This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 212,000
- Global deaths: At least 8,727
- US cases: At least 7,324
- US deaths: At least 115
All data above is provided by Johns Hopkins University.
3:35 pm: Crisis could inflict record-setting damage on the US jobs market
The extent of the damage done by the COVID-19 spread has been hard to gauge so far. That will change over the next week or so when the Labor Department releases the tallies for weekly jobless claims.
This Thursday’s number reflects the period through March 14, with economists surveyed by Dow Jones forecasting a reading of 220,000, or 9,000 above the previous week. But that reading will just begin to reflect some of the fallout.
Wall Street insiders in subsequent weeks are looking for numbers that could approach the all-time record of 695,000 set back in September 1982, a time when the U.S. was battling the runaway inflation that started in the late 1970s. The worst of the financial crisis just missed that mark, with a high of 655,000 in February 2009. —Jeff Cox
3:28 pm: Facebook will launch a coronavirus information center
Facebook CEO Mark Zuckerberg announced the company will roll out a coronavirus information center that will show up at the top of every users’ news feed. The center has been built in collaboration with health partners, Zuckerberg said. It will roll out to users in the U.S. and Europe over the next 24 hours and globally over the following days.
“The broad consensus is that the biggest role we can help play is encouraging people to take the social distancing orders seriously,” Zuckerberg said. “The goal here is to put authoritative information from organizations like the GDC and WHO in front of everyone who uses our services.”
The company also announced that it will make Workplace, its enterprise communications software, available for free to governments and emergency service organizations for the next 12 months. —Salvador Rodriguez
3:19 pm: Census Bureau suspends 2020 census field operations for two weeks
The U.S. Census Bureau is suspending all 2020 census field operations for two weeks starting on Wednesday until April 1, Steven Dillingham, the bureau’s director, said in a statement
“Beginning today, in support of guidance on what we can all do to help slow the spread of coronavirus, 2020 Census field operations will be suspended for two weeks until April 1, 2020,” Dillingham said. —Reuters
3:12 pm: Automakers to temporarily close all US factories
Detroit’s Big Three automakers plan to temporarily close all U.S. factories. Ford said it plans to close its factories in the U.S., Canada and Mexico after Thursday evening and through March 30. General Motors said it’s closing all North American factories at least until March 30 and will evaluate the situation on a weekly basis after that. Fiat Chrysler, which didn’t immediately respond to a request for comment, also plans to close its U.S. factories, according to people familiar with the matter.
The closures would affect 25 final-assembly factories between the three automakers and 150,000 union workers, according to the UAW and each automaker. General Motors has 11 factories, the most between the Big Three, followed by Ford’s eight factories and Fiat Chrysler’s six. —Phil LeBeau, Noah Higgins-Dunn
3:07 pm: Danny Meyer’s Union Square Hospitality Group lays off 80% of workforce
Patrons eat at Tom’s Restaurant in the Prospect Heights neighborhood of Brooklyn on March 16, 2020 in New York City.
Victor J. Blue | Getty Images
Danny Meyer’s Union Square Hospitality Group laid off about 2,000 workers, citing a “near complete elimination of revenue” due to the pandemic.
“Never could I have fathomed a time where the only path forward would be to lay people off so they can receive unemployment, while this company fights to see another day when we can return to our full staffing levels,” CEO Danny Meyer said in a statement.
The National Restaurant Association estimates that between 5 million to 7 million restaurant jobs will be lost over the next three months. —Amelia Lucas
3:03 pm: Experts recommend suspending fertility treatments
The American Society for Reproductive Medicine (ASRM) recommended the fertility industry suspend certain treatments because amid the outbreak, according to a statement from the organization. ASRM advised health professionals to hold off on in vitro fertilization procedures, intrauterine inseminations and elective procedures. The group also recommended that doctors rely on telehealth rather than in-person interactions. —Hannah Miller
2:51 pm: Biggest US mall owner closes all properties
The biggest mall owner in the U.S., Simon Property Group, announced it will be closing all of its malls and outlet centers in the country, effective at 7 p.m. until March 29. “The health and safety of our shoppers, retailers and employees is of paramount importance,” CEO David Simon said in a statement. Simon is the first U.S. mall owner to take such a broad-sweeping effort, as retailers altogether have temporarily closed thousands of locations in recent days. —Lauren Thomas
2:45 pm: WHO officials warn Trump against calling coronavirus ‘the Chinese virus’
“Viruses no know borders and they don’t care about your ethnicity, the color of your skin or how much money you have in the bank. So it’s really important we be careful in the language we use lest it lead to the profiling of individuals associated with the virus,” Dr. Mike Ryan, the executive director of WHO’s emergencies program, said at a press conference.
