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 183,000, according to Johns Hopkins University.Global deaths: At least 7,167, according to Johns Hopkins University.U.S. cases: At least 4,661, according…
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 183,000, according to Johns Hopkins University.
- Global deaths: At least 7,167, according to Johns Hopkins University.
- U.S. cases: At least 4,661, according to Johns Hopkins University.
- U.S. deaths: At least 85, according to Johns Hopkins University.
11:13 am: NY state cases soar to more than 1,300, hospitalizing 19%
The COVID-19 outbreak in New York state has spread to at least 1,374 people, hospitalizing 19% of them and killing at least 12, New York Gov. Andrew Cuomo announced Tuesday.
Cuomo said at least 264 New Yorkers, or 19% of the known cases, have been hospitalized with COVID-19. The number of New Yorkers hospitalized with the virus is higher than average, Cuomo said during a press briefing Tuesday on the COVID-19 outbreak spreading throughout the state.
The state is scrambling to expand its hospital capacity to handle an influx of cases before infections peak here, he said. New York currently has 53,000 hospital beds and 3,000 ICU beds, far short of what state health officials are predicting will be needed, he said. They estimate the state will need between 18,600 to 37,200 ICU beds and at least 55,000 hospital beds at the peak of the outbreak across the state, which he predicted will take about 45 days. —Berkeley Lovelace Jr., Noah Higgins-Dunn
11:08 am: Amazon prioritizes household staples and medical supplies from merchants
Amazon is telling third-party merchants it’s “temporarily prioritizing” household staples, medical supplies and other product categories in response to a surge in demand from the coronavirus outbreak.
The change went into effect Tuesday and is expected to last until April 5, according to a document obtained by CNBC. It only applies to Amazon’s U.S. and EU marketplaces.
Amazon said it made the decision to prioritize these shipments so it “can more quickly receive, restock and ship these products to customers,” adding that it’s “working around the clock to ensure availability on these essential products.” The company told sellers it will notify them once it resumes regular operations. —Annie Palmer
11:04 am: ESPN reveals how it will move forward without live sports, including ‘stunt event programming’
Mike Windle | ESPN | Getty Images
Disney’s ESPN released its first details on how it plans to fill programming on its networks with collegiate and professional sports canceled during the coronavirus outbreak, including airing classic games and “stunt event programming,”
ESPN published a transcript of an interview between Burke Magnus, executive vice president of programming acquisitions and scheduling, and Front Row, a website dedicated to the internal workings of ESPN.
While ESPN hasn’t made decisions about what “stunt event programming” it has in mind, Magnus referred to “ESPN8: The Ocho,” an annual event ESPN has run on ESPN2 as a takeoff of the movie “Dodgeball,” where events such as “Acrobatic Pizza Trials” and “Cherry Pit Spitting” have been packaged together to create a makeshift tournament of oddball events. —Alex Sherman
10:58 am: Fed announces another $500 billion operation for overnight repo funding markets
The Federal Reserve is continuing to provide support for short-term bank funding, as it will institute another $500 billion repo operation Tuesday afternoon amid intensifying funding pressures.
In the latest operation, the Fed will conduct another operation that comes on top of a similar offering Monday. The central bank’s New York trading desk has been aiming to quell disruptions in the overnight funding markets where banks go to get operating capital.
This latest move comes on top of up to $1.5 trillion announced last week. Repo involves banks posting high-quality collateral for reserves used to operate. The minimum bid for the repo operations as been 0.1%.
The repo operations follow other liquidity measures from the Fed aimed at getting banks to keep money moving through the economy. Along with the aggressive liquidity measures, the Fed also has cut its benchmark borrowing rate 150 basis points, or 1.5 percentage points, over the past few weeks. —Jeff Cox
10:51 am: Fed announces move to help businesses get short-term funding
The Federal Reserve said Tuesday it is providing help to companies that are having a hard time getting the short-term funding they need to operate.
In a move much anticipated on Wall Street, the bank announced a special credit facility to purchase corporate paper from issuers that have been having a difficult time finding buyers on the open market. Corporate paper involves unsecured short-term lending.
