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 2.5 million
- Global deaths: At least 171,810
- US cases: More than 788,900
- US deaths: At least 42,485
The data above was compiled by Johns Hopkins University.
12:42 pm: UK to trial potential coronavirus vaccine on people this week
Dr. Sonia Macieiewski (R) and Dr. Nita Patel, Director of Antibody discovery and Vaccine development, look at a sample of a respiratory virus at Novavax labs in Rockville, Maryland on March 20, 2020, one of the labs developing a vaccine for the coronavirus, COVID-19.Andrew Caballero-Reynolds | AFP | Getty Images
Britain's health minister said Tuesday that the country will trial a potential vaccine for the coronavirus on people later this week.
A vaccine developed by researchers at Oxford University will be tested on people on Thursday, Health Minister Matt Hancock said in a daily news briefing.
"In normal times, reaching this stage would take years, and I'm very proud of the work taken so far," he said.
Hancock said he would make £20 million ($24.5 million US) available to the scientists at Oxford, as well as an additional £22.5 million in funding for researchers at Imperial College London.
"Nothing about this process is certain," he said. "Vaccine development is a process of trial and error and trial again." That's the nature of how vaccines are developed." —Ryan Browne
12:24 pm: New York state's unemployment system 'collapsed' following a surge in claims, Gov. Cuomo says
New York's unemployment website "collapsed" following a surge in claims after the state shuttered nonessential businesses to curb the coronavirus pandemic, putting a record number of New Yorkers out of work, Gov. Andrew Cuomo said.
The state now has 1,000 people working online and through its phone system to process the high volume of unemployment claims, Cuomo said during a press conference Tuesday in Albany.
"It's unbelievable," he said. "One thousand people just to take the incoming unemployment calls. That's how high the volume is and they still can't keep up with the volume."
The state has paid approximately $2.2 billion in unemployment insurance benefits to 1.1 million New Yorkers since the Covid-19 outbreak began, according to state data. There's still a backlog of 4,305 phone applications, but that's down from 275,000 before April 8, the state said. —Berkeley Lovelace Jr.
12:13 pm: Italy set to ease coronavirus lockdown beginning May 4
An ambulance is seen in the coliseum area, during the Coronavirus (COVID-19) pandemic, on April 21, 2020 in Rome, Italy.Antonio Masiello | Getty Images
Italy is likely to start easing its coronavirus lockdown from May 4, though the long-awaited rollback will be cautious and calculated, Prime Minister Giuseppe Conte said on Tuesday.
The country has been one of the hardest hit in the world by the Covid-19 pandemic, with more than 24,100 people killed since the contagion first emerged in February.
Looking to contain the spread, the government introduced sweeping curbs in March, telling Italians to stay at home and shutting schools, businesses and industries nationwide.
The restrictions have put a major strain on the euro zone's third largest economy but with the number of new cases gradually slowing, Conte said he would unveil by the weekend government plans to loosen the shutdown.
"I wish I could say: let's reopen everything. Immediately. We start tomorrow morning … But such a decision would be irresponsible," Conte wrote in a Facebook post.
He promised "a serious, scientific plan" that would include a "rethinking of modes of transport" to enable workers to travel in safety, new business rules and measures to check whether the loosening was leading to an uptick in infections.
"It is reasonable to expect that we will apply it from May 4," he said, adding that a rushed, disorganised exit strategy would make a mockery of the sacrifices Italians had accepted. —Reuters
12:01 pm: Dow plunges 600 points, bringing two-day losses to nearly 1,200 points
U.S. stocks fell sharply once again as oil prices continued their unprecedented wipeout.
The Dow Jones Industrial Average slid 600 points, or more than 2%. Tuesday's losses brought the Dow's two-day decline to nearly 1,200 points. The S&P 500 dropped 3% while the Nasdaq Composite fell 3.4%. —Yun Li, Fred Imbert
11:57 am: Trump and Johnson agree on importance of coordinated response to coronavirus
U.S President Donald Trump and British Prime Minister Boris Johnson agreed on the need for a coordinated international response to the coronavirus pandemic, including through the G7, Downing Street said in a statement.
The pair also discussed trade during a telephone conversation.
