William Feuer,Sam Meredith
The U.S. coronavirus death toll is approaching 100,000 about five months after the first case of Covid-19 was confirmed in the country. More than 1.58 million people across the country have been infected, according to data compiled by Johns Hopkins University.
Dr. Anthony Fauci, in a CNBC interview Friday, said now is the time to reopen the economy, but states should still take “very significant precautions” with social distancing. States continue to chart a path forward, reopening nonessential businesses and easing restrictions on movement. Even the hardest-hit states in the country, New York and New Jersey, are reopening beaches for Memorial Day weekend.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
Global cases: More than 5.15 millionGlobal deaths: At least 335,063U.S. cases: More than 1.58 millionU.S. deaths: At least 95,052
The data above was compiled by Johns Hopkins University.
Hospitals fear patients won’t feel comfortable returning for care
2:17 pm ET — Hospital systems have been able to resume elective surgeries and other procedures, but challenges remain in helping patients feel comfortable enough to come back in. Medical facilities are implementing safety measures like scanning visitors’ temperatures, distributing coronavirus symptom questionnaires and spacing out waiting room chairs under social-distancing guidelines, CNBC’s Bertha Coombs reports. The new protocol is helpful in giving patients a sense of security that could prevent them from delaying vital medical care. —Hannah Miller
Potential vaccine developed in China triggers immune response in early-stage trial, study says
2:05 pm ET — A coronavirus vaccine candidate developed in China appeared to produce neutralizing antibodies in dozens of patients participating in an early-stage clinical trial, according to results published in The Lancet. Researchers believe that developing this type of antibodies could be an important step in acquiring immunity to the virus, CNBC’s Berkeley Lovelace reports. However, the research team responsible for the study warned that the early results should be interpreted cautiously. —Hannah Miller
Gottlieb says ‘some semblance of normalcy’ possible in summer with precautions
2:00 pm ET — Dr. Scott Gottlieb told CNBC he believes if Americans are careful this summer, “we can take a breather and get back to some semblance of normalcy.”
Gottlieb did warn about complacency heading into the fall, though, “when the risk is going to be very different.”
The former FDA chief said on “Squawk Box” that must still take precautions, including going to the store less, practicing good hygiene when out and reducing the size of one’s social circle.
“Any place you’re in an indoor setting and you’re in contact with people for a sustained period of time, that is the conditions under which this spread,” said Gottlieb, who is a CNBC contributor and sits on the boards of Pfizer and biotech company Illumina. —Kevin Stankiewicz
Travel expected to look quite different this summer
1:26 pm ET — With summer approaching, small businesses that rely on tourism are hoping Americans will still be willing to travel, despite the pandemic.
Even with low travel numbers expected for the Memorial Day holiday, hotels are still gearing up for the season with new policies that include enhanced disinfecting and requiring guests to wear masks, CNBC’s Jessica Golden and Contessa Brewer report.
Travel companies like Airbnb and Reservations.com are also seeing changing travel trends that include increased interest in cabins and resorts that people can drive to. —Hannah Miller
Fauci says ‘now is the time’ to reopen the economy
1:18 pm ET — White House health advisor Dr. Anthony Fauci told CNBC’s Meg Tirrell that states staying closed for too long due to the coronavirus could end up causing “irreparable damage.”
He said the U.S. had to institute severe measures because Covid-19 cases were exploding. “But now is the time, depending upon where you are and what your situation is, to begin to seriously look at reopening the economy, reopening the country to try to get back to some degree of normal.”
Fauci warned members of Congress last week that the U.S. could face even more “suffering and death” from the coronavirus if some states rush to reopen businesses too early. It could also hinder states “on the road to try to get back to an economic recovery,” he testified at a hearing before the Senate Committee on Health, Education, Labor and Pensions on May 12. — Berkeley Lovelace Jr.
New daily coronavirus cases in New York now lower than beginning of the outbreak, governor says
1:02 pm ET — New York Gov. Andrew Cuomo said there were 225 new Covid-19 cases on Thursday, based on a three-day rolling average, which is at a “level now that is lower than we first began.”
While only a single daily figure, the number of new infections has been on a steady decline across the state, which at its peak reported more than 3,100 new cases daily. The state reported an additional 109 deaths on Thursday, which “has been stubborn on its way down,” Cuomo said.
The state has started to implement its phased reopening plan in some regions that have met seven health metrics, such as declining hospitalizations and new cases, as well as sufficient hospital bed and testing capacity. He said the Long Island and the mid-Hudson regions could begin reopening next week if deaths continue to decrease and sufficient contact tracing is implemented. —Noah Higgins-Dunn
Coronavirus patients treated with Trump-touted hydroxychloroquine more likely to die, study finds
12:51 pm ET — Hospitalized Covid-19 patients who took hydroxychloroquine had a 34% higher risk of death than those who were not treated with it, according to a study published in The Lancet.
