Illustration: Aïda Amer/Axios

There are now a lot of known knowns about the coronavirus: It's here, it's spreading, it's stressing hospitals, it's crippling the economy, it's slowed only by distance and isolation — and it's sure to get much worse before it gets much better. 

Why it matters: Similarly, there is a sameness to the patterns and known unknowns. So now we hit the maddening stage of waiting.

  • We wait and watch Wuhan and China to see if life really does return to normal once the virus is contained. The global economy hinges on this light at the end of the tunnel. 
  • We wait and watch Italy to see when its daily death rate peaks, plateaus and then plunges. This will give us a sense of how long highly concentrated outbreaks elsewhere might last. 
  • We wait to see when New York hits its apex (two to three weeks, experts say) and watch how bad it gets. We also watch New Orleans and Detroit to see if New York is an early indicator or an anomaly. 
  • We wait for widespread testing to be a reality so we can find out if the virus has spread far beyond our fears. 
  • We wait to see if Dr. Anthony Fauci's projection of 100,000 to 200,000 potential U.S. deaths is accurate — and, if so, how the media, public and markets might react to multiple days with death tolls beyond the nearly 3,000 lost on 9/11. 
  • We wait to see Trump's next move in his itch to "reopen America" after his extension Sunday of social-distancing guidelines through April 30. Does he continue to listen to his scientists, or eventually side with advisers who fear economic disaster if America stays home too long?
  • We wait and watch as drug companies race for a cure, which industry insiders say won’t happen at scale until 2021. We wait to see the consequences of using experimental medications to slow or salve. 

The big picture: This waiting period will expose whether coronavirus was an awful three months we will never forget — or a once-in-a-lifetime disruption and destroyer of life.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Go deeper

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.

2 hours ago - Technology

Dark clouds envelop feel-good Pinterest

Illustration: Eniola Odetunde/Axios

Pinterest set out to be a bright spot in cutthroat Silicon Valley, but now stands to see its reputation forever tarnished by allegations of mistreatment and a toxic culture by women who held senior roles at the company.

Why it matters: Even a company known for progressive policy decisions and successfully combatting hateful and otherwise problematic content isn't immune to the systemic problems that have plagued many tech companies.