Stocks had their worst day since March when confirmed coronavirus cases in the US peaked at two million and the virus is starting to spread faster in some states that are aggressively reopening their economies, such as Texas, Arizona, North Carolina and others. New York allows 5 regions to open more businesses as the virus subsides in the state, while Nashville has delayed the move to the next phase of its reopening process as cases increase there.
Biotech company Regeneron announced that it has begun testing its potential coronavirus drug on humans to evaluate if it can effectively treat and even prevent Covid-1
This is CNBC’s live blog that covers all the latest news coronavirus outbreak. This blog will be updated all day when news breaks.
- Global cases: More than 7.4 million
- Global deaths: At least 417 174
- US cases: More than 2 million
- American deaths: At least 112,924
The above information was compiled by Johns Hopkins University.
Arizona cases almost double since Memorial Day as the state approaches hospital capacity
7:30 p.m. ET – The Arizona Department of Health Services reported an additional 1,412 new cases, giving the state’s total data at 31,264. The number of cases has risen by nearly 300% since May 1 and has roughly doubled since Memorial Day, according to historical data from Johns Hopkins University by CNBC. The state’s 7-day average of daily new cases as of Wednesday was 1,071. One week ago, the state averaged 720 new cases, according to Hopkins data.
While testing has increased in recent weeks, which can cause a stir in new cases, the proportion of positive tests has also increased in recent weeks. Arizona hospitals reported they had 84% capacity on Wednesday, but Gov. Doug Ducey later said the state has additional surge capacity available if needed.
“All of these trends are gathering to point out that it’s more than just testing and really because of a widespread spread in the community,” Dr. Farshad Marvasti, University of Arizona College of Medicine director of public health and prevention, told CNBC’s “Power Lunch” on Thursday. –William Feuer
Houston may need to re-implement coronavirus restrictions
COVID unit nurse Anita Pedy (left) and medical student volunteer Alan Araiza (right) check the bruises on the back of COVID patient Melquiades Cervantes. In Houston, Texas.
Carolyn Cole | Los Angeles Times via Getty Images
6:30 p.m. ET – Houston risks having to “backtrack” in its reopening measures, according to Harris County Judge Lina Hidalgo.
“This week, the Covid-19 general hospital population in Harris County was the highest it has ever been,” Hidalgo said at a news conference. “It’s gotten worse every day.”
She said the city and county are facing a “significant” threat and that increases in hospital admissions have raised concerns that Houston has reopened too soon. If things get worse, she said Houston may have to resort to using NRG Stadium as a medical shelter. —Hannah Miller
Georgia raises additional restrictions on coronavirus
Rapper Skooly plays during Skooly’s “Nobody Likes Me” parking concert after more than two months of a coronavirus pandemic lockdown at the Murphy Park Fairgrounds on June 06, 2020 in Atlanta, Georgia.
Marcus Ingram | Getty Images
5:50 pm ET – Georgia government Brian Kemp signed an executive order that lifted certain coronavirus restrictions.
Residents who are 65 years and older are no longer required to protect on the spot unless they have certain health conditions or live in a health care facility. The state will also raise capacity limits for restaurants and dining rooms and allow bars to host up to 50 people as of June 16. Live performance venues can also be reopened on July 1. –Hannah Miller
New York City’s signed real estate contract will fall by 87 percent in May 2020
17:20 ET – CNBC’s Robert Frank reports on how the New York City real estate market is affected by the coronavirus pandemic and what the forecast looks like.
George Floyd protests highlight differences in health care for black Americans
A man offers free masks to people during a police brutality protest on June 6, 2020 in Atlanta, Georgia. This is the 12th day of protests since George Floyd died in Minneapolis police on May 25.
Elijah Nouvelage | Getty Images
4:38 p.m. ET – Protests in response to the George Floyd police killings have drawn greater attention to the differences in health care that black people face in the U.S.
Although black Americans make up only about 13% of the US population, they account for 23% of all coronavirus deaths as of June 3, according to the Centers for Disease Control and Prevention.
This lethal outcome stems from complex factors linked to centuries of slavery followed by further discrimination in the U.S., CNBC’s Noah Higgins-Dunn, William Feur, Berkeley Lovelace Jr. and Jasmine Kim.
Black Americans are more likely to suffer from underlying health conditions, lack health insurance and hold important jobs that are usually lower paying and involve direct exposure to the public in the midst of the pandemic. —Hannah Miller
Dow loses almost 7% in the midst of fear of the second wave
4:26 p.m. ET – Shares fall most since March, when the number of coronavirus cases rises in a number of states that are reopening companies, raising concerns that a second wave of outbreaks could lead to renewed shutdowns.
The Dow Jones industrial average fell 1,861.82 points or 6.9% to close at 25,128.17; The S&P 500 fell 5.9% to 3,002.10; and the Nasdaq Composite tumbled 5.3% to end at 9,492.73. It was the worst day for all three indices since March 16, when all fell more than 11% when the pandemic began to hit the United States.