Earlier Wednesday, Trump defended the term, saying, “it’s not racist at all.”
“Because it comes from China,” Trump told reporters. “That’s why.”
“I want to be accurate.” —Dawn Kopecki, Dan Mangan
2:39 pm: Congress working to advance $1.3 trillion proposal
2:32 pm: Delta says March revenue fell by nearly $2 billion, will slash capacity by unprecedented 70%
Delta Air Lines said it plans to cut its flying by an unprecedented 70%, on a year-over-year basis, after March revenue fell nearly $2 billion short of the same month last year as COVID-19 devastates demand.
The carrier is also halting capital spending, including for new aircraft, and parking “at least” half of its fleet.
April’s revenue drop could be even worse, Delta warned. The reduced flying will last “until demand starts to recover,” CEO Ed Bastian told employees. —Leslie Josephs
2:21 pm: Merck CEO calls on all Americans to take precautions
Kenneth Frazier, chairman and CEO of U.S. pharmaceutical giant Merck, is appealing to every American to take coronvavirus precautions for the benefit of society.
“Right now, we have the power as citizens to …. slow the spread of this virus,” Frazier told CNBC, stressing the best practices of hand-washing and social-distancing as things everyone must do.
“That’s what we can do in the next week, month, etc., to ensure we actually don’t have the kind of situation that we see in Italy,” he said on “Squawk on the Street.”
2:08 pm: Hotels face drop in occupancy, revenue
A worker cleans an escalator on Las Vegas Boulevard in Las Vegas, Nevada, U.S., on Tuesday, March 17, 2020.
Joe Buglewicz | Bloomberg | Getty Images
Major hotel chains are temporarily closing properties and seeing occupancy rates tumble as travelers stay at home during the coronavirus outbreak.
Global hospitality research company STR said that for the week of March 8-14, hotel occupancy was down 24.4% to 53% year-over-year. Meanwhile, revenue per available room, a key industry metric, fell 32.5% to $63.74. —Harriet Baskas
2:05 pm: WHO warns some children develop ‘severe disease and critical disease’
The World Health Organization said parents need to prepare their kids to guard against COVID-19 after a new study showed that babies and very young children can sometimes develop severe symptoms.
A recent study showed that a number of children in China have developed severe and critical disease, including one death, Dr. Maria Van Kerkhove, head of WHO’s emerging diseases and zoonosis unit, told reporters during a news conference. “What we need to prepare for is the possibility that children can also experience severe disease.”
The new study, which was published online in the journal Pediatrics, looked at 2,143 cases of children with confirmed or suspected COVID-19 that were reported to the Chinese Centers for Disease Control and Prevention between Jan. 16 and Feb. 8. More than 90% of the cases were asymptomatic, mild, or moderate cases. However, nearly 6% of the children’s cases were severe or critical, compared with 18.5% for adults. —Berkeley Lovelace
1:55 pm: Medicine is changing dramatically in this critical period, and Silicon Valley hopes changes are here to stay
In the midst of crisis, the U.S. health system is dramatically changing.
Doctors have been told by the federal government that they can have a FaceTime or Skype call with seniors enrolled in Medicare. Hospitals are setting up chatbots, symptom checkers and telemedicine tools virtually overnight to triage patients so the healthy ones can stay home. Some providers have transitioned almost entirely to virtual consults, and hospitals are offering training sessions for those who aren’t yet using telemedicine in their practice.
For many of them, including the UC San Francisco cardiologist Ethan Weiss, the experience has been a pleasant surprise.
