Jasmine Kim,William Feuer,Elliot Smith
The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus outbreak, visit the live blog from CNBC’s Asia-Pacific team.
Health experts and asset markets are watching closely as segments of the U.S. reopen their economies. Across the Atlantic, U.K. Prime Minister Boris Johnson is back at work after recovering from the virus, delivering a sober address about the nation’s progress in fighting the Covid-19 outbreak.
All times below are in Eastern time.
Global cases: More than 3 millionGlobal deaths: At least 208,131US cases: More than 985,300US deaths: At least 55,906
The data above was compiled by Johns Hopkins University.
8 pm: Harvard will reopen in fall, with some or all classes held online, provost says
Harvard will reopen for the fall semester, but some or all classes will continue to be held online, Alan Garber, the university’s provost said in an open letter.
“Harvard will be open for fall 2020,” Garber wrote in the email sent to students, warning that the school will not be able to resume all usual activities. “Consequently, we will need to prepare for a scenario in which much or all learning will be conducted remotely.” Garber wrote that he hopes to return students to campus as soon as possible, but that the fall semester may begin “remotely.”
Criteria that Harvard is looking at includes whether “further waves of outbreak are unlikely,” according to the letter. “If our community has not developed sufficient levels of immunity through recovery from the disease or vaccination, and if safe and effective antiviral therapy is not available, we will likely need adequate supplies of personal protective equipment, reliable and convenient viral testing, robust contact tracing procedures, and facilities for quarantine and isolation,” Garber wrote. Schools around the country are grappling with the question of whether to re-open for the fall semester after classes at most U.S. schools were cancelled in March and moved online in response to the Covid-19 pandemic. —Kif Leswing
7:30 pm: American Airlines will give face masks to passengers, require them for flight attendants
American Airlines and Delta Air Lines said Monday they will require thousands of employees to wear face masks and provide masks for passengers, amid concerns about the spread of the coronavirus.
Airline labor unions have repeatedly demanded stronger protections against coronavirus. While air travel in the U.S. is down some 95% from a year ago because of the virus and stay-at-home orders around the world, flight crews have raised concerns about catching the virus on the job and have sought federally mandated procedures.
American said next month it will start handing out face masks and sanitizing wipes for passengers and require that its roughly 30,000 mainline and regional flight attendants wear masks while on duty. —Leslie Josephs
7:04 pm: North or south, red or blue – states shut down their economies at about the same pace, CNBC analysis shows
The roadside sign outside the Home Works New and Used Store in Amity Township that reads “Closed to beat bug, reopen ? Chek FB Updates” Thursday afternoon March 26, 2020.
Ben Hasty | MediaNews Group | Reading Eagle via Getty Images
While states prepare to open their economies at different rates, a CNBC analysis of how the country closed down finds the nation shuttered virtually as one.
Whether the state voted red or blue in 2016, whether it is run by a Republican or Democratic governor, or even whether it’s in the South or Northeast, the data shows historic economic shutdown from the coronavirus took hold in mid-March at roughly the same pace across the nation.
CNBC analyzed state and national data from Yelp of restaurant, food establishments, bars and other nightlife locations. Yelp’s data is drawn from its 36 million unique app users on average each month and 205 million reviews.
About 52,000 such businesses were closed throughout the country as of April 26, according to the Yelp data. It’s up 17% from a week earlier, showing the closings continued to increase even as of Sunday, despite talk of a potential easing of restrictions this week in some states.
The data show the shutdown began in earnest on March 16 when 789 businesses were closed nationwide. —Steve Liesman
6:55 pm: Hot dog chain Nathan’s Famous will return $1.2 million small business rescue loan6:48 pm: Boeing workers to return to Dreamliner factory in South Carolina next month after closure amid coronavirus
Boeing Dreamliner 787 Air China planes sit on the production line at the company’s final assembly facility in North Charleston, South Carolina.
Travis Dove | Bloomberg | Getty Images
Boeing said that it plans to reopen its Dreamliner factory in South Carolina in early May after it shut down operations there for nearly a month because of the Covid-19 pandemic.
Workers started returning last week to the company’s Seattle-area plants, home to the majority of Boeing’s airplane production, taking new precautions such as increased physical distance between employees, after it announced the temporary shut down last month.
Boeing said it has increased cleaning throughout the North Charleston, South Carolina, facility, added hand sanitizing stations and will encourage workers to bring and wear cloth masks or other face coverings. “Some teammates will be required to wear procedural masks, which will be provided, in certain areas when working in close proximity,” the company said.
It will also have voluntary temperature screening for workers using no-touch thermal scanners. —Leslie Josephs
6:39 pm: Purdue president says smaller classes and mandatory masks may be part of plan for fall semester
Smaller classes and mandatory face masks are likely to be part of Purdue University’s plans to return students to campus this fall, Mitch Daniels, its president, told CNBC.
“You can expect smaller numbers in every context,” Daniels said on “Power Lunch.” “I know we’re looking for ways to reduce the size of classes, obviously keeping distance between people. Probably going to see masks as a requirement, at least for a long time here.”