“You see psychology in the market getting tested again today” when traders weigh the latest uptake in coronavirus hospitalizations and a bleak view from the US Central Bank, says Dan Deming, CEO of KKM Financial. “The feeling is perhaps that the market came before itself, which makes sense given that we have come so far so quickly.” —Spencer Kimball, Fred Imbert, Yun Li
The Nashville mayor delays the next step of the reopening after a fall occurs
An employee wearing rubber gloves and a mask greets patrons at Puckett’s Grocery & Restaurant on April 27, 2020 in Franklin, Tennessee.
Jason Kempin | Getty Images
3:06 p.m. ET – Nashville Mayor John Cooper said he intends to slow the city’s next resumption phase after reporting a “somewhat high” average in Covid-19 cases over the past two weeks.
Nashville’s local health department reported a total of 6,627 confirmed Covid-19 cases on Thursday, an increase of 56 cases since Wednesday.
“As of today, the majority of our public health practices are satisfactory. But our 14-day new fall average remains somewhat elevated, causing us to stay in phase two of our roadmap for resuming Nashville,” Cooper said in a press release.
Nashville is currently in phase two of its reopening plan, which allows restaurants and stores to operate at 75% capacity, but bars must remain closed.
The next phase of the city’s reopening plan would allow restaurants and shops to work at full capacity and bars, clubs, karaoke bars, tours, live entertainment and “transportaining” companies operate at 50% capacity. – Noah Higgins-Dunn
Here is what may be in the next stimulus round
2:38 p.m. ET – If you are anxious for more financial support from the government, you may have to wait.
Congress is prepared to consider another round of stimulus legislation. But it may not be until later next month.
Treasury Secretary Steve Mnuchin this week talked about the areas that the government can focus its next efforts to boost the US economy.
“I definitely think we will need more bipartisan legislation to put more money into the economy,” Mnuchin told the US Senate Committee on Small Business and Enterprise.
“We don’t want to rush into it because we both want to be careful when we see how money is in the economy,” Mnuchin said.
Further efforts may focus on unemployment benefits and direct support to individuals, Mnuchin said. Options available on the table include either multiple one-off stimulus payments or reimbursement bonuses. —Lorie Konish
5 New York regions to open more businesses
Source: New York State
1:42 p.m. ET – More companies will be allowed to open again in five central and central New York regions on Friday, statesman Andrew Cuomo announced.
The North Country, Mohawk Valley, Southern Tier, Finger Lakes and Central New York regions will move to phase three of the reopening, allowing restaurants to reopen for indoor food with 50% capacity and personal care facilities such as spas to re-open also with 50% capacity.
The decision comes when the virus subsides in New York, once the center of the country’s outbreak, but increases the speed of some other states that were among the first and most aggressive to reopen, such as Texas, Arizona and North Carolina.
“We’re the exception. So far, we’re the exception. And it can change and it can change overnight,” Cuomo said Thursday. “It’s the same story. ‘We want to open again, we want to open again. It’s good, it’s good, it’s good.’ No, it’s good until it’s not good. ” – Will fire, Noah Higgins-Dunn
Delta CEO says that all employees will be tested for viruses, antibodies
1:26 p.m. ET – Delta CEO Ed Bastian said in a memo Thursday that all employees will be tested for coronavirus and antibodies. The announcement comes when Delta and other airlines start adding summer flights when passengers begin to return.
Bastian said Delta is collaborating with Mayo Clinic and Quest Diagnostics to facilitate testing. The program will begin in Minneapolis, Atlanta, Detroit and New York beginning next week and will then develop into a company-wide testing protocol.
The company also announced the establishment of the Delta Global Cleanility organization, which will review Delta’s standards and policies to ensure that customers and employees are safe. –Alex Harring
Ryanair rejects Britain’s guidance for passengers to check out all baggage
Ryanair aircraft seen at Dublin Airport following the outbreak of coronavirus disease (COVID-19), Dublin, Ireland, May 1, 2020.
Jason Cairnduff | Reuters
1:02 p.m. ET – Irish budget airline Ryanair said it will not follow the new UK government guidance recommending passengers to check all baggage.
Instead, Ryanair will ask passengers to minimize check-in luggage, according to Reuters.
The guideline for baggage from the UK Department of Transport is intended to reduce the spread of Covid-19. The agency also recommends that people wear face masks at airports and on airplanes.
Ryanair rejected the check-in guidelines and said cabin bags are only handled by the passenger, limiting the risk of physical contact with others, Reuters reported.
Flight in and out of the UK has declined since the coronavirus pandemic due to new British rules for international quarantine arrivals for 14 days.
“We are taking the necessary steps to ensure that a framework exists for the aviation industry to bounce back,” Transport Minister Grant Shapps said in a statement. —Suzanne Blake, Reuters
Mortgage rates hit a new record low
12:34 p.m. ET – Mortgage interest rates hit record lows among concerns over a second wave of the corona virus, which has helped drive market sales.