Telemedicine was “waaaaaaaaay better than I thought,” he told CNBC. —Christina Farr
1:51 pm: The water in Venice, Italy’s canals is running clear amid the COVID-19 lockdown
1:45 pm: These retailers are closing stores to slow coronavirus outbreak
A picture taken on March 14, 2020 shows the Apple Store closed in Grote Houtstraat in Haarlem. – Apple is closing all of its stores outside China until March 27 in a bid to slow the spread of the new coronavirus outbreak, CEO said.
Olaaf Kraak | AFP | Getty Images
1:41 pm: Dow tumble reaches 2,000 points as fears about economic damage from coronavirus grow
1:36 pm: PM Boris Johnson says England to shut schools due to coronavirus pandemic
The U.K. government said it plans to shut schools in England as a result of the coronavirus pandemic.
Speaking at the government’s daily press conference on the coronavirus outbreak, Prime Minister Boris Johnson said: “Looking at where we are now, we think now that we must apply further downward pressure on that upward curve by closing the schools.”
“So, I can announce today … that after schools shut their gates from Friday afternoon, they will remain closed for the vast majority of pupils until further notice.” —Sam Meredith, Holly Ellyatt
1:28 pm: ‘Hell is coming’ — Bill Ackman has dire warning for Trump, CEOs if drastic measures aren’t taken now
“What’s scaring the American people and corporate America now is the gradual roll-out,” Ackman said on CNBC’s “Halftime Report.” “We need to shut it down now… This is the only answer.”
“America will end as we know it. I’m sorry to say so, unless we take this option,” he said. —Yun Li
1:24 pm: How the Trump cash infusion would help millions of Americans
To prevent millions of Americans from running out of money amid the coronavirus, the government has announced plans to send out checks to them soon.
When Treasury Secretary Steven Mnuchin made the announcement about the cash infusion on Tuesday, universal basic income proponents felt validated. Now, the group of those calling for such a policy, if only in a temporary rendition, is quickly growing. Already some 1 in 2 Americans say they support a program in which the federal government sends out regular checks to everyone, regardless of their earnings or employment. —Annie Nova
1:17 pm: Tesla memo says essential employees, including production, should still come to work
Tesla‘s North America HR leader Valerie Workman sent an email to employees encouraging them to come work, promising they would not be “docked” points in performance reviews if they chose to stay home, and explaining why the Fremont factory and other facilities are up and running amid a COVID-19 pandemic in and beyond California.
The email says Tesla has received conflicting guidance from different levels of government amid the pandemic.
Tesla is reportedly running its Fremont, California, car plant despite “shelter in place” orders initiated across Alameda County (and other counties in the San Francisco Bay Area) to curb the COVID-19 coronavirus outbreak. —Lora Kolodny
1:11 pm: Cuomo says New York needs 110,000 hospital beds for coronavirus patients in 45 days and we only have 53,000
New York Gov. Andrew Cuomo said that President Donald Trump is sending a floating hospital to help the state manage an onslaught of coronavirus cases expected to surge in the next 45 days.
“Right now, in New York specifically, the rate of the curve suggests that in 45 days we could have up to an input of people who need 110,000 beds that compares to our current capacity of 53,000 beds, 37,000 ICU units, ventilators, which compares to a capacity currently of 3,000 ventilators. That’s our main issue,” Cuomo said at a press conference in Albany.
The number of people infected with the coronavirus in New York state nearly doubled to more than 2,300, Cuomo said. Of those cases, nearly 23% are hospitalized. —Amanda Macias, Noah Higgins-Dunn, Will Feuer
1:05 pm: Jim Cramer says Boeing ‘will run out of money’ if it is not ‘saved’
CNBC’s Jim Cramer called on the federal government to follow through and provide assistance to Boeing and the aerospace industry as the coronavirus continues to upend the American economy.
“It’s not a plea for me. It’s a plea for the 2 million workers who are in the supply chain,” Cramer said on “Squawk on the Street.”
Boeing on Tuesday said it was seeking at least $60 billion to assist the aerospace industry as it struggles with declining demand due to the coronavirus. President Donald Trump said the same day that he would support Boeing, which also is a top U.S. defense contractor. —Kevin Stankiewicz
12:57 pm: Oil plummets 18% in 3rd worst day on record, sinks to more than 18-year low
Oil plummeted 18% to a more than 18-year low as the coronavirus pandemic continues to sap demand for crude and as rising worries about a global recession lead to fears of longer-term demand destruction.