Daniels, the former two-term Republican governor of Indiana, where Purdue is located, said the university also would likely forgo the large events “that enliven life” on campus such as “lectures and guest speakers and convocations of that kind.”
“All those things and many more, changes to our physical facilities, for instance, will be necessary for us to conclude that we are safe,” Daniels said. “We won’t move forward unless we believe that, but to get to that point, we have to get going now.” —Kevin Stankiewicz
6:32 pm: Updated map of US cases, which now total 985,3746:20 pm: Washington will reopen state parks and golf courses
Washingtonians will be able to get some fresh air soon at state parks and public lands, Governor Jay Inslee announced on Monday.
The state, one of the early Covid-19 hotspots in the U.S., will reopen outdoor recreation, including state parks, hunting and fishing areas, including golf courses on May 5. People enjoying outdoor recreation are still expected to socially distance properly and wear masks, the governor said. Inslee warned that the decision could reverse if the situation gets worse in the state, based on data.
“This is not a return to normal today,” Inslee said. Washington State’s stay-home order remains in effect until May 4. —Kif Leswing
6 pm: Stock futures flat after Monday’s rally on hopes for economy reopening
U.S. stock futures opened flat in overnight trading, following a rally in the previous session as plans to ease coronavirus-induced lockdowns fueled investor appetite for riskier assets.
Dow futures fell 30 points, indicating a loss of 0.17% at the open on Tuesday. The S&P 500 and Nasdaq were also set to open lower, with losses of 0.18% and 0.2%, respectively.
A partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas and others — is boosting investor sentiment, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine.
Dow futures fell 30 points, indicating a loss of 0.17% at the open on Tuesday. The S&P 500 and Nasdaq were also set to open lower, with losses of 0.18% and 0.2%, respectively.
A partial reopening of the economy — in Alaska, Georgia, South Carolina, Tennessee, Texas and others — is boosting investor sentiment, with certain U.S. businesses poised to benefit from the first wave of consumers emerging from the coronavirus driven quarantine. —Maggie Fitzgerald
5:45 pm: White House releases coronavirus testing strategy – and claims most of its work is done
U.S. President Donald Trump arrives for a coronavirus response news conference in the Rose Garden at the White House in Washington, April 27, 2020.
Carlos Barria | Reuters
The Trump administration unveiled a new strategy Monday to help states ramp up their capacity to test for coronavirus, claiming most of its work is done, according to new documents.
The two documents obtained by NBC News include a testing “overview” and a testing “blueprint.”
The first document, the testing overview, largely serves as a defense of the administration’s widely criticized handling of the coronavirus testing since the start of the epidemic. It outlines eight responsibilities that it says belong to the federal government, and claims to have already completed seven of these.
The other document, a testing “blueprint,” describes what it calls a “partnership” between states, the federal government and the private sector. The partnership it describes leaves the lion’s share of responsibility for funding, designing and executing a coronavirus testing plan to individual states. —Christina Wilkie, Kevin Breunninger
5:30 pm: CVS Health, Walgreens and other retailers say they’re focused on expanded testing
As some states start to reopen businesses and lift lockdowns, the need for testing has become a focal point and retailers are touting renewed efforts to speed that along.
CVS Health, Walgreens, Walmart, Rite Aid and Kroger are among the companies that joined President Donald Trump late Monday at the White House to announce the next phase of coronavirus testing. The company’s leaders spoke at the podium in the Rose Garden about their plans to add new sites and increase access, especially in underserved communities and among employers trying to get back to work.
The companies laid out plans to open additional sites — but some cautioned their timing and ability to ramp-up will depend on having adequate supplies and lab capacity. —Melissa Repko
5:15 pm: Updated map shows more than 3 million cases worldwide5 pm: Parks, waterways and golf courses to reopen in two Florida counties
Florida’s Miami-Dade and Broward Counties will be opening parks, waterways and golf courses Wednesday, according to both county mayors. Each mayor held a press conference Monday to announce the re-openings.
“These openings will assist in helping our residents with their physical well-being as well as their mental well-being,” Broward County Mayor Dale Holness said at his briefing.
Miami-Dade Mayor Carlos Gimenez said at his press conference that the openings should not be considered business as usual.” The parks, waterways and golf courses will be used in limited ways that require everyone to take personal responsibility and act as if they have the coronavirus,” Gimenez said. The reopening of these recreational areas comes after Florida Gov. Ron DeSantis faced criticism for making certain beaches accessible to the public again on April 17. —Hannah Miller
4:45 pm: NBA pushes plan to reopen facilities until May 8 at earliest
The seats are empty at the Amway Center in Orlando, home of the NBAs Orlando Magic, on Thursday, March 12, 2020. The NBA has suspended the season due to the coronavirus — as have other sports.
Stephen M. Dowell | Orlando Sentinel | Tribune News Service via Getty Images
The NBA has pushed back plans that would allow teams to reopen their practice facilities for at least one week, and cautioned that the new target is far from set in stone.
The earliest that teams can reopen for voluntary player workouts is now May 8, the NBA said Monday — and that would only be the case in places where local and state laws made such a move permissible.