Although interest rates rose last week, the 30-year fixed rate now rises by 2.97%, reports CNBC’s Diana Olick.
Low mortgage rates have led to a rapid recovery in the housing market and mortgage applications for housing purchases increased by 13% per year last week, according to data from the Mortgage Bankers Association. —Hannah Miller
Mnuchin warns against shutting down the economy for the second wave
Noon ET – Treasury Secretary Steven Mnuchin warns against introducing lockdowns even when states such as Texas report corona virus hospital admissions when companies reopen.
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you will create more damage,” Mnuchin said in an interview with CNBC’s Jim Cramer on “Squawk on the Street.” .
“And not just financial damage, but there are other areas and we’ve talked about this: medical problems and everything else being put in place,” he added. “I think it was very careful what the president did, but I think we learned a lot.” – Spencer Kimball
The White House’s coronavirus stimulus language plan in late July
11:18 p.m. ET – The White House will not discuss a fourth coronavirus stimulus package until late July, when Congress returns from recess, CNBC’s Kayla Tausche reports.
Both the Senate and the House of Representatives will return to Washington on July 21, which is ten days before programs under the CARES Act, including increased unemployment insurance payments, expire. The Trump administration estimates that more than half of the funds from the last three stimulus packages have not been used.
A breakdown from the Office of Management and Budget found that only $ 22 billion of the $ 500 billion designated for the Treasury Department for business loans has been used. When formulating a future stimulus proposal, Republican leaders and the administration do not yet have a consistent stance on what should be included, but many want to provide liability protection to companies that reopen. –Suzanne Blake
Dow crashes more than 900 points on concern for the second coronavirus wave
9:33 am ET – Shares fell sharply at the open as coronavirus cases increased in some states reopening from lockdowns, reports CNBC’s Fred Imbert and Yun Li. The Dow Jones Industrial Average traded more than 900 points lower, or over 3%. The S&P 500 slipped 2.5% while the Nasdaq Composite slipped 2.1%. —Melodie Warner
Alitalia resumes international flights from Milan in July
9:23 p.m. ET – Alitalia plans to resume international flights from Milan next month, according to a Reuters report.
The Italian carrier plans to operate 52 routes to 37 airports – including 19 in Italy and 18 abroad – about 60% more flights compared to June. The seat offered in July will grow by 60% compared to the previous month, Reuters reported. —Melodie Warner
Modern launches coronavirus vaccine study in July
8:58 am ET – Moderna will launch a 30,000-person trial with its coronavirus vaccine in July, the company told Reuters. The trial comes as the biotechnology company enters the final stage for testing the potential coronavirus vaccine.
Moderna chose a dose of 100 micrograms of the vaccine for the study, for which the primary goal would be to prevent symptomatic Covid-19. The secondary goal is to prevent serious illness, as defined by people admitted to hospitals.
The company aims to deliver approximately 500 million – and potentially up to 1 billion – doses per year as of 2021, Reuters reported. —Alex Harring
Pace of U.S. Weekly unemployment claims continue to decline
8:48 am ET – The pace of unemployment claims slowed for the 10th straight week as the US job market continued its recovery from the coronavirus pandemic, reports CNBC’s Jeff Cox.
The Department of Labor figures showed that the initial claims amounted to 1.54 million, compared to the 1.6 million expected from economists surveyed by Dow Jones and a decrease of 355,000 from last week’s total, which was just under 1.9 million. —Melodie Warner
The latest on daily new cases
Regeneron starts testing potential treatment
7:24 p.m. ET – Regeneron announced that the first human trial with its antibody cocktail started, which the company hopes will effectively treat and even prevent Covid-19.
The drug REGN-COV2, which is a combination of two antibodies, is the latest potential treatment to participate in clinical trials. The only drug that has proven effective in treating Covid-19 patients so far is Gilead Sciences Remdesivir.
“REGN-COV2 can have a major impact on public health by curbing the virus and providing essential treatment for those who are already sick – and may be available much sooner than a vaccine,” Dr. George Yancopoulos, co-founder and chief science officer of Regeneron, said in a statement. –Coming fire
WHO warns against increasing “hotspots” in Africa
NAIROBI, Kenya – Health workers perform coronavirus screening on residents of Kibera settlement.
Kelvin Juma / SHOFCO
07:00 ET – Africa will experience a “steady increase” in coronavirus cases until a vaccine has been developed, the World Health Organization warned, according to Reuters.
The global health body said robust public health measures in virus “hotspots” on the continent are required.
“Until we have access to an effective vaccine, I’m afraid we will probably have to live with a steady increase in the region, with some hotspots that have to be addressed in a number of countries, which are happening now in South Africa, Algeria, Cameroon for example, which require a lot of strong public health measures, social distance measures to take place, “said Matshidiso Moeti, WHO regional director for Africa, a briefing in Geneva, Reuters said. –Holly Ellyatt