room is expected to come to $48.41 for all properties that were operating for some or all of the third quarter. The company entered further amendments on its corporate credit facilities and has increased commitments among other changes. The company is expecting to have about $450 million of liquidity once a proposed debt financing and debt payoff are completed, not including proceeds from the sale of the Marriott Napa Valley Hotel & Spa which is expected to close before the end of October. Separately, it announced plans to offer $150 million of 6.375% notes that mature in 2025.

Read also:Abbott exec: Why better COVID-19 tests may help the U.S. get back to normal



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Video: Why Mike Novogratz sees bitcoin reaching $500,000 by 2024

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Galaxy Digital’s Mike Novogratz explains the outlook for crypto as Coinbase goes public.





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My fiancée’s mother asked us to raise her 2 kids, as we live in a good school district and she has a gambling addiction — then she claimed their stimulus checks

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Dear Quentin,

Last year, in February, my fiancée’s stepfather passed away. After his passing, my fiancée’s mother asked both her and me to raise her younger sons, as we had recently purchased a new home, have degrees and will be able to provide a great area for their education, such as help with homework and the ability to communicate with their schools or doctors. My fiancée’s mother cannot read, write or speak English, and she has an addiction to gambling at casinos.

COVID-19 hit soon afterward. We both were let go from our jobs, and are making it by with unemployment and savings.

With that said, in March of this year, we filed taxes and my fiancée claimed both of her brothers since they had lived with us for almost nine months of last year. We received both of their stimulus payments a few days later. About three weeks later, we found out that my fiancée’s mother had also received the stimulus payments, even though she is adamant that she did not claim her children this year.

Upon seeing the money, I advised her to leave the money as the Internal Revenue Service may eventually ask for it back. Her new boyfriend then quickly told her to withdraw it anyway. They’ll deal with it later if the IRS asks for it, he said.

My question is: Will this situation hurt my fiancée and me in any way? I fear that the IRS may find out sooner or later about the error and seek the money from us, as her mother may have already gambled away that stimulus money, and make us pay for it even though we are using it as it was intended: for bills and necessities.

Fiancé

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com.

Dear Fiancé,

You are correct. The IRS will eventually ask for that money back, and it will likely do so by deducting the money from a future tax refund. You are also correct that your de facto mother-in-law should not spend the money. I take my hat off to you for raising these two children, and giving them a stable home and the head start in life that they deserve.

Many people in such a situation would write complaining about how they did X, Y and Z, and their in-laws were ungrateful. But you have taken the high road, knowing that these shenanigans are between you two and your fiancée’s mother, and do not involve your girlfriend’s two younger siblings. I am glad that you have not involved them in this somewhat messy situation.

You, of course, have done the right thing. The Moneyist column has dealt with dependents who claimed the stimulus, and parents who are not guardians of their children collecting it. The $1,400 economic stimulus payment, as you are aware, is not a loan. This third stimulus check is an advance tax credit on your 2021 taxes, and calculated based on your 2020 taxes.

If the IRS does not know who is telling the truth here, it will audit both parties. The truth will come to light eventually, and your fiancée’s mother and her boyfriend should be made aware that you are not in a position to help bail them out of this situation. They have knowingly walked into it, and there should be a clear boundary between helping her children and being a facilitator to this malfeasance.

The IRS has extensive guidance on what to do when someone fraudulently claims your dependent. “If you determine the other person was not eligible to claim your dependent, you’ll need to take steps to protect your right to claim the dependent and ensure an accurate filing,” it says. You have everything you need to know in order to take proactive steps here.

I leave that for you to decide.

The Moneyist: ‘I cut his hair because he won’t pay for a haircut’: My multimillionaire husband is 90. I’ve looked after him for 41 years, but he won’t help my son

Hello there, MarketWatchers. Check out the Moneyist private Facebook
US:FB
 group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.



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I’m on track to retire at 58. My fiancée is in debt and drives my old car, and I support her family. How do I ensure my son inherits my wealth after I die?

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Dear Quentin,

I have dated my fiancée for just over three years. Within those three years, I have been severed from a job and spent two years unemployed looking for a new job. I have a new job, making roughly 75% of what I previously made, but it is a more than livable salary. My fiancée makes a modest salary in comparison to my own.

Financially, I had spent a lot of years going without in order to pay for my son’s college education and to stockpile savings in order to retire early. According to my financial planner, I am well ahead of my goal to retire at 58 (I’m 51 currently) with an IRA of around $2 million, plus savings and other liquid assets.

Currently, my fiancée is trying to get herself out of debt. She drives my old car and shares no utility bills or mortgage payments, but she does buy groceries, as the household is made up of her, her children and me. By supporting her family, I have very little I can do for my own son.

It has always been tradition in my family to leave an inheritance. I had planned on leaving my only son a rather large inheritance so that he may better himself and his family. My fiancée has children, and my concern is that if I am married (I live in Texas), the savings I have would go to her and subsequently her children, bypassing my son.

Since I am 10 years older than my fiancée, I suspect she may outlive me. How do I protect my assets so that they can be split as part of my wishes?

Nervous Fiancé and Father

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com.

Want to read more? Follow Quentin Fottrell on Twitterand read more of his columns here.

Dear F & F,

Texas is a community-property state, so what you bring into the marriage, you also take out of the marriage. Assets accrued during the marriage, with the exception of inheritance, are deemed marital or community property.

You have several options, including setting up a living trust to allow you to transfer your wealth to your son during your lifetime, and thereby avoiding going through probate, which can be an unpredictable, cumbersome and public process.

You have two choices of trust: revocable or irrevocable. The first can be changed. You could retitle financial accounts in your son’s name. The latter cannot be changed, and also serves to save on estate taxes. It’s typically used to leave assets to children and grandchildren.

Other routes: a prenuptial agreement, a will (obviously) and naming your son as your beneficiary on your life-insurance policy. With the help of an estate planner, you can devise ways to ensure your son is taken care of after you’re gone, and your future wife is not left out.

In the meantime, ensure you keep separate property separate. If you deposit an inheritance in a joint bank account, for instance, it becomes marital property. If your fiancée contributes to the renovation of a home in your name, it again becomes community property.

Speak to your fiancée about your concerns and goals. It’s important to be transparent and ensure that you and she are on the same page, and share the same financial expectations. You may also want to wait until your wife pays her debts before marrying.

Hello there, MarketWatchers. Check out the Moneyist private Facebook
US:FB
 group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.





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