And when those facilities are open, the rules will be very different: A person with direct knowledge of the league’s plans told The Associated Press that players will have to wear face masks when in the facility, except when they are actually working out. Staff members would have to wear face masks and gloves at all times, said the person who spoke to AP on condition of anonymity because those details were not publicly announced. —Associated Press
4:35 pm: Tesla cancels plans to bring workers back to US car plant this week
Kuka robots work on Tesla Model X in the Tesla factory in Fremont, California.
Mason Trinca | The Washington Post | Getty Images
Tesla reversed course and cancelled requests to bring workers back to production lines in Fremont, California, this week.
According to internal correspondence shared with CNBC, Tesla asked dozens of furloughed workers last Friday, and over the weekend, to come back on Wednesday, Apr. 29 to resume production in Fremont.
In new messages sent Monday and distributed on some internal message boards, a human resources employee wrote:
“Per the direction of the executive leadership team, we will not be returning to work Wednesday, April 29. Please disregard all communication and directives on returning to work this week.”
Tesla shares dropped more than 1% on the news in after-hours trading, after rising more than 10% during the day. —Lora Kolodny
4:15 pm: Texas to lift coronavirus restrictions this week, businesses to reopen in phases
Texas Governor Greg Abbott announces the US Army Corps of Engineers and the state are putting up a 250-bed field hospital at the Kay Bailey Hutchison Convention Center in downtown Dallas during a press conference at the Texas State Capitol March 29, 2020 in Austin, Texas.
Tom Fox | Getty Images
Texas will lift its most stringent statewide coronavirus restrictions this week and allow some businesses to reopen with safety requirements, Gov. Greg Abbott announced.
“Because of your efforts, the Covid-19 infection rate has been on the decline for the past 17 days,” he said at a news briefing. “Because of your efforts, and especially the work of our doctors and nurses and all our health care providers, our hospitalization rate has held steady and our hospital capacity has remained above it.”
Abbott will allow the current statewide stay-at-home order to expire on April 30, he said, adding that businesses will reopen in phases beginning May 1. He said restaurants, retail stores and bars will be among the businesses allowed to reopen first, though capacity will be limited to 25%. —William Feuer
4 pm: Dow surges 350 points on hope of economy reopening, closes above 24,000
Stocks rose on Monday as investors cheered the possibility of reopening the economy after the coronavirus outbreak.
The Dow Jones Industrial Average closed 358.51 points higher, or 1.5%, at 24,133.78. Monday marked the Dow’s first close above 24,000 since April 17. The S&P 500 gained 1.5% to close at 2,878.48 while the Nasdaq Composite advanced 1.1% to 8,730.16. (Click here for the latest market news.)
Monday’s gains put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4% surge in April. The Dow is up 10.1% month to date; that would be its best monthly performance since 2002.
Stocks that would benefit most from an economic reopening led the way higher on Monday. MGM Resorts and Carnival both climbed more than 8%. Gap and Kohl’s gained 12.9% and 17.7%, respectively. —Fred Imbert
3:30 pm: San Francisco extends stay-at-home order through May
San Francisco Mayor London Breed (C) speaks during a press conference as San Francisco police chief William Scott (L) and San Francisco Department of Public Health director Dr. Grant Colfax (R) look on at San Francisco City Hall on March 16, 2020 in San Francisco, California.
Justin Sullivan | Getty Images
San Francisco Mayor London Breed announced that health officials are extending the city’s stay-at-home order through May.
Six counties in Northern California, including the city of Berkeley, will also introduce extended stay-at-home orders this week, according to a joint statement released by county health officials. The extended orders will also include the lifting of certain restrictions.
“We do expect some lower-risk activities to be allowed to resume soon, but for the safety of you and those around you we must build on the progress we’ve made,” Breed said in a tweet announcing the order’s extension Monday. —Hannah Miller
3:15 pm: Judd Apatow’s ‘The King of Staten Island’ to skip theaters, got to on-demand June 12
Judd Apatow’s comedy starring “Saturday Night Live’s” Pete Davidson will skip theaters and head straight to on demand, Universal said.
David plays Scott, a man in his mid-20s that lost his firefighter father at a young age, still lives at home with his mother and dreams of becoming a tattoo artist. He’s forced to face the grief he’s been suppressing over his father’s death when his mother starts dating another firefighter.
“The King of Staten Island” will be available on-demand starting June 12, one week prior to when it was set to be released in theaters. The film has foregone its original theatrical debut because of the coronavirus pandemic.
It is one of only a handful of films that has opted to skip cinemas entirely, like “Trolls,” “Scoob” and “The Love Birds.”
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. —Sarah Whitten
2:35 pm: Retail trade groups ask governors for ‘uniform, statewide standards’ as lockdowns begin to lift
As states loosen lockdowns and allow certain businesses to reopen, the country’s top retail trade groups are asking governors to establish “uniform, statewide standards.”The Retail Industry Leaders Association and the National Retail Federation laid out a vision for reopening stores in a six-page document that’s titled “A Blueprint for Shopping Safe.”