The one-day facility, under the Fed’s emergency 13(3) powers of the Federal Reserve Act, will involve three-month paper for eligible companies. The cost will be the three-month overnight index swap rate plus 200 points. —Jeff Cox
10:40 am: Outgoing Chief of Staff Mick Mulvaney under voluntary quarantine
Mick Mulvaney, acting White House chief of staff, arrives to a news conference in the press briefing room of the White House in Washington, D.C., U.S., on Thursday, Oct. 17, 2019.
Andrew Harrer | Bloomberg | Getty Images
Outgoing White House Chief of Staff Mick Mulvaney is in self-quarantine in South Carolina after his niece got sick in the wake of interaction with the Brazilian delegation at the Trump resort Mar-a-Lago in Florida. Mulvaney has no symptoms now, a senior administration official said.
Mulvaney’s niece, who shares his residence in Washington, D.C., has made a full recovery but was ill for three to four days last week. Her test results for coronavirus are still pending, but she has tested negative for ordinary flu.
Mulvaney had no contact with President Donald Trump after Thursday morning, the senior administration official said. Mulvaney left Friday morning because of the incubation period. He had zero contact with the president after his test, which came back negative. The White House doctor has been in the loop on it all. —Eamon Javers
10:24 am: Homebuilder sentiment falls, as virus fears begin to factor in
A monthly measure of homebuilder sentiment only partially reflected the escalating economic effects of the coronavirus. Sentiment fell 2 points to 72 in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
Sentiment levels have stayed in a tight range in the low- to mid-70s for the past six months. Anything above 50 is considered positive. The HMI stood at 62 in March 2019.
Potential buyers worry about being out in public and about their financial health, as the stock market craters and businesses shut down. Real estate agents for existing homes saw a significant slowdown in buyer traffic at Sunday open houses this past weekend. Some companies have chosen to cancel open houses. —Diana Olick
10:21 am: Cisco CEO: Customers spent 5.5 billion minutes in virtual meetings this month
“In the first 11 business days of March, we’ve had 5.5 billion meeting minutes,” Robbins said on “Squawk on the Street.” “Yesterday we held 3.2 million meetings globally on Webex, and that doesn’t include one on ones. Those are multi-individual meetings.”
Companies are shifting operations online in a bid to slow COVID-19. In the United States, at least 4,661 coronavirus cases have been confirmed and at least 85 people have died, according to Johns Hopkins University. —Jessica Bursztynsky
10:18 am: Trump attacks Cuomo again on coronavirus response: ‘Andrew, keep politics out of it’
President Donald Trump
Jabin Botsford | The Washington Post | Getty Images
President Donald Trump and New York Gov. Andrew Cuomo traded insults on Twitter, ramping up their attacks on each other over their efforts to combat the coronavirus pandemic.
Cuomo said Monday the federal government has been “behind from day one of this crisis.” Trump replied on social media that “Cuomo of New York has to ‘do more.'” Cuomo was quick to hit back: “I have to do more? No — YOU have to do something! You’re supposed to be the President.”
Trump took another swing at Cuomo on Tuesday morning, admonishing the New York governor to “keep politics out of” the coronavirus response. —Kevin Breuninger
10:09 am: America must confront ‘how we’re going to live with’ coronavirus, disease specialist says
The coronavirus will be here for “many, many months” and the country must decide on a path forward, infectious disease specialist Michael Osterholm told CNBC. The world is still far from rolling out a vaccine, Osterholm noted, and until then, COVID-19 will present a threat to everyone, especially those most at risk.
“We have to continue to consider what it means to die from this virus. It’s a very, very difficult and tragic situation. We also have to have a conversation about how we’re going to live with it. We have to figure that out,” the director of the Center for Infectious Disease Research and Policy at the University of Minnesota said in a “Squawk Box” interview. “Do we envision an America that for the next 18 months will be in complete lockdown?” —Will Feuer
9:59 am: Connecticut governor: ‘I am worried’ about ventilator availability if cases surge
Connecticut Gov. Ned Lamont told CNBC on Tuesday he’s concerned that the number of ventilators in the state wouldn’t be enough to handle a dramatic surge in coronavirus cases.