President Donald Trump has been taking the malaria drug daily despite warnings from the Food and Drug Administration.
CNBC’s Berkeley Lovelace reports that the study looked at more than 96,000 patients at 671 hospitals around the world. It also found that patients treated with hydroxychloroquine had a 137% increased risk of developing serious heart arrhythmia. —Hannah Miller
White House starts to embrace idea of sending out more relief money
President Donald Trump speaks during a bill signing ceremony for H.R. 748, the CARES Act in the Oval Office of the White House on March 27, 2020 in Washington, DC.
Erin Schaff | Pool | Getty Images
12:33 pm ET – The Trump administration is starting to sound a lot more comfortable with pushing out another round of coronavirus relief money.
In the past two days, President Donald Trump and two of his economic advisors – Treasury Secretary Steven Mnuchin and Kevin Hassett – indicated they think another rescue bill is likely. Trump said the government could take “one more nice shot” at a stimulus.
As tens of millions of Americans lose their paychecks, both Democrats and the White House appear to support another round of direct payments. Other issues, including state and municipal aid, the extension of an enhanced unemployment benefit and liability protections for businesses, could prove more difficult to resolve if the major parties negotiate another bill.
Formal talks on fiscal relief between the administration and Congress are stalled. The House will convene for only part of next week, while the Senate will not return until June 1. —Jacob Pramuk
Homeowners who didn’t initially need mortgage bailouts are now relying on them
12:18 pm ET — A large number of homeowners who entered into mortgage forbearance programs didn’t initially need bailouts, but now they do, according to data from Black Knight.
In April, nearly half of those in forbearance still made their monthly mortgage payments, but as of May 19, just 21% had paid, CNBC’s Diana Olick reports.
These figures could lead to a sharp increase in the national delinquency rate in May. —Hannah Miller
‘Definite signs of the recovery’ in health care, Medtronic CEO says
12:06 pm ET — Medtronic CEO Geoff Martha said activity in the U.S. health-care sector is seeing a “snapback” as cities and states lift restrictions on nonessential health procedures.
“We’re seeing definite signs of the recovery happen right now,” Martha said on “Squawk Alley.” “It’s going to vary by location. It’s going to vary by therapy.”
Many hospitals around the country suspended elective procedures at the beginning of the pandemic to preserve space and personal protective equipment for the fight against Covid-19. The loss of revenue from those procedures has led many hospitals to lay off staff members.
Medtronic reported its most recent earnings on Thursday, showing a revenue decline of 26% year-over-year. —Jesse Pound
Pandemic disrupts routine vaccination services, putting 80 million children at risk
11:50 am ET —At least 80 million infants could be at risk of getting life-threatening diseases as the pandemic disrupts routine immunizations in countries around the world, according to data from global health experts.
Of the 129 countries reporting data to global health officials, 53% indicated that routine childhood immunization services were moderately to severely disrupted or were totally suspended from March to April.
Many countries have also suspended vaccination campaigns intended to prevent other diseases such as cholera, measles, meningitis, polio, tetanus, typhoid and yellow fever, due to risk of Covid-19 transmission, they said. Campaigns for polio and measles have been hit the hardest, with measles campaigns suspended in 27 countries and polio campaigns put on hold in 38 countries, according to the report. —Hannah Miller, Noah Higgins-Dunn
Some retailers, restaurants see spending bounce from stimulus checks
Customers rush to purchase toilet paper at a Target store during the panic shopping. People stock up on food and personal hygiene products in response to the coronavirus (COVID-19) pandemic.
Paul Hennessy | Echoes Wire | Barcroft Media via Getty Images
11:28 am ET — Companies from Walmart to Wendy’s say they got a bounce in April as Americans received stimulus checks from the federal government, but some cautioned the higher levels of spending may not last.
In earnings calls this week, the CEOs of Walmart, Target and Best Buy spoke about an uptick on spending as customers had extra money in their pockets. Walmart CEO Doug McMillon said more people bought discretionary items, such as sporting goods, toys and TVs. Best Buy CEO Corie Barry said it saw a bump in gaming, computing and small appliances.
Even as companies described the stimulus’ effect, they were hesitant to forecast future sales and spending patterns. And some research indicates that many Americans have put the money in savings or already used it. —Melissa Repko, Lauren Feiner
Midwest virus spread growsVaccine could be ready by December, Fauci says
10:08 am ET — The White House’s top infectious disease expert, Dr. Anthony Fauci, stands by the timeline that a vaccine could be ready as early as December. Fauci first said in January that a vaccine could be ready in 12 to 18 months and he doubled down on Friday, telling NPR the “schedule is still intact.”