They recommended a phased-in approach that begins with e-commerce, such as delivery and contactless curbside pickup of purchases, and asked governors to set clear standards, such as requiring face covers if deemed appropriate.In their proposal, the trade groups said governors must set statewide rules, so employees, customers and law enforcement have clear expectations. But, they said, as part of the first phase of reopening, warehouses and distribution centers in all states should reopen at the same time to make sure there’s a functioning supply chain. —Melissa Repko
2:15 pm: New Jersey governor announces roadmap to restoring economy
New Jersey Gov. Phil Murphy announced a roadmap to restoring the economy.
During a news briefing, Murphy said the goal of the road map is to restore the health, strength and well-being of New Jersey for the long term. “The road back is driven by data, science, health progress and common sense. We will use rigorous standards that are equally smart and thoughtful,” he added.
The governor’s guideline listed six principles: sustained reduction in new cases, expanded testing, robust contract tracing, securing safe places for isolation, responsible economic restart and ensuring resiliency.
While the announcement implies hopes of reopening businesses soon, the governor emphasized that “public health creates economic health.” Murphy said the state is actively working towards doubling the diagnostic testing capacity by the end of May and expanding its partnerships with private sector labs. It is also looking to recruit and deploy an “army of contract tracers” to prevent further spread of the coronavirus.
“This is a plan for how we move forward not if we move forward,” Murphy said.The New Jersey governor also ensured that he will work with regional partners through the Multi-State Council in making decisions on restoring the economy. “We will move as quickly as we can but as safely as we must. We have to be thoughtful on how we unfold our economy. This virus is now among us and our task is to contain it as best as we can.” —Jasmine Kim
1:53 pm: UCSF to test thousands in SF’s Mission District and collect data on community spread
A pedestrian wearing a face masks crosses an empty street amid the coronavirus outbreak on April 25, 2020 in San Francisco, California.
Liu Guanguan | China News Service via Getty Images
University of California, San Francisco, launched a new effort to offer diagnostic and antibody Covid-19 testing to 5,700 residents who live in a specific section of the Mission District, San Francisco’s densest neighborhood.
The initiative, which is being done through a partnership with the Chan Zuckerberg Biohub, is meant to gather data on the community spread of the virus, including among those who are asymptomatic, according to UCSF.
“Studying in detail how the virus has spread in these two distinctive communities will give us crucial data points that we can extrapolate to better predict how to control the virus in similar communities nationwide,” said Dr. Bryan Greenhouse, an associate professor of medicine who is leading the study. The testing is available at pop-up sites within the part of the Mission District eligible for testing, according to UCSF. The UCSF initiative previously extended testing to Bolinas, a small rural town in nearby Marin County. —Hannah Miller
1:45 pm: WHO warns about coronavirus antibody tests as some nations consider issuing ‘immunity passports’ to recovered patients
A security personnel wearing protective gear (R) checks the passports of British nationals before check-in for a special flight to London during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, at the Sri Guru Ram Dass Jee International Airport in Amritsar on April 25, 2020.
Narinder Nanu | AFP | Getty Images
Scientists still don’t know whether coronavirus antibodies give a person immunity or reduce the risk of reinfection, even as some nations consider issuing passports or certificates that indicate whether someone has had the virus, World Health Organization officials said.
Some countries are considering issuing so-called immunity passports or risk-free certificates to people who have antibodies against Covid-19, enabling them to travel or return to work assuming that they are protected against reinfection, Dr. Maria Van Kerkhove, head of WHO’s emerging diseases and zoonosis unit, told reporters during a news conference at the agency’s headquarters in Geneva.
But right now, scientists are unsure whether an antibody response means someone is immune from the virus, she said, adding researchers do know a person typically develops an antibody response about one to two weeks after becoming infected with Covid-19.
WHO officials are studying the so-called serological, or antibody, tests, which can indicate whether a person has had Covid-19 in the past and was either asymptomatic or recovered from the illness. U.S. officials and corporations across America are pouring money into antibody testing, hoping it will give people confidence to return to work and reopen parts of the economy. —Berkeley Lovelace Jr.
1:30 pm: WHO says US faces ‘difficult situation’ as the coronavirus epidemic differs by state
The U.S. faces a “very difficult situation” in grappling with an epidemic that varies by state and is evolving at different rates across the vast country, a top World Health Organization official said.
“I think that the United States has been dealing for a while with a complex situation,” added Dr. Mike Ryan, executive director of WHO’s emergencies program. “It’s a very large country, 50 states, each one with different populations, with different levels of urbanization and the epidemic at different levels of development and evolution in each of those.”
Ryan commended the U.S. for rolling out data-driven federal guidelines such as President Donald Trump’s “Opening Up America Again” plan, which lays out three “phases” to guide states on how and when to reopen, based on factors such as new daily infections and hospital capacity.
“The federal government and the system of governors are working together to move America and its people through this very difficult situation with public health and other scientific leaders adding and inputting their advice into the system,” Ryan said. “We believe that the overarching federal plan seems to be very much based on science.” —William Feuer, Jasmine Kim
1:23 pm: New York Gov. Cuomo says he talked to Trump about keeping temporary hospitals in place in case of second wave of coronavirus
People wait in line at a New York State Department of Health COVID-19 antibody testing center at Steve’s 9th Street Market in Brooklyn, New York, the United States, on April 25, 2020.