“We have a long way to go there,” Lamont said on “Squawk Box.” “We do have some capacity there at this point, but I am worried. If we cannot flatten that curve, as they say, we could be overwhelmed.”
The Democratic Lamont said that is why social-distancing efforts are so critical. He said they are necessary to ensure a flattening of the curve — essentially trying to limit the surge of coronavirus cases. —Kevin Stankiewicz
9:54 am: Facebook announces $100 million program for struggling small businesses
In a blog post announcing the grants, Facebook said, “We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.”
Facebook said the grants will be available for up to 30,000 eligible small businesses in over 30 countries. That would be an average of $3,333 per business. It could help businesses experiencing a sharp drop in traffic, but it’s a fraction of Facebook’s typical revenue. The company generated $21.08 billion in the fourth quarter of 2019 alone. —Lauren Feiner
9:50 am: Trump administration wants an $850 billion stimulus plan, reports say
Treasury Secretary Steven Mnuchin heads to the Capitol today to discuss a third coronavirus response package with Senate Republicans as policymakers try to stave off economic calamity.
The Trump administration wants an $850 billion economic stimulus plan, Politico and The Washington Post reported. The White House’s proposal would include about $50 billion in aid to an airline industry battered by the global pandemic, according to the Post.
Congress already passed $8.3 billion in emergency funding to help stop the coronavirus disease’s spread. A separate plan to expand paid leave benefits, boost unemployment insurance and make testing more affordable is working its way through the Capitol this week. —Jacob Pramuk
9:43 am: US travel industry lobby heads to the White House
US Vice President Mike Pence and members of the CONVID-19 task force speak to the press at the White House March 10, 2020, in Washington, DC.
Brendan Smialowski | AFP | Getty Images
Lobbying groups representing the country’s travel and tourism industry are headed to the White House today to meet with Vice President Mike Pence and other officials to discuss the industry’s response to the coronavirus pandemic and the “catastrophic economic impact on the hotel industry, its employees and U.S. economy,” U.S. Travel Association and American Hotel and Lodging Association confirmed.
Travel Economics is forecasting a 10% drop in international visits to the U.S. a year, about double the decline the U.S. faced during the outbreak of severe acute respiratory syndrome, or SARS, in 2003. This implies 8.2 million lost visitors in one year, even more than the 7.7 million international travelers lost in 2001 and 2002, after the 9/11 terrorist attacks. In all, it anticipates 825,000 jobs could be lost in the industry.
The lobby groups have asked for a number of relief measures, including tax credits for employee retention, the deferment of quarterly tax payments, and the ability to carry back net-operating-losses, CNBC has reported. It is unclear what measures the White House is currently considering. —Lauren Hirsch
9:33 am: Stocks bounce as Wall Street attempts rebound from the Dow’s third-worst day ever
Stocks jumped on Tuesday as Wall Street tried to recover from its worst day in more than 30 years amid signs of potential fiscal stimulus and progress on a possible treatment for COVID-19.
Trading overnight was volatile with Dow futures giving back more than 1,000 points as investors try to weigh the uncertain economic impact of the coronavirus outbreak.
Those moves came after Politico and The Washington Post reported that Treasury Secretary Steven Mnuchin will ask congressional lawmakers for a stimulus package of $850 billion or more to help the U.S. economy grapple with the impact of the coronavirus. —Fred Imbert
9:30 am: Senators push to let all Americans vote by mail
Democratic Sens. Amy Klobuchar and Ron Wyden are pushing to make vote-by-mail available to every American as the coronavirus pandemic threatens to keep people at home during election season.