Fauci cautioned, however, that it’s difficult to estimate timelines for vaccines and it’s “never a promise.” The U.S. government has partnered with biotech company Moderna to fast-track the development of its vaccine. Fauci said regulators are not compromising on safety or “scientific integrity” to accelerate the development of the vaccine candidate. “The risk is to the investment,” he said, not to the patient. —Will Feuer
Restaurants set up tables in streets and parking lots to ease the pain of coronavirus restrictions
Forbici Modern Italian’s temporary outdoor dining tent in Tampa, Florida.
Forbici Modern Italian
9:52 am ET — From Tampa to Cincinnati to Boston, cities across the U.S. are making it easier for restaurants to set up outdoor dining to soften the economic blow from the coronavirus.
Jeff Gigante, co-owner of Forbici Modern Italian in Tampa, said the Florida city’s program has been “a life saver for us.” Capacity restrictions, while meant to make social distancing easier, are challenging in the already-low-margin restaurant business. Expanding tables to streets, sidewalks and parking lots is one way to add capacity while still complying with public-health rules.
“If we’re going to continue our great renaissance as a city, we’re going to have to open up more streets and public space to restaurants or … they’re not going to survive,” said Cincinnati Mayor John Cranley. —Kevin Stankiewicz
U.S. automakers grapple with newly diagnosed coronavirus cases among returning workers
Ford started resuming vehicle production in the U.S. on May 18, 2020 with new coronavirus safety protocols such as health assessments, personal protective equipment and facility modifications to increase social distancing.
9:46 am ET — As auto manufacturers reopen, they are dealing with production interruptions when employees become sick with the coronavirus. At least three employees at Ford Motor plants in Illinois and Michigan tested positive for Covid-19 this week, prompting temporary factory shutdowns for deep cleaning, CNBC’s Michael Wayland reports.
Even as factories implement safety measures like requiring employees to wear face masks and undergo temperature checks, they can’t dictate what employees do outside of work and are not yet reliant on mass testing to screen workers. —Hannah Miller
Stocks are flat as Wall Street grapples with rising U.S.-China tensions, virus vaccine hopes
9:36 am ET — Stocks opened along the flatline as tensions between China and the U.S. offset increasing optimism for a potential coronavirus vaccine. The Dow Jones Industrial Average slipped 18 points, or less than 0.1%. The S&P 500 and Nasdaq Composite also traded marginally lower.
Read updates on stock market activity from CNBC’s Fred Imbert. —Melodie Warner
Biden says he would make Covid-19 vaccine free for everyone in U.S.
9:00 am ET — Apparent 2020 Democratic nominee Joe Biden said on CNBC that if he were president, a coronavirus vaccine would be free for everyone in the United States.
“I tell you what, if one is found, I would make sure that every single person in America is able to get a vaccine, period, without any cost,” Biden told “Squawk Box.”
“And I would do the same thing with testing right now.” The former vice president couched the health-care stance in economic terms, contrasting himself with President Donald Trump, who is pushing states to quickly reopen their economies.
“All this talk about reopening — people aren’t going to open until they have the confidence to know that if they gather together, they’re not going to get sick,” Biden said.
Trump said last week that he was “looking at” the possibility of making an eventual coronavirus vaccine available free of charge. —Kevin Breuninger
New cases soar in Africa Moderna shares rise following Fauci’s comments on Covid-19 vaccine data Oxford recruiting for expanded human trials of vaccine candidate
Nicolas Asfouri | AFP | Getty Images
7:06 am ET — AstraZeneca and Oxford University have announced plans to move their vaccine candidate to human trials and have already started to recruit up to 10,260 adults and children for the next phase of trials, the university said.
On Thursday, AstraZeneca announced it received about $1.2 billion in funding from the U.S. Biomedical Advanced Research and Development Authority to accelerate development of the potential vaccine. Human trials began last month with over 1,000 volunteers in the south of England. No trial data has been released.
The university said it’s now recruiting for a phase two trial, which will include older adults and children, to assess if the immune response varies in different age demographics. The phase three trial will assess how well the vaccine actually defends against infection from the coronavirus.
“The speed at which this new vaccine has advanced into late-stage clinical trials is testament to Oxford’s ground-breaking scientific research,” AstraZeneca executive Mene Pangalos said. —Will Feuer
India reports biggest one-day increase in cases
Migrant labourers stand in a queue for medical checkup after reaching quarantine center at their hometown Allahabad during Government imposed nationwide lockdown as a prventive measure against the COVID-19 corona virus in Allahabad, India on April 27, 2020.
Ritesh Shukla | NurPhoto via Getty Images
7:00 am ET — India’s health ministry reported the country recorded its highest single-day spike of new infections since the pandemic began.
The country of approximately 1.3 billion people reported a total of over 118,000 cases on Friday, a roughly 5% increase from Thursday’s figures.
To date, India has recorded 3,583 fatalities due to the virus, according to the health ministry. —Sam Meredith
Read CNBC’s previous coronavirus live coverage here: Russia reports record daily jump in deaths; Soros warns EU may not survive