Top White House economic adviser Larry Kudlow desperately tried to calm Wall Street’s fears over a second wave of coronavirus cases on Fox & Friends Friday morning after a nearly 700-point drop in the stock market on Thursday.

“Look, I’m not the health expert, but on the so-called spike I spoke to our health experts at some length last evening. They’re saying there is no second spike,” Kudlow claimed. “Let me repeat that, there is no second spike.” After explaining that in “certain spots” there may be a “little bit of a jump up” in cases, Kudlow said, explicitly reiterated his desire to “calm fears.”

“Again, I’m not the health expert,” Kudlow repeated. “Nonetheless, there is no emergency, there is no second wave. I don’t know where that got started on Wall Street.”

The Dow futures ticked up as Kudlow was speaking and stocks did rally somewhat when the market opened. And yet as of Friday, nearly half of the country was experiencing a new wave of COVID-19 infections, despite Kudlow’s denial. Even the Trump administration itself warned this week of a rise in cases tied to the massive anti-police brutality protests.