"The leaders committed to continue working together to strengthen our bilateral relationship, including by signing a free trade agreement as soon as possible," a Downing Street spokeswoman said.
Britain left the European Union earlier this year and a deal with the United States is a key priority for Johnson's administration. —Reuters
11:49 am: New York Gov. Cuomo says he will discuss coronavirus testing with Trump at White House meeting
Fire Department of New York medical staff attend to an elderly person experiencing difficulty breathing outside of an apartment building on April 20, 2020, in New York City.David Dee Delgado | Getty Images
New York Gov. Andrew Cuomo said he will focus on coronavirus testing during his meeting Tuesday afternoon with President Donald Trump at the White House.
Cuomo wants to talk to Trump about "testing, and what does testing mean, and how do we do it, and how can the federal government work in partnership with states," he said at a press conference t the Roswell Park Cancer Institute in Buffalo, New York. He said the state has struggled to navigate the international supply chain for test kits since Trump has left it up to individual states to procure their own tests.
"You shouldn't expect all these governors to run around and do an international supply chain while they're trying to put together their testing protocol in their state, coordinating their labs," Cuomo said. "Then I have to put together an army of tracers, that's thousands of people. That's never been done before." —Noah Higgins-Dunn
11:34 am: Coronavirus cases are likely 10 to 20 times higher in US than reported, former FDA chief Gottlieb says
VIDEO6:0006:00Former FDA chief Scott Gottlieb on coronavirus antibody tests, reopening the economy and moreSquawk Box
The actual number of coronavirus cases in the United States is likely significantly higher — as much 10 or even 20 times higher — than the tally of Covid-19 infections currently being reported, a former top federal health official said.
"There's certainly under-diagnosis going on," Dr. Scott Gottlieb said during an interview with CNBC's "Squawk Box."
As of Tuesday, there were more than 787,900 coronavirus cases officially diagnosed in the U.S., with at least 42,364 deaths from the virus.
The actual number of cases "probably is 10 times as many," said Gottlieb, a former commissioner of the U.S. Food and Drug Administration, and a CNBC contributor.
"We're probably diagnosing 1 in 10 to 1 in 20 infections, and that's what some of the reliable analyses are now showing," he said.
If Gottlieb is correct, that would mean that there are between almost 8 million and 15.75 million Americans who already have contracted the coronavirus, or between 2.4% to 4.8% of the U.S. population. —Dan Mangan
11:17 am: NYC builds strategic medical reserve: 'We can't depend on the federal government'
Mayor Bill de Blasio greets healthcare workers and conducts a press conference at the USTA Billie Jean King National Tennis Center, New York, April 10, 2020.EuropaNewswire | Gado | Getty Images
New York City is building its own strategic reserve of medical equipment for the coronavirus pandemic, including surgical gowns, test kits, and ventilators because "we can't depend on the federal government," Mayor Bill de Blasio announced.
"It is a very sobering, telling moment when I have to sit here before you and say that New York City needs its own strategic reserve because we can't depend on the federal government at this point," he said at a news briefing. "It's sobering as all hell. I mean it's just not something I'm happy to tell you, but it is really, really clear."
The New York City Economic Development Corp. will coordinate with health-care leaders in the city to build the reserve, de Blasio said. He said the stockpile will be filled with locally produced face shields, surgical gowns, test kits and ventilators and the city will also buy equipment from elsewhere as needed. —Will Feuer, Noah Higgins-Dunn, Jasmine Kim
11:13 am: Led by US, global auto sales expected to plummet 22% in 2020
The coronavirus pandemic continues to take its toll on the global auto industry as plants remain shuttered and consumers remain sheltered at home.
IHS Markit lowered its global auto sales forecast, saying it expects global vehicle sales to decline 22% this year to 70.3 million units, led by a 26.6% fall in the U.S. to 12.5 million units, compared to a year ago.
Domestic sales would be the lowest since the 11.6 million cars and trucks sold in 2010 as the industry emerged from the Great Recession. It's also a steeper drop than IHS Markit's forecast in March of a 12% decline in global sales for 2020.
—Michael Wayland
10:42 am: Cramer says, 'We've got to try something' as Georgia, other states begin to reopen
States like Georgia should experiment with reopening their economies from their coronavirus shutdowns in order to save small businesses, CNBC's Jim Cramer said, calling it "the biggest story there is."