“The best way to ensure that this virus doesn’t keep people from the ballot box is to bring the ballot box to them. We must allow every American the ability to vote by mail,” the two lawmakers wrote in an opinion article in The Washington Post published on Monday. “And we must expand early voting so that voters who are not able to vote by mail are not exposed to the elevated infection risks of long lines and crowded polling locations.” —Tucker Higgins
9:27 am: Fed’s Kashkari says ‘we are using our tools aggressively,’ doesn’t see negative rates
Anjali Sundaram | CNBC
Minneapolis Federal Reserve President Neel Kashkari said the central bank still has monetary policy options to deal with the coronavirus crisis, though negative interest rates still are unlikely.
In a CNBC interview, Kashkari called on Congress to act in situations like a potential bailout for the airline industry. He said the Fed is in the “fourth round” of responders to the crisis, behind health care professionals, the public and Congress.
“We are not at the front line of this,” he said on “Squawk Box.” “But we do have a job to do and we are using our tools aggressively to try to make sure the financial system is ultimately working.” —Jeff Cox
9:20 am: Oil prices could hit teens in coming weeks as markets crater over coronavirus and price war
An end to the oil price plunge is nowhere in sight, energy experts say, as futures of international benchmark Brent crude fell below $30 a barrel Monday for the first time since 2016. That’s a stunning 54% drop year-to-date.
“Oil could easily be in the teens at the bottom. Could even be low teens at the lowest,” Abhi Rajendran, director of research at Energy Intelligence, told CNBC on Monday.
Energy stocks have been hammered as demand plummets amid the escalating coronavirus crisis, but moves by state actors to unleash a flood of supply are driving them decisively into the ground. —Natasha Turak
9:18 am: NY has the most cases in the US, West Virginia only state without a reported case
9:14 am: Uber suspends pooled rides in US and Canada to limit coronavirus spread
Uber Technologies began suspending shared rides on its ride-hailing platform in the United States and Canada to limit the spread of the coronavirus.
The pooled option, which allows riders to book trips at lower prices by sharing the car with up to three other passengers traveling in the same direction, has been disabled for users opening the apps in the two countries.
“Our goal is to help flatten the curve on community spread in the cities we serve,” senior vice president Uber Rides and Platform Andrew Macdonald said in a statement. —Reuters
9:09 am: Euro 2020 soccer tournament postponed until 2021
The Union of European Football Associations (UEFA) has postponed the Euro 2020 soccer tournament to June 2021 as a result of the coronavirus pandemic, according to the Norwegian Football Association.
It comes after UEFA president Aleksander Ceferin had organized a video conference meeting for all 55 of the group’s associations Tuesday morning. —Sam Meredith
8:40 am: Morgan Stanley expects a global recession this year
Morgan Stanley’s chief economist Chetan Ahya told investors that a “global recession in 2020 is now our base case.” Morgan Stanley said the coronavirus pandemic is fundamentally disrupting the world’s economy, forecasting the lowest global economic growth “since the global financial crisis.” —Michael Sheetz
8:36 am: Tom Hanks and Rita Wilson released from hospital after coronavirus treatment
(L-R) Rita Wilson and Tom Hanks attend the 77th Annual Golden Globe Awards at The Beverly Hilton Hotel on January 05, 2020 in Beverly Hills, California.
Steve Granitz | WireImage | Getty Images
Tom Hanks and his wife Rita Wilson have been released from an Australian hospital after being treated for the new coronavirus. The couple is now in self-quarantine, their son Chet Hanks said in a video message on his Instagram account. —Holly Ellyatt
8:18 am: Former Obama health official says you should be able to test yourself ‘in the comfort of your own quarantined home’
There’s still a major shortage of testing capacity in the U.S., Dr. Kavita Patel, a nonresident fellow at the Brookings Institute, told CNBC’s “Squawk Box.” Patel, who served as director of policy for the Office of Intergovernmental Affairs and Public Engagement under Obama, said that even hospitals that have test kits in supply, are running out of the necessary reagents or other supplies like cotton swabs and specific chemicals. She said there’s no reason an at-home test could not be developed and made available to Americans across the country. “A test kit, just like anything else in our lives these days, can come to you even in the same day,” she said. “Doing it in the comfort of your own quarantined home makes a lot of sense.” —Will Feuer
7:53 am: Nordstrom to close all of its stores in the US
Nordstrom is temporarily closing all of its stores due to COVID-19. The retailer has also withdrawn its 2020 earnings outlook. Nordstrom said it has experienced “a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus.”
