States in the United States continue to chart their own path forward, trying to get the needle between public health problems and efforts to restart the economy amid mass unemployment. Another 2.1 million people filed unemployed claims last week, while continued claims, or those that have accumulated for at least two weeks, reached 21.05 million, a clearer picture of how many workers are left without work.
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 5.83 million
- Global deaths: At least 360 800
- US cases: More than 1
- American deaths: At least 101,600
The above information was compiled by Johns Hopkins University.
First, Chinese airlines operate more passenger flights than US airlines
9:40 p.m. ET – Chinese airlines are on their way for the first time to operate more passenger flights than their US counterparts this month in a shift driven by coronavirus. Chinese airlines greatly reduced flight in January when the virus began to spread in China. US airlines took similar measures in March and April, when the wave of infections hit America.
Chinese carriers operated close to 200,000 passenger jet flights through May 27, while US airlines flew fewer than 170,000, according to aviation data consultancy Cirium. Chinese carriers now operate 35% below last year’s levels and US airline schedules are nearly 75%, the company says.
Carriers had cut flights for the virus, travel restrictions and on-site protection drove demand to the lowest points in decades. While bookings are picking up from the low point as the spring and summer travel season begins, US demand is still around 87% compared to a year ago, according to federal data. —Leslie Josephs
Dow slides 100 points ahead of Trump’s China conference
9:34 am ET – The Dow Jones industrial average fell 148 points, or 0.6%, when traders supported President Donald Trump’s news conference on US-China relations. The S&P 500 rose 0.3%, while the Nasdaq Composite rose just 0.1%.
Read updates on stock market activity from CNBC’s Fred Imbert. —Melodie Warner
U.S. savings count as a record because corona virus causes Americans to store cash
9:13 p.m. ET – The personal savings rate reached a historic 33% in April, the US Bureau of Economic Analysis said. This interest rate – how much people save as a percentage of their disposable income – is by far the highest since the department started tracking in the 1960s.
The increase in savings came when spending fell by a record 13.6% for the month. The deadly virus, which has caused more than 40 million Americans to apply for unemployment, has crippled consumer spending. —Maggie Fitzgerald
New cases continue to increase in Latin America
No-lockdown Sweden reports economic growth during the first three months of the year
People walk at Strandvagen in Stockholm on March 28, 2020, during the new coronavirus COVID-19 pandemic. – Sweden, which has been open to business with a softer strategy to limit COVID-19 spread than most of Europe, on March 27, 2020 limited gatherings to 50 people, from 500.
07:55 ET – Sweden’s economy expanded at an annual rate of 0.4% during the first three months of the year, official data released on Friday showed, following the government’s contrarian decision not to introduce a complete coronavirus lockout.
The Nordic country reported stronger-than-expected GDP data for the first quarter, even as many other European countries noted a severe economic decline during the same period.
As of Friday, Sweden had reported more than 35,000 infections, with 4,266 deaths across the country, according to data compiled by Johns Hopkins University. It has the highest Covid-19 death rate per capita in any country worldwide, according to a rolling average over the past seven days. —Sam Meredith
Russia sees record daily in Covid-19 deaths
An employee and a patient in an intensive care unit at the Republican Clinic Hospital treating patients with confirmed or suspected coronavirus infection.
Yegor Aleyev | TASS | Getty Images
7:28 am ET – Russia reported 232 deaths as a result of the corona virus over the past 24 hours, reflecting the country’s highest one-day spike in deaths in Covid-19 since the outbreak began.
This means that the country’s official coronavirus deaths have risen to 4,374.
Only the United States and Brazil have registered more cases of coronavirus than Russia, according to data compiled by Johns Hopkins University. —Sam Meredith
Expect delays in non-Covid clinical trials, says former FDA chief
7:20 a.m. ET – Clinical studies of drugs, treatments and vaccines unrelated to Covid-19 are likely to face delays in the future as the agency focuses its resources on the virus, said the former Food and Drug Administration Commissioner Dr. Scott Gottlieb.
“Many drug companies are putting on clinical trials,” he said, adding that some companies did not proceed with planned trials and others interrupted ongoing studies. “The agency has stayed up” so far, Gottlieb added.
The FDA submitted new guidance dated May 26 that said the agency may need to prioritize resources because its staff is stretched thin.
“With many employees working on COVID-19 activities, it is possible that we will not be able to maintain our current performance level when we reach the target date indefinitely,” the agency says. —Will fire
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and the biotechnology company Illumina.
The EU promises a rapid review of remedies as potential treatment
A laboratory technician inspects filled vials of medical remedivir for treatment of coronavirus disease (COVID-19) examination at a facility in Gilead Sciences, La Verne, California, USA, March 11, 2020. Image taken March 11, 2020.
Gilead Sciences Inc | Reuters
6:59 p.m. ET – The European Union will conduct a quicker review of Gilead’s remedies as a potential treatment for Covid-19, the European Medicines Agency said, according to Reuters.
The health regulator said its Human Medicines Committee will review the drug on a timeline “reduced to the bare minimum”, adding that the biopharmaceutical company Gilead has not yet submitted an application for approval of the treatment, Reuters reported.
Earlier this month, the US Food and Drug Administration granted emergency use approval for the use of strap derivatives to treat Covid-19 patients. This means that doctors can use the drug on patients admitted with the disease despite the fact that the drug has not been formally approved by the agency. —Will fire
Read CNBC’s previous coronavirus live coverage here: San Francisco releases timeline for reopening, Boston Marathon canceled