"I'm in the camp that just says. 'We've got to try something.' We have to. And if that makes me into a right-wing lunatic, then so be it," Cramer said on CNBC's "Squawk on the Street."
The closure of businesses around the country, designed to curb the spread of the virus, has led to a record rise in unemployment, with over 22 million Americans filing for first-time jobless benefits in the past four weeks. Republican Georgia Gov. Brian Kemp announced Monday that several types of businesses, including hair salons and gyms, would be allowed to open at the end of the week. Other states with GOP governors, including Ohio, Tennessee and Florida, are also planning partial reopening in the coming weeks.
Cramer said the Georgia plan seemed sensible and that the state's medical system seemed to be prepared if cases did spike after an attempt to reopen. —Jesse Pound
VIDEO2:5402:54Cramer: Pay attention to Georgia to gauge the price of oil as demand increasesSquawk Box
10:33 am: Here are the largest public companies taking payroll loans meant for small businesses
Hundreds of millions of dollars of in Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.
In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said. The PPP was designed to help the nation's smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country amid the coronavirus pandemic.
But the research shows that several of the companies that have received aid have market values well in excess of $100 million, including DMC Global ($405 million), Wave Life Sciences ($286 million) and Fiesta Restaurant Group ($189 million). Fiesta, which employs more than 10,000 people (per its last reported annual number), received a PPP loan of $10 million, per Morgan Stanley research. —Thomas Franck
10:27 am: Hair dye, cookie dough, canned meat — what people in the US and Europe are buying in lockdown
Hero Images | Hero Images | Getty Images
Lockdown life looks very different depending on where you are in the world.
When widespread restrictions were imposed globally in response to the coronavirus pandemic last month, people started stockpiling goods. Psychologists told CNBC that people were panic buying to feel more in control of their emotional states.
Now, instead of hoarding toilet paper and pasta, consumers' buying habits have changed: Sales of goods like brewer's yeast, beauty products and egg substitutes are going through the roof — but new data reveals that different nations have very diverse habits. Read this story link to see what types of products people are buying based on where they live. —Lucy Handley
10:15 am: Georgia got lifting restrictions backward, Connecticut Gov. Ned Lamont says
As states across the U.S. weigh lifting coronavirus restrictions and reopening the economy, Connecticut Gov. Ned Lamont told CNBC that Georgia is reopening the wrong businesses first.
Georgia Gov. Brian Kemp announced Monday that the state will reopen businesses on Friday, starting with gyms, barbershops, fitness centers, bowling alleys, and other retail locations.
"I think the things that come later are the things that Georgia opened up first, which surprised me, those things that have very close personal contact," Lamont said on CNBC's "Squawk Box." —Will Feuer
VIDEO7:3707:37Connecticut Gov. Lamont on coordinating with other states to reopen their economiesSquawk Box
10:09 am: March home sales drop 8.5% as sellers take properties off the market
Sales of existing homes fell a wider-than-expected 8.5% in March from a month earlier to an annualized pace of 5.27 million units, according to the National Association of Realtors' seasonally adjusted index.
These sales figures are based on closings that represent contracts signed mostly in late January and February, before the coronavirus shut down so much of the economy.
"We saw the stock market correction in late February," said Lawrence Yun, chief economist for the NAR. "The first half of March held on reasonably well, but it was the second half of March where we saw a measurable decline in sales activity." Yun indicated sales could fall as much as 30% to 40% in the coming months. —Diana Olick
9:58 am: Coronavirus deepens political fragmentation in Italy as anti-EU sentiment rises
Political fragmentation is intensifying in Italy as the coronavirus pandemic gives new ammunition to anti-establishment parties and challenges its European membership.
Italy has the highest death toll from the Covid-19 outbreak in Europe and has desperately lobbied its partners in the region for financial support to deal with the impact of the health crisis. However, northern European nations have been reluctant to give the Italian government everything it wants — which in turn has fueled a toxic debate back in Rome.
