The number of newly confirmed cases in the United States has risen sharply

(1) the Delta variant

As of press time, WorlsMeter real-time data showed 214 million confirmed cases and 4.47 million deaths worldwide.

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The number of newly confirmed/hospitalized cases in the United States has risen sharply

The highly contagious variant of Delta continued to spread at a rapid rate, with daily confirmed cases rising to 655,000 globally in seven days. In the US, the seven-day average of confirmed cases has soared to more than 150,000, up 29 per cent from two weeks ago and the highest level since January 29. Meanwhile, the daily number of deaths rose to 1,057, the highest since March 24. The average daily number of hospitalizations was 93,000, up 39 percent from two weeks ago and the highest since Feb. 6.

Meanwhile, in the Asia-Pacific region, China (CHN), Japan (JPN), Australia (AUS) and New Zealand (NZL) have all tightened restrictions to contain the spread of the disease. In Europe, the epidemic situation has not significantly improved.

Despite the apparent lack of support from daily new cases, Wall Street is willing to believe that this delta-driven new wave has peaked.

>> The 10-year Treasury yield has continued to rise in recent days and spiked Wednesday, sending a strong signal that the new round of case growth driven by the Delta variant may have peaked, said Jim Paulsen, chief investment strategist at Leuthold Group.

"We're starting to see some decoupling from the new wave," said Dan Skelly, head of market research at Morgan Stanley. "But we do expect concerns to subside in the coming weeks."

Approval of a new vaccine in the United States could boost back-to-office programs and increase vaccination rates to boost consumer activity.

"The approval of new vaccines in the US means more companies will require vaccinations before they can return to the office, which could push the vaccination rate even higher, which is expected to approach 75 percent," said Peter Cardillo, chief market economist at Spartan Capital Securities.

"The prospect of higher vaccination rates and signs of a slowdown in the rate of new cases has improved investor sentiment," said Samir Samana, senior global markets strategist at Wells Fargo.

Some investors remain cautious as the worsening situation in the asia-pacific region, the export hub, will exacerbate supply chain disruptions and curb recovery.

Sarah Johnson, executive director of IHS Markit, said: "Outbreaks in the Asia-Pacific region have led to new restrictions disrupting production and trade in a region that accounts for 37% of global merchandise exports. This poses a threat to the economic recovery in the region as well as in Europe and the United States."

"Sentiment changes very quickly," said Yang Junrong, market strategist at IG Group. Some investors are staying on the sidelines as the risk of the pandemic remains."

Overall, although the epidemic remains one of the major risks, the possibility of strict containment is low and the economic recovery will continue, which will support corporate earnings growth and the risks will be more balanced.

>> Lauren Goodwin, economist at New York Life Investments, said: "The Delta variant remains the main risk factor for growth and the Fed's timetable for policy normalization, and the best case scenario is that it does not derail the recovery but slows it down. Consumers have learned to live with the virus, and now high vaccination rates in the United States and the approval of new vaccines make it politically more difficult to impose strict restrictions. As long as earnings momentum continues to strengthen, the market can continue to move higher. That said, market risk is becoming more balanced as the cycle continues to move forward."

_By CDC