Michael Nagle | Xinhua via Getty
1:16 pm: Los Angeles Lakers got $4.6 million in coronavirus federal loan money for small business, but repaid it1:07 pm: Investment firms spent millions lobbying Trump administration and Congress on coronavirus relief bill
Some of the world’s largest investment firms combined to spend at least $3 million to lobby members of the Trump administration and lawmakers on a bill that was meant to give relief to those that have taken a financial hit due to the coronavirus.
Blackstone, the Carlyle Group and SoftBank took aim at the $2 trillion stimulus package that was signed by President Donald Trump in late March as the global pandemic was shaking the stock market and forcing millions of people out of work. These companies and their lobbyists engaged with U.S. Treasury officials and leaders in the House and Senate, records show.
People close to two of these companies say the lobbying goals ranged from pushing for their portfolio companies to participate in the federal loan program to monitoring the legislation as it developed. None appears to be trying to get small business loans to go directly into the private equity industry.
The discovery was made by CNBC after reviewing new first-quarter lobbying reports. Many leaders of these companies have ties to Trump himself, including Steve Schwarzman, CEO of private equity giant Blackstone. Schwarzman took part in a March 24 call with other prominent investors such as Third Point’s Dan Loeb, Intercontinental Exchange’s Jeffrey Sprecher and Paul Tudor Jones. —Brian Schwartz
12:58 pm: More people are pirating movies during the pandemic lockdown
Streaming services have seen a major surge in subscriber growth during the coronavirus pandemic, but the outbreak is also driving more people to use pirated movie websites.
New data from Muso, a piracy tracking firm, found that during the last seven days of March, there was a 43% spike in Americans visiting sites that pirate movies compared with the last seven days of February.
“This unprecedented increase in visits to online film piracy sites in the last week of March reveals that as more countries enforced lockdown and required citizens to self-isolate, demand for content via piracy grew exponentially,” the company said in a statement.
Notably, Italy, which went under lockdown orders on March 9, saw visits to piracy sites spike 66%. —Sarah Whitten
12:51 pm: UK government announces $74,500 payout for the families of health workers that die from the coronavirus
U.K. Health Minister Matt Hancock has announced a “life assurance scheme” for the families of staff in the National Health Service and social care who die as a result of Covid-19.
In the government’s daily press conference, Hancock said that the families of those who die doing “front- line work” will receive a payout worth £60,000 ($74,500).
He said that nothing replaced the loss of loved one, “but we want to do everything we can for their grieving families.”
To date, 82 NHS health workers and 16 care workers have died from the coronavirus, Hancock added. The government also reported 360 new hospital deaths, taking the total to 21,092. —Katrina Bishop
12:35 pm: After coronavirus: The office of the future is the office of the past
Say hello to the high-walled cubicles made famous in the 1999 film, “Office Space,” because they’re about to make a comeback.
For years offices have crammed more employees into smaller spaces, while creating an open collaborative atmosphere.
“If you think about tech companies that are highly dense and working in those ‘benching workstations’ side by side,” said Gable Clarke, director of interior design at the architecture firm SGA. Now with Covid-19, things like “benching” are the opposite of what employees want to face as they return to work.
As companies plan how to bring their workforce together again in the office, there are numerous calculations being made to provide an environment that will keep workers safe, healthy and productive. While some of that strategy involves testing and monitoring employees to prevent the spread of the coronavirus, there is thought being paid to the actual physical design of offices. —Jane Wells
12:23 pm: The market is rebounding on hope for a treatment, new index tracking coronavirus drugmakers shows12:12 pm: Dr. Scott Gottlieb sees ‘some level’ of immunity for most people who had coronavirus
Dr. Scott Gottlieb told CNBC he believes that most people who had the coronavirus will have “some level” of immunity.
“Now how long that immunity lasts, how strong it is, we don’t know. It might not last that long in certain people. It might not be that strong so you can get reinfected but perhaps not get as sick,” he said on “Squawk Box.”
Gottlieb, the former commissioner of the U.S. Food and Drug Administration, was responding to a warning put out last week by the World Health Organization, which later clarified its position.
The WHO on Friday advised governments against issuing so-called immunity passports to people who have antibodies for Covid-19 to travel or return to work “assuming that they are protected against re-infection.”
“There is currently no evidence that people who have recovered from COVID-19 and have antibodies are protected from a second infection,” the organization wrote in a scientific brief dated April 24.
In follow-up tweets Saturday, the WHO clarified that it also expects Covid-19 antibodies will “provide some level of protection.” —Kevin Stankiewicz
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.
12:01 pm: WHO warns that ‘children will die’ as coronavirus pandemic postpones vaccinations against other diseases
Children ride a bicycle past a coronavirus awareness graffiti during a lockdown. Indonesian local artists drew murals on the walls of the houses for the residents to educate and encourage public optimism in the fight against Corona Virus or COVID-19 pandemic in Depok, a city in Jakarta outskirts.
Risa Krisadhi | SOPA Images | Getty Images
The World Health Organization warned that children across the world will die as the coronavirus pandemic forces some countries to temporarily halt vaccinations for other deadly diseases like polio.