U.S. West Texas Intermediate crude fell 18%, or $4.83, to $22.12 per barrel, its lowest level in more than 18 years. WTI is on pace for its third-worst day on record.
International benchmark Brent crude shed 11.6%, or $3.33, to trade at $25.40, its lowest level since 2003. —Pippa Stevens
12:51 pm: Trump administration wants to send $500 billion in payments to Americans in two rounds
The administration’s proposed stimulus package to combat economic fallout from the coronavirus pandemic will include two rounds of direct payments to taxpayers totaling $500 billion, according to a document obtained by NBC.
The White House hopes to send out its first round of checks on April 6, and the second on May 18. It will base payments on income level and family size, according to the document.
Beyond direct payments, the government is looking to set aside $50 billion for the ailing airline industry, as well as $150 billion for “other distressed sectors.” It was not immediately clear which industries would be covered, but the tourism and hotel industries are among those that have also asked the government for relief. —Lauren Hirsch
12:42 pm: Dow tumbles 1,500 points to session lows as Wall Street’s unprecedented volatility continues
Stocks tumbled as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding. A violent reversal in Treasury yields in response to a potential $1 trillion stimulus package helped to unnerve investors.
12:36 pm: The coronavirus crisis could inflict record-setting damage on the US jobs market
The first wave of bad economic news directly related to the coronavirus crisis is likely to come from the jobs market, and that could be delivered sooner rather than later.
Virtually all of the economic data releases out now cover periods before the COVID-19 spread began to zero in on the U.S. Some of those reports have hinted at a slowdown heading into the worst of the virus period, but the extent of the damage has been hard to gauge.
That will change over the next week or so when the Labor Department releases the tallies for weekly jobless claims. —Jeff Cox
12:28 pm: Mnuchin says taxpayers must file by April 15, can delay payments for 90 days
The Treasury Department won’t extend the tax filing deadline for 2019 returns, Treasury Secretary Steven Mnuchin said on CNBC.
While the Treasury is giving taxpayers a 90-day reprieve on paying amounts owed from last year, you are still required to get your 2019 income tax return submitted by April 15, Mnuchin said on a phone call with CNBC’s Jim Cramer. —Darla Mercado
12:22 pm: What the 1918 influenza pandemic can teach governments about coronavirus
From the closing of borders to mandatory quarantines, governments around the world are taking drastic steps to try to contain the coronavirus pandemic.
Past outbreaks provide a blueprint for governments navigating the challenges of COVID-19, which has spread to more than 200,000 people worldwide, according to Johns Hopkins University.
Pandemics such as the 1918 influenza offer one key takeaway: Clear communication from the federal government is key. —Elizabeth Schulze
12:18 pm: Amazon sellers brace for layoffs and worse after coronavirus-related products get priority
In addition to household staples and medical supplies, Amazon told sellers it’s prioritizing categories such as baby products, health and household, beauty and personal care, grocery, industrial and scientific and pet supplies.
Amazon’s decision will help serve shoppers who need to buy toilet paper, disinfectant wipes and other coronavirus-related items, but it threatens to put third-party sellers who don’t offer those products in a major bind for at least the next few weeks. Many small retailers rely on Amazon to sell their products online, and the hit to sales has caused some to furlough or lay off employees to soften the blow. —Annie Palmer
11:59 am: Restaurant industry asks for $145 billion government recovery fund
The National Restaurant Association is asking the federal government for financial relief for the industry as it forecasts sales declines of $225 billion over the next three months.
In a letter to President Donald Trump, House Speaker Nancy Pelosi and Senate Major Leader Mitch McConnell, the lobbying group asked for a $145 billion recovery fund from the Treasury Department for the restaurant and food-service industry. Other proposals included federally backed business interruption insurance, tax measures and disaster unemployment insurance. —Amelia Lucas
11:48 am: Gov. Cuomo says he won’t approve coronavirus ‘shelter-in-place’ order for New York City after mayor tells residents to prepare
A man with a mask pushes a cart with a sign reading corpse cartte at Times Square in Manhattan on March 17, 2020 in New York City.
