As the New York death toll surged to its highest one-day total on Tuesday, Gov. Andrew Cuomo projected that the state is reaching a plateau in coronavirus hospitalizations due to strict social distancing measures.

The big picture: Daily ICU admissions, intubations and the three-day hospitalization rate have all decreased, Cuomo said Tuesday. The daily death toll jumped to 731, totaling 5,489 — the "largest single-day increase" — but Cuomo cautioned that number of deaths is a "lagging indicator" due to the length that most critical patients are in the hospital for.

Cuomo press conference

What he's saying:

"We talk about the apex and is the apex a plateau, and right now we're projecting that we are reaching a plateau in the total number of hospitalizations. You can see the growth and you see it's starting to flatten. Again, this is a projection. It still depends on what we do, and what we do will affect those numbers. This is not an act of God that we're looking at. It's an act of what society actually does."
— Gov Cuomo

By the numbers: New York has more than 130,000 confirmed cases of coronavirus. At least 3,202 people have been killed by the virus in New York City, officially topping the death toll from 9/11, according to AP.

  • "Behind every one of those numbers is an individual, is a family, is a mother, is father, is a sister, is a brother. So a lot of pain again today for many New Yorkers," Cuomo said.

The big picture: Cuomo said that re-opening New York and returning people to work is "going to come down to testing." New York's Department of Health has approved an "antibody testing regimen" that tests blood to determine whether or not someone has previously had the virus and is no longer contagious.

  • Cuomo said that both the antibody tests and 15-minute rapid diagnosis tests must be "brought to scale" in order for them to make a difference.

Go deeper

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

Data:; 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.