At least 21 countries are reporting vaccine shortages as a result of travel restrictions meant to curb the spread of the Covid-19 pandemic, WHO Director-General Dr. Tedros Adhanom Ghebreyesus said during a press conference at the agency’s Geneva headquarters. “The tragic reality is children will die as a result.”
Just as immunization has been postponed in some countries, heath-care services for other diseases, like malaria, have been disrupted, Tedros said, noting that the number of malaria cases in sub-Saharan Africa could double. —Berkeley Lovelace Jr.
11:51 am: Homebuilders suddenly see sales jump as renters flee small urban apartments
Contractors construct a wood deck while working on a home under construction in the Norton Commons subdivision in Louisville, Kentucky, U.S., on Monday, March 23, 2020.
Luke Sharrett | Bloomberg | Getty Images
Home sales nearly ground to a halt at the end of March, as the coronavirus pandemic forced an economic shutdown that scuttled open houses and shattered consumer confidence. Now, demand appears to be coming back, especially for newly built homes.
In the initial four weeks of the national shutdown, sales of newly built homes began falling precipitously, down 85% from normal spring activity by the fourth week. In the past two weeks, however, the numbers have started to climb, according to John Burns Real Estate Consulting, which tracks hundreds of builders nationwide.
“We’re still down roughly 65%, but more positive news is coming out of the new home market, particularly for builders who are targeting the first time and entry level buyers,” said Devyn Bachman, manager of research at JBRC. She noted that a wave of renters are leaving their apartments and eyeing new homes. —Diana Olick
11:43 am: College enrollment likely to drop as schools consider staying closed until 2021
Pedestrians walk through Harvard Yard on the closed Harvard University campus in Cambridge, Massachusetts, U.S., on Monday, April 20, 2020.
Adam Glanzam | Bloomberg | Getty Images
As colleges consider when it will be safe to reopen, there’s more than just the fall semester at stake.
While the global coronavirus pandemic and extreme economic uncertainty have pushed many schools to extend the decision deadline until June 1, they are are also postponing a final determination of what students can expect come August.
Current and prospective college students and their parents don’t feel remote learning has the same value as in-person instruction. Rather than commit to online classes at a pricey four-year institution, many college-bound seniors have said they will take a gap year or enroll for a semester or two at a community college instead.
At two-year public schools, tuition and fees are just $3,730 for the 2019–2020 school year, according to the College Board. Alternatively, at in-state four-year public schools, tuition is $10,440 and at four-year private universities it averages $36,880. —Jessica Dickler
11:27 am: Boeing CEO says air travel recovery could take two to three years; board wins approval
Boeing CEO Dave Calhoun told shareholders that air travel demand won’t recover for two or three years, another challenge for the manufacturer that was reeling from the 737 Max grounding before the coronavirus pandemic. Investors approved the company’s board.
Boeing is scrambling to cut costs to meet the weak demand for new jetliners. Air travel in the U.S. is about 5% of what it was a year ago and airlines have parked more than a third of the country’s fleet and some are planning to defer orders of new planes.
“When it does [recover], the commercial market will be smaller,” Calhoun said in a webcast of the company’s annual shareholders meeting. —Leslie Josephs
11:16 am: CVS and UPS will use drones to deliver prescriptions in a retirement community amid coronavirus outbreak
A UPS Drone in flight.
CVS and the United Parcel Service will start using drones next week to deliver prescription medications to residents in a Florida retirement community in an effort to maintain social distancing measures, UPS announced.
Starting May 4, the 135,000 residents in The Villages can receive their medications via Matternet’s M2 drone system, in cooperation with the Federal Aviation Administration. The drones will drop off prescriptions to a location near the community and a truck finish the delivery, UPS said. The company said it may expand its service to include deliveries from two more local CVS pharmacies.
“Our new drone delivery service will help CVS provide safe and efficient deliveries of medicines to this large retirement community, enabling residents to receive medications without leaving their homes,” Scott Price, UPS chief strategy and transformation officer, said in a press release. “UPS is committed to playing its part in fighting COVID-19, and this is another way we can support our healthcare customers and individuals with innovative solutions.” —Jessica Bursztynsky
10:58 am: Wall Street rally gains steam, with Dow up 250 points10:30 am: NYC to hire 1,000 health workers to trace cases
New York City plans to hire 1,000 health workers to track coronavirus cases as well as anyone who has come into contact with someone who’s tested positive for Covid-19, Mayor Bill de Blasio said.
“We are hiring. We are looking for talented, experienced health workers,” de Blasio said at a news briefing. “If you have experience in the health care field, if you’re ready to lend your talents to this fight, we need you and we need you right away. We are hiring immediately and we’ll be hiring throughout the month of May.”
The city’s team of contact tracers will interview and identify people who have come into contact with those who tested positive for Covid-19, said de Blasio, who called them “disease detectives.” The tracers will also provide support to New Yorkers who need to be isolated, de Blasio said. —Will Feuer, Jasmine Kim
10:26 am: Coronavirus takes a toll in New Jersey
Eduardo Munoz Alvarez | Getty Images
New Jersey residents have felt the effects of the coronavirus more acutely than the rest of the country, a new poll found.