Johannes Eisele | AFP | Getty Images
“That is not going to happen — shelter in place, for New York City,” Cuomo said on The Daily podcast by The New York Times. “For any city or county to take an emergency action, the state has to approve it. And I wouldn’t approve ‘shelter in place.'” —Will Feuer
11:39 am: Mnuchin vows to prevent 20% unemployment in coronavirus response
Treasury Secretary Steven Mnuchin told CNBC the U.S. will not have 20% unemployment — a figure he reportedly warned Republican senators about in a private briefing — if they follow the Trump administration’s coronavirus plan.
“I’ve seen that number in the press,” Mnuchin told CNBC’s Jim Cramer in a television interview. “I didn’t in any way say I think we’re going to have that.” —Kevin Breuninger
11:31 am: America’s malls are asking the government for help as retailers, restaurants shut stores
The International Council of Shopping Centers, which represents America’s malls and shopping center owners such as Simon Property Group and Kimco, has sent a letter to the Trump administration seeking aid. The request comes as retail and restaurant store closures are mounting.
“These closures are placing an insurmountable strain on our members, and we believe federal government action is urgently needed,” ICSC CEO Tom McGee said. —Lauren Thomas
11:24 am: Sell-off on Wall Street accelerates, Dow now down 1,400 points
A man wearing a mask walks by the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
Stocks tumbled as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding. A violent reversal in Treasury yields in response to a potential $1 trillion stimulus package unnerved investors.
11:20 am: Honda, BMW close plants in US and Europe
Honda North America and BMW are closing plants throughout the U.S. and Europe this week due to an anticipated decline in demand for cars related to the global coronavirus outbreak. Honda said it will be closing four U.S.-based plants for six days starting Monday due to an anticipated decline in market demand.
Approximately 27,600 Honda associates in North America will be affected by this temporary suspension of production, but the company said it will continue full pay for all its associates. In Europe, BMW announced it has started to shutter its dealerships and plants, which will close by the end of this week. The interruption to the plants is scheduled to run until mid-April, the company said. —Noah Higgins-Dunn
11:15 am: Coronavirus will infect half the global population, EIU predicts
The new coronavirus will infect half of the global population and have a fatality rate of up to 3%, analysts said.
“We assume that the virus will infect around 50% of the world population; 20% of the cases will be severe, and 1-3% will result in deaths,” analysts from the Economist Intelligence Unit said in a note.
As a result of the pandemic, the EIU predicted global growth would stand at just 1% for 2020 — down from its outlook of 2.3% before the outbreak began. It would mark the lowest rate in global gross domestic product growth since the global financial crisis, analysts noted. —Chloe Taylor
11:01 am: Coronavirus lives for hours in air particles and days on surfaces, new US study shows
A microscopic view of novel coronavirus.
Ffikretow | Getty Images
The new coronavirus can survive for several hours in air particles and last days on surfaces, according to a new federally funded study published in the New England Journal of Medicine.
Researchers from the National Institutes of Health, Centers for Disease Control and Prevention, UCLA and Princeton University examined how long COVID-19 survives in the air as well as on copper, cardboard, plastic and stainless steel and then compared it with SARS, the coronavirus that emerged in late 2002 and killed nearly 800 people.
They found that COVID-19 was detectable in aerosols for up to three hours, up to four hours on copper, and up to 24 hours on cardboard. The new coronavirus can also last up to three days on plastic and stainless steel, the scientists concluded, adding the amount of the virus left on those surfaces decreases over time. —Berkeley Lovelace Jr.
10:55 am: Volunteer threatened with lawsuit after 3-D printing an $11,000 valve for $1
In Italy, a good Samaritan could be facing legal action for providing a hospital with special valves needed for breathing equipment that keeps coronavirus patients alive, according to a report from Techdirt.
Cristian Fracassi used a 3D printer to make the valves after the original manufacturer could not provide them due to overwhelming demand. Fracassi had to design the valves himself after the manufacturer refused to provide the 3D files, and he ultimately donated more than 100 valves to the hospital, each one costing him around $1 to make.
The regular listing price of the valve is about $11,000, and the manufacturer has threatened to sue Fracassi for patent infringement, leaving him fearful of sharing the 3D file with other hospitals that need the valve. —Hannah Miller
10:43 am: With Europe now the coronavirus epicenter, fears rise over a break up of the euro zone
The euro zone, in which 19 countries share the same currency, has struggled to grow since the sovereign debt crisis of 2011.