The Seattle-based chain will close all of its locations, including its off-price division Nordstrom Rack, in the U.S. and Canada beginning Tuesday, for two weeks. Nordstrom said it will continue to offer pay and benefits to store workers at this time. —Lauren Thomas
7:15 am: Antibody treatment could be ready for human testing by early summer
A researcher working with Doctor Paul McKay (unseen), who is working on an vaccine for the 2019-nCoV strain of the novel coronavirus, uses a pipette controller to express coronavirus onto surface protein to apply cell cultures, in a research lab at Imperial College School of Medicine (ICSM) in London on February 10, 2020.
Tolga Akmen | AFP | Getty Images
Biotech giant Regeneron said it aims to have doses of a potential drug for COVID-19 ready to start human clinical trials by early summer. The approach involves creating antibodies to the virus that could be used to treat the disease and to prevent it, Regeneron said in a statement.
The company had previously said it aimed to have hundreds of thousands of doses ready for human testing in late summer, so the new goal is a significant acceleration. Regeneron said it plans to start large-scale manufacturing by the middle of next month and still plans to ramp up to hundreds of thousands of preventive doses a month by the end of summer. —Meg Tirrell
7:10 am: Spain’s cases surpass 10,000, death toll rises
The total number of confirmed cases in Spain surpassed 10,000 on Tuesday and the number of fatalities rose to 491, said Fernando Simon, the head of the country’s health emergency center. He said the number of cases rose to 11,178, up from a previous tally of 9,161 cases on Monday. —Reuters
5:20 am: Iran has temporarily freed 85,000 prisoners, including political ones
A citizen wears a medical mask as a precaution against coronavirus (COVID-19) on March 01, 2020 in Tehran, Iran.
Iran has temporarily freed about 85,000 prisoners, including political prisoners, a spokesman for its judiciary said, according to Reuters, as it reacts to the coronavirus epidemic in the country. “Some 50% of those released are security-related prisoners. … Also in the jails we have taken precautionary measures to confront the outbreak,” Gholamhossein Esmaili said.
Iran has one of the worst outbreaks outside China, where the virus originated. Its death toll has reached 853 and a total of 14,991 people have been confirmed to have the virus. Esmaili did not elaborate on when those released would have to return to jail. —Holly Ellyatt
5:15 am: Macron warns ‘we are at war’ as France unveils $50 billion in coronavirus measures
French President Emmanuel Macron is seen on a television screen as he speaks during a televised address to the nation on the outbreak of COVID-19, caused by the novel coronavirus, on March 16, 2020, in Paris.
France will spend 45 billion euros ($50 billion) to help small businesses and employees struggling with the coronavirus outbreak, the country’s finance minister announced, after President Emmanuel Macron declared “we are at war” against the virus. Speaking in a televised address late Monday, Macron told the French people they are only allowed outside their houses for essential trips, such as to buy food and medicines, for a period of two weeks. —Silvia Amaro
4:32 am: VW to halt European car production for two weeks
Car giant Volkswagen is suspending production at its plants in Europe. Production will be halted at Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Volkswagen’s CEO said, Reuters reported. Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks, Volkswagen said.
By contrast, production in China has resumed with the exception of the VW factories in Changsha and Urumqi. Earlier, reporting full year results, Volkswagen said the coronavirus made giving an outlook for 2020 impossible. It unveiled a rise in full-year operating profit.
“The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group. Currently, it is almost impossible to make a reliable forecast,” Chief Financial Officer Frank Witter said in a statement. —Holly Ellyatt
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Iran has temporarily freed 85,000 prisoners, including political ones
—Reuters and CNBC’s Yen Nee Lee contributed to this report.