Coronavirus Update, March 02: Here's What You Need To Know Today

There are more cases of the novel coronavirus being reported in the U.S. and across the world, but stock market futures indicate a small rally Monday when markets open. Any rally would be welcome after the massive market rout last week that wiped out trillions in investor wealth. And Goldman Sachs analysts are predicting aggressive rate action by the Fed to shore up the economy weighed down by COVID-19 fears.

But the bad news continues to pour in: the global death toll from the virus is now above 3,000. COVID-19 has infected more than 88,000 people across the world and spread to more than 60 countries so far.

The full scale of the economic impact of the virus is still not clear, but one industry that will be affected immediately is the travel industry. The industry has taken a battering with several countries banning flights and travel to regions with rising infections.

Business travel has also been severely impacted by several major business gatherings that have been canceled, like the Mobile World Congress in Barcelona, the Geneva Motor Show, Facebook's F8 conference, and the ITB Berlin. That is on top of the sharp decline in business travel to China.

Several industries with supply chains in China will get impacted as the virus' spread continues, it is feared. And this could include the pharmaceutical industry which is a key component in the fight against COVID-19.

Virus continues race across globe: China, the epicenter of the virus, reported 202 infections and 40 deaths Monday; most of those infections were in the Hubei province. The Chinese authorities seem to be finally getting a grip on the virus but it remains to be seen how long before it can be fully defeated.

Additionally, China's record in data manipulation leaves the fear that the extent of the impact from the virus would be far greater than what is officially reported.

South Korea, one of the major disease clusters outside of China, reported 500 new infections. The country's government warned of a "critical moment" in the battle against the virus and urged citizens to stay indoors. The total number of infections in the country is now above 4,200.

In Iran, another global hotspot, the disease continues to spread but the lack of credible figures gives a murky picture of the extent of the virus' reach. A top adviser to Supreme Leader Ayatollah Ali Khamenei has died, and multiple reports have said the country's top leadership, including the vice president and deputy health minister, are already infected.

Iran said 11 more people died from the coronavirus, bringing its death toll to 54 - the most outside China. The country's leadership, busy with the parliamentary elections, seems to have given less than enough attention to the danger the virus posed -- at least in the initial days.

CNBC quoted Asif Shuja from the National University of Singapore’s Middle East Institute as saying that Iran had reported deaths on the same day as its first infections, indicating a cover-up by the government. “Iran is at the crossroads of (the) Middle East,” Shuja told CNBC. “It is going to be a very big threat for the entire region, and the region must think about it very carefully.”

Italy, the third global hotspot outside of China, has so far reported more than 1,000 coronavirus cases and 29 deaths. American Airlines is suspending flights to Milan.

In Japan, the virus was already negatively impacting the economy, with auto sales down 10% in February, Reuters reported.

Indonesia reported its first two cases, after -- surprisingly -- reporting zero infections until now.

U.S. infections rise: The U.S. reported two deaths, both in Washington state. The U.S. has at least 89 confirmed cases of the virus, according to counts by the Centers for Disease Control and Prevention and state and local health authorities.

The first COVID-19 cases were reported in Florida and New York on Sunday while officials in Washington state confirmed the second U.S. death from the outbreak. The New York patient is a woman in her late 30s, who contracted the virus while traveling in Iran and is currently isolated in her home, New York Gov. Andrew Cuomo said.

Officials in King County, Washington, confirmed the second U.S. coronavirus death was a male patient in his 70s with underlying health conditions. He was hospitalized at Evergreen Health in Kirkland and died Saturday, according to a King County Public Health news release.

The New York case was one of several reported Sunday. Two new presumptive positive cases were identified in Florida, according to a press release from the Florida Department of Health. These are the first cases in the state of Florida.

Seven more cases were reported in Washington state, bringing the total to 13. Three have been reported in Snohomish County and 10 have been reported in King County, including the two deaths.