At the time, highly ndebted nations, such as Spain, Portugal and Greece, could not get financing from financial markets and asked for external help to support their economies.
Their financial difficulties raised concerns for the bloc’s future: analysts warned it was ill-equipped to deal with financial shocks and may not survive. Almost a decade later, the same debate is back on the table, with the euro area struggling to come together to combat the coronavirus crisis. —Silvia Amaro
10:35 am: Lawmakers scramble to move on the White House’s push for a $1 trillion stimulus package
The White House and Congress are scrambling to hash out the details of a massive stimulus package to help a U.S. economy increasingly damaged by the coronavirus pandemic.
There had been hope on Capitol Hill that Congress could pass a deal this week, as President Donald Trump seeks a measure with over $1 trillion in spending.
But the -GOP-controlled Senate has yet to pass a second relief bill already passed by the Democratic-led House, creating uncertainty about stimulus. —Lauren Hirsch
10:29 am: Sen. Marco Rubio wants to offer small businesses money so they can keep paying employees
Joe Raedle | Getty Images
The Florida Republican told CNBC he wants to use a network of lenders for an existing program to help small businesses and employees.
“We are trying to figure out the most effective way to get cash into the hands of small businesses so that they can maintain payroll for at least a six-week period,” he said.
Rubio is sponsoring Senate legislation to match Trump’s call for $50 billion in loans from the Small Business Administration. —Matthew J. Belvedere
10:15 am: Russia deploying disinformation to sow panic in West, EU document says
Russian media have deployed a “significant disinformation campaign” against the West to worsen the impact of the coronavirus, generate panic and sow distrust, according to a European Union document seen by Reuters.
The Kremlin denied the allegations, saying they were unfounded and lacked common sense.
The EU document said the Russian campaign, pushing fake news online in English, Spanish, Italian, German and French, uses contradictory, confusing and malicious reports to make it harder for the EU to communicate its response to the pandemic. —Reuters
10:11 am: Coronavirus lockdown now? This guy explained quarantine strategies with a bucket of water and it’s gone viral
A home-made movie showing a man in his backyard using a bucket of water to explain the British government’s strategy for tackling the coronavirus has gone viral. Robert Isaacs, a podiatrist, posted a video of himself filling up a plastic bottle to help explain how the U.K.’s National Health Service could be overwhelmed if coronavirus cases in the country peak.
In the video, he fills a large bucket with water, which he says represents the British population. He then gradually pours this into the plastic bottle, which represents the NHS.
“There’s been a few people talking about the government strategy on COVID and wondering why we’re not shutting everything down now. Italy has done it, everyone else has done it. Why are we not doing it? Well, it is counter-intuitive, so it is sort of worth unwrapping, but it does make a certain amount of sense,” he says.
10:03 am: White House seeks $45.8 billion to cover ‘unanticipated’ coronavirus costs for government
The Trump administration requested an additional $45.8 billion from Congress to cover “unanticipated” costs incurred by government agencies responding to the novel coronavirus crisis.
That request is separate from existing funding requests that could total more than $1 trillion as officials at every level of government work to contain the coronavirus.
Acting Director of the Office of Management and Budget Russell Vought said in a letter to the Senate that the additional money will be used “to address ongoing preparedness and response efforts.” —Kevin Breuninger
9:59 am: Trump says US will close the border with Canada to nonessential traffic due to coronavirus
US President Donald Trump (L) talks with Canada’s Prime Minister Justin Trudeau during the plenary session of the NATO summit at the Grove hotel in Watford, northeast of London on December 4, 2019.
Nicholas Kamm | AFP | Getty Images
President Donald Trump said the United States will temporarily close its border with Canada to nonessential traffic due to the coronavirus pandemic.
“We will be, by mutual consent, temporarily closing our Northern Border with Canada to non-essential traffic,” Trump wrote in a tweet.
Trump’s move came a day after the European Union agreed to close its external borders to noncitizens, and two days after Canadian Prime Minister Justin Trudeau announced similar restrictions on his country’s borders. —Dan Mangan
9:50 am: Investor Bill Ackman advises Trump to shut down the country, saying stock market ‘will soar’
Pershing Square’s Bill Ackman called on the president to close the nation’s borders and offer Americans a one-month tax holiday “Spring Break.”