About 7 in 10 respondents in the state, or 71%, said the pandemic has had a “major impact” on their lives, according to the Monmouth University poll. Nationally, 62% of people said the same, a previous Monmouth survey found.
In the Garden State, 61% of adults said they know someone infected by the virus, compared with only 26% nationally. At the same time, 29% of people of color in New Jersey said they or a family member got the coronavirus, versus 20% of white people. New Jersey has more than 100,000 Covid-19 cases, second among states only to its neighbor New York.
The Monmouth University poll, taken from April 16 to 19, surveyed 704 New Jersey adults with a margin of error of plus or minus 3.7 percentage points. —Jacob Pramuk
9:50 am: Apple reportedly delays new iPhone production, putting ‘super cycle’ of upgrades in doubt
Tim Cook announces the iPhone 11 at a launch event in Cupertino, Calif on Sept. 10, 2019.
Apple is gearing up for its next iPhone launch this fall, but plans could shift as the company as the company delays production, according to a new report.
The Wall Street Journal reported Monday that mass production for new iPhones has been pushed back “about a month.” That means that even if Apple announces them in September, as it usually does, some or all of the models might not be available to buy in September.
The report says Apple is planning four new iPhones, including one with a 5.4-inch screen, two with 6.1-inch screens and a big model with a 6.7-inch screen. It’s unclear how many of those phones may be impacted by the delay — the report just says “flagship iPhones” — but some analysts have said Apple could push the launch of some or all of its new phones. —Todd Haselton
9:44 am: Norwegian Cruise withdraws forecast, to cut $515 million in spending
Norwegian Cruise Line Holdings withdrew its 2020 forecast and said it will cut spending by about $515 million, as the cruise operator struggles to save cash amid the coronavirus pandemic that forced it to extend suspension of its schedule to June 30.
The company also withdrew its forecast for the first quarter, joining peer Royal Caribbean Cruises.
Norwegian Cruise Line estimates its cash burn to be about $110 million to $150 million per month as suspension of its three brands continues. —Reuters
9:36 am: NJ governor says the state needs more federal assistance to avoid an ‘Armageddon’ scenario
Gov. Phil Murphy said New Jersey could be headed toward an “Armageddon” scenario, with an inability to fund public schools or pay police if it doesn’t receive more federal assistance due to the coronavirus pandemic.
Murphy, a Democrat, said on CNBC’s “Squawk Box” that New Jersey’s revenues “have fallen off a table” due to the coronavirus.
“Our costs are going up serving folks who have lost their jobs, small businesses that have been crushed, folks who are in the health-care system, et cetera,” he said. —Kevin Stankiewicz
9:32 am: Dow rises more than 100 points to start the week9:10 am: Swiss rush to get haircuts, visit dentists as coronavirus curbs ease
Haircuts, massages and shopping for garden supplies topped the agenda for Swiss residents as the country slowly started easing restrictions on public life imposed in March to fight the coronavirus.
Lines formed in front of garden centers as people battling cabin fever emerged from six weeks of staying at home at the government’s urging.
“I think it is about time. We have to live our lives, so I think it is important that we keep doing our activities, and contact with people is so important, even in a queue like that,” shopper Christiane Ansermet said as she waited to enter the Schillinger garden center in the town of Gland on Lake Geneva. —Reuters
9:08 am: Portugal eyes easing lockdown, textile firms step up mask production
Portugal may soon ease its coronavirus lockdown, but widespread use of protective equipment will be essential and the country does not rule out “taking a step back” if the situation worsens, Prime Minister Antonio Costa said.
During a visit to one of hundreds of textile firms reorienting to produce protective gear, he praised the industry for supporting the relaxation of restrictions and said face masks would likely be obligatory in certain locations such as schools and public transport.
“We are likely to go down a level (on restrictions), but normality will only come when we have a vaccine in a year, or year and a half,” Costa said while visiting textile manufacturer Petratex, which is producing more than 100,000 masks a week.
“Until then, reopening will come with conditions — like using hand sanitizer, and masks. This industry initiative to produce them en masse is essential for public safety,” he said. —Reuters
9 am: Doctors apply for SBA funding in struggle to keep practices afloat during the pandemic
Doctors shut out of the Payroll Protection Program loans are hoping money from the next round of funding will make it to more small practices.
Nearly half of physician practices have laid off staff to cut costs, while 1 in 5 worry that the sharp drop in office visits will force them to close. Nearly 90% of primary-care physicians say they’ve experienced significant losses in patient volumes, according to the most recent weekly Covid-19 impact survey from researchers at the Larry Green Center and the Primary Care Collaborative. —Bertha Coombs
8:43 am: Oil drops 20% extending recent losses as storage fills
Oil prices plunged more than 20% on fears that worldwide storage will soon fill as the coronavirus outbreak continues to roil demand.
West Texas Intermediate for June delivery fell 23.5%, or $4.02, to trade at $12.91 per barrel, while international benchmark Brent crude traded 6.2% lower at $20.11 per barrel. Each contract is coming off its eighth week of losses in nine weeks.