“The moment you send everyone home for Spring Break and close the borders, the infection rate will plummet, the stock market will soar, and the clouds will lift,” Ackman wrote.
The investor warned that further delays to such a shutdown would continue to have disastrous costs to human life and pressed Trump to “please send everyone home now.” —Thomas Franck
9:42 am: Japanese flu drug could be effective in treating coronavirus, report says
This photo taken on February 20, 2020 shows doctors looking at a lung CT image at a hospital in Yunmeng county, Xiaogan city, in China’s central Hubei province.
STR | AFP | Getty Images
Chinese medical authorities have claimed a drug used in Japan to treat new strains of influenza appears to be effective for those infected with the coronavirus, Japan’s state broadcaster NHK reported.
Zhang Xinmin, director of China’s National Center for Biotechnology Development, said the favipiravir drug had produced positive outcomes during clinical trials in Wuhan and Shenzen. The report on Tuesday said 340 patients had taken part in the clinical trials.
“It has a high degree of safety and is clearly effective in treatment,” Zhang told reporters. —Sam Meredith
9:38 am: Scotland says schools will close from Friday
Scotland will close its schools from Friday and people should not assume they will open again until the end of the summer term, Scottish First Minister Nicola Sturgeon said.
Wales also said schools could close on Friday. —Reuters
9:35 am: Cannes Lions advertising festival postponed until October
Delegates wait in line at Cannes Lions International Festival of Creativity, Cannes, France, June 2019
The Cannes Lions International Festival of Creativity, the ad industry’s major awards festival and conference held in France each summer, is postponing its June conference due to the coronavirus, organizers announced.
The festival is now scheduled for Oct. 26-30. Conference organizers said earlier that passes, sponsorship arrangements, and bookings will roll over and remain valid. —Megan Graham
9:30 am: Dow plunges 1,300 points as a stretch of unprecedented volatility continues
Stocks tumbled as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding.
Wall Street has been on an unprecedented roller-coaster ride amid the coronavirus turmoil, with the S&P 500 swinging 4% or more in either direction for seven consecutive sessions. This tops the previous record of six days from November 1929, according to LPL Financial. The S&P 500 is 25% off its record high through Tuesday’s close. —Fred Imbert, Yun Li
9:22 am: Total US reported cases at 6,496, with the most in NY at 1,708
9:18 am: Ben Bernanke and Janet Yellen are urging the Fed to go beyond authority and buy corporate bonds
Former Federal Reserve chairs Ben Bernanke and Janet Yellen recommend that the central bank continue trying to shore up the economy against the coronavirus threat, even suggesting that it go beyond the powers it currently enjoys.
In a Financial Times essay, the two say the Fed should look for more authority that would give it the power to purchase corporate bonds on top of the Treasurys and mortgage-backed securities it already plans to buy. —Jeff Cox
9:11 am: What America can learn from China’s use of robots and telemedicine
As countries around the world grapple with COVID-19, front line medical workers are deploying robots, telemedicine, and other technologies to help contain the pandemic. China and Spain have used drones to monitor people during lockdown campaigns, while South Korea has deployed them to help disinfect areas in Daegu, an epidemic hotspot.
Antwork, a group company of Japanese industrial drone maker Terra Drone, flew medical samples and quarantine materials in China’s Xinchang in February during the height of the epidemic.
Earlier this month, a field hospital staffed by robots opened in the Hongshan Sports Center in Wuhan, China, where the pandemic began. Dubbed the Smart Field Hospital, the facility is a project involving Wuhan Wuchang Hospital, China Mobile, and CloudMinds, a maker of cloud robotics systems based in China and the U.S. The Smart Field Hospital is a trial aimed at relieving exhausted health-care workers even as the outbreak in China slowed in recent weeks. —Tim Hornyak
8:06 am: Medicare and Medicaid administrator explains Trump order to expand telemedicine
Centers for Medicare & Medicaid Services Administrator Seema Verma said the Trump administration’s move to expand telemedicine is critical for all American seniors, even those who are experiencing health issues unrelated to the coronavirus. “They don’t have to travel. They don’t have to sit in a waiting room,” she said on CNBC’s “Squawk Box.” For seniors who are experiencing COVID-19 symptoms, it also allows them to communicate with their doctors without the risk of spreading it to others. “It is a game changer,” she said. —Kevin Stankiewicz
8:00 am: Mayo Clinic CEO assures ‘there’s a significant supply of ventilators’
Mayo Clinic CEO Gianrico Farrugia said the U.S. could have enough ventilators to treat critical COVID-19 patients if Americans take social distancing seriously enough. “There’s a significant supply of ventilators. They may not always be in the right place,” he said on CNBC’s “Squawk Box.” While it’s impossible to predict how many the U.S. will need, Farrugia said the “less cases we have in the United States, the less ventilators we’re going to need, and if we can space that over time then I do think we’ll have enough ventilators.” —Kevin Stankiewicz
7:42 am: Worldwide cases top 200,000
COVID-19 cases surpassed 200,000 worldwide as the new coronavirus continues to spread outside of China, the original epicenter of the outbreak.
The total number of cases now stands at 201,436 as of 7:30 a.m. ET, according to data compiled by John Hopkins. It counted 8,008 deaths and 82,071 recovered cases.—Will Feuer
7:24 am: Absolut Vodka-owner Pernod Ricard to help make hand sanitizer
French premium alcohol company Pernod Ricard, whose products include Absolut Vodka, is offering its services to fulfill worldwide demand for hand sanitizer. In the U.S., the company will convert manufacturing facilities in Kentucky, West Virginia and Texas to make the gel. It is taking similar measures in Spain, Ireland, and Sweden and plans to do so in the United Kingdom. In France, the premium liquor-maker is donating 70,000 liters of alcohol to Labratoire Cooper, a major supplier of hand sanitizer. —Lauren Hirsch
7:19 am: Stock futures drop amid unprecedented volatility
Stock futures pointed to big losses in premarket trading as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding. A violent reversal in Treasury yields in response to a potential $1 trillion stimulus package helped to unnerve investors.
Around 6:42 a.m. ET, futures on the Dow Jones Industrial Average indicated a more than 1,000-point loss at the open. —Fred Imbert, Yun Li
7:14 am: Mnuchin warns of 20% US unemployment
Treasury Secretary Steven Mnuchin, delivers remarks on the coronavirus relief package after the Senate Republican Policy luncheon in Russell Building on Tuesday, March 17, 2020.
Tom Williams | CQ Roll Call | Getty Images
Treasury Secretary Steven Mnuchin warned Republican senators that the country’s unemployment rate could hit 20% if they failed to act on a proposed coronavirus rescue package, a person familiar with the closed-door meeting said.
Mnuchin met with senators to persuade them to pass a $1 trillion stimulus package that would send cash to Americans within two weeks, and backstop airlines and other companies. A Treasury official said Mnuchin was not providing a forecast but trying to illustrate the potential risks of inaction. —Reuters
6:54 am: Ikea to temporarily close stores in Europe and North America
Swedish home retailer Ikea is to temporarily close stores in the Netherlands, Belgium, Portugal, the U.S. and Canada. Stores in Denmark are already temporarily closed, Reuters reported. U.K. and Ireland stores remain open, for now. — Holly Ellyatt
6:48 am: Iran’s death toll from coronavirus jumps to 1,135
Iran’s death toll from the coronavirus climbed to 1,135 with 147 new deaths in the past 24 hours, a health ministry official told state TV, Reuters reported. The total number of infected people across the country has reached 17,361.
“Unfortunately there were 1,192 cases of infected people in the past 24 hours. … Please follow the guidelines and stay at home,” Iran’s Deputy Health Minister Alireza Raisi said. —Holly Ellyatt
6:09 am: Toyota to stop output at more plants in Europe
A 2020 Toyota Highlander goes down the line at the automaker’s plant in southern Indiana.
Toyota said it planned to stop output at more vehicles plants in Europe. In a statement, the Japanese automaker said it had stopped operations at plants in the U.K. and Poland from Wednesday, and those at its Czech site would be halted Thursday. Operations at its French site are already suspended. Operations at its Turkey site would be suspended from Saturday but U.S. plants have not been affected so far, the company said. —Holly Ellyatt