WTI for July delivery fell more than 11% to $18.84 while the August contract slipped more than 7% to $22, suggesting the Street doesn’t see a meaningful recovery in the next few months. —Pippa Stevens
8:23 am: The latest on US hot spots8:22 am: General Motors suspends dividend, stock buybacks to preserve cash
General Motors said it is suspending its quarterly dividend and stock buybacks to preserve cash during the coronavirus pandemic.
The automaker said it also extended a $3.6 billion, three-year revolving credit facility to April 2022 to help bolster its liquidity. GM said it has “taken other significant austerity measures to preserve near-term available cash.”
GM’s U.S. plants have been shuttered since mid-March due to Covid-19. —Michael Wayland
8:11 am: Regeneron, Sanofi shut down part of arthritis drug study after trial shows benefit for only sickest patients
A rheumatoid arthritis drug made by Regeneron and Sanofi showed promise for treating the sickest coronavirus patients in a clinical trial but was not beneficial for patients with less-advanced disease, prompting the companies to stop testing the medicine in that group.
The drug, Kevzara, inhibits a pathway thought to contribute to the lung inflammation in patients with the most severe forms of Covid-19.
Regeneron and Sanofi started clinical trials of the medicine in Covid-19 patients in March after a small study from China suggested a benefit from a Roche drug, Actemra, inhibiting the same pathway. —Meg Tirrell
7:21 am: CDC expands the official list of symptoms
The Centers for Disease Control and Prevention has added six new symptoms of Covid-19 to its website as scientists gather more data on the coronavirus and patients show “a wide range of symptoms,” the agency said.
The previous list of symptoms included fever, cough and shortness of breath or difficulty breathing. The CDC now says chills, repeated shaking with chills, muscle pain, headache, sore throat and a sudden loss of taste or smell are also common indicators. —Jasmine Kim
7:02 am: Former FDA chief says there’s still ‘pervasive spread’ in the US
Even as states weigh lifting social distancing restrictions, there is still pervasive spread of the virus throughout the country, former Food and Drug Administration Commissioner Scott Gottlieb told CNBC.
“The reality is there is still pervasive spread of coronavirus across the entire nation,” he said on CNBC’s “Squawk Box.” “There’s parts of the country, there’s states where they never really had a significant outbreak that they certainly meet the criteria to start reopening aspects of the economy.”
About five states meet the White House criteria for the necessary level of “sustained reduction” of new cases before restrictions can be lifted, Gottlieb said. He did not identify the states but added that the U.S. is reporting roughly 30,000 new cases every day and 2,000 new deaths. —Will Feuer
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.
6:56 am: Adidas projects 40% decline in sales for the second quarter
Adidas has predicted that sales will fall by 40% in the second quarter, as the impact of the coronavirus takes hold.
The German sportswear giant on Monday reported a 19% decline in net sales for the first quarter from a year earlier to 4.75 billion euros ($5.16 billion), as 70% of its stores worldwide closed as a result of the Covid-19 pandemic.
Its first-quarter net income was 26 million euros, down 96% from a year earlier. Adidas said that owing to uncertainty over the duration of store closures, it would be unable to offer a full-year outlook. —Elliot Smith
6:44 pm: VW restarts production at its largest car factory in Germany
Volkswagen has restarted production at its largest factory, in Wolfsburg in Germany.
Production will start at 10% to 15% of capacity, VW said in a statement, increasing to around 40% the following week. The first vehicle to be produced will be the Golf model and the company said “maximum health protection” has been implemented to protect employees.
Ralf Brandstatter, chief operating officer of the Volkswagen Passenger Cars brand, said in the VW statement that “step-by-step resumption of production is an important signal for the workforce, dealerships, suppliers and the wider economy.” —Holly Ellyatt
6:20 am: Virus dulls the Netherlands’ annual Kings Day celebrations
King Willem-Alexander of the Netherlands has urged the public to stay at home to celebrate the annual ‘King’s Day’ celebrations, which celebrate the monarch’s birthday.
“This promises to be a unique King’s Day, and mainly because I hope it will be the last King’s Day-at-home ever. Try to make the best of it,” the king said in a live TV broadcast to the public, Reuters reported.
King’s Day normally attracts millions of people to street parties and music festivals in Amsterdam and throughout the country, but the coronavirus has forced the Dutch to stay at home due to lockdown measures. —Holly Ellyatt
5:51 am: China denies spreading virus disinformation following EU report
China’s foreign ministry has denied claims that Beijing is spreading disinformation about the coronavirus.
“China is opposed to the creation and spreading of disinformation by anyone or any organisation. China is a victim of disinformation, not an initiator,” foreign ministry spokesman Geng Shuang said at a regular press briefing on Monday, Reuters reported.
The denial comes after an EU report last week there was evidence that state-backed governments, including China and Russia, were responsible for spreading disinformation on the virus. —Holly Ellyatt
5:10 am: Spain’s daily death toll rises slightly
RT: Mortuary workers wearing protective gear are seen at the San Juan de la Cruz funeral home, amid the coronavirus disease (COVID-19) outbreak in Segovia, Spain, April 23, 2020.
Susana Vera | REUTERS