"It is a debate to a large extent detached from reality," Wolfango Piccoli, co-president at risk advisory Teneo, told CNBC's Squawk Box Europe. —Silvia Amaro
VIDEO2:2002:20Concerned Italy will mismanage economic crisis that follows pandemic: analystSquawk Box Europe
9:49 am: Recovering from coronavirus, PM Johnson to talk to Trump, Queen
British Prime Minister Boris Johnson leaves 10 Downing Street for PMQs at the House of Commons on 25 March, 2020 in London, England.Wiktor Szymanowicz | NurPhoto | Getty Images
Prime Minister Boris Johnson will speak to President Donald Trump on Tuesday and meet Queen Elizabeth later this week, his spokesman said, adding that the British leader is still not "formally doing government work."
Johnson is recovering at his country residence after he was hospitalized with Covid-19. His foreign minister, Dominic Raab, is standing in for him while he recovers.
"Yesterday he sent a message of condolence to (Canadian Prime Minister) Justin Trudeau after the very sad loss of life in the shooting in Canada," the spokesman told reporters, referring to the shooting rampage in Nova Scotia. "Later today … he will be speaking to President Trump."
Later this week, the prime minister is expected to have an audience with Queen Elizabeth, the spokesman said, adding that it would be the first such meeting in three weeks. —Reuters
9:40 am: McDonald's giving away meals to health-care workers and first responders
Epics | Hulton Archive | Getty Images
McDonald's will give health-care workers, police officers, firefighters and paramedics free meals between Wednesday and May 5.
The "Thank You Meal" will feature a choice of sandwiches, drinks and a side of small fries or hash brown. A work badge or uniform is all that is needed to receive the free meal. Some McDonald's franchisees have already been giving away meals during the crisis. —Amelia Lucas
9:34 am: Dow tumbles more than 500 points for a second day amid relentless oil drop
U.S. stocks fell sharply once again as oil prices continued their unprecedented wipeout.
The Dow Jones Industrial Average slid 510 points, or more than 2%. The S&P 500 dropped 1.7% while the Nasdaq Composite dropped 1.1%. (Get the latest market news here.)
Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. On Monday, the May contract for oil futures expiring Tuesday fell to zero and then went to an actual negative price, meaning producers would pay for someone to take the oil off their hands. The bizarre move has to do with the fact that because of the coronavirus shutdowns, big buyers of oil like refineries don't need any more oil because their tanks are nearly filled. —Fred Imbert, Yun Li
9:26 am: Hackers targeted Britain's virus furlough scheme just hours after it went live
Within minutes of the U.K. government's furlough scheme going live, it was targeted by opportunistic hackers impersonating the country's tax collection agency.
Hundreds of phishing emails landed in people's inboxes inviting them to click on a link that takes them to what looks like an HMRC (HM Revenue and Customs) furlough claim website.
"This is a scam," an HMRC spokesperson told CNBC via email. "The website associated with the scam is in the process of being taken down. Fraudsters are taking advantage of the package of measures announced by the Government to support people and businesses affected by coronavirus."
The phishing campaign was spotted by cybersecurity firm Mimecast. Researchers at the firm said they detected 840 phishing emails within hours of the furlough scheme going live. —Sam Shead
9:16 am: Map of US coronavirus hot spots, as of Monday
9:12 am: US car rental company Hertz to lay off 10,000 staff on coronavirus hit
Car rental company Hertz said on Monday it plans to lay off 10,000 employees across its North America operations to cut costs amid the economic fallout of the COVID-19 pandemic.
Hertz had about 38,000 employees as of Dec. 31, of which 29,000 were at its U.S. operations.
The company, which counts billionaire investor Carl Icahn as its largest shareholder, will incur employee termination costs of about $30 million, it said in a regulatory filing. —Reuters
9:04 am: US Treasury releases $2.9 billion in airline support, finalizes payroll agreements
The U.S. Treasury Department said it has disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.
The Treasury is initially giving major airlines 50% of funds awarded and releasing the rest in a series of payments. In total, Treasury is awarding U.S. passenger airlines $25 billion in funds earmarked for payroll costs. Major airlines must repay 30% of the funds in low-interest loans and grant Treasury warrants equal to 10% of the loan amount, while airlines receiving $100 million or less do not need to repay any funds or issue warrants to the government.
Treasury said Monday it had finalized grant agreements with Allegiant Air, American Airlines, Delta Air Lines, Southwest Airlines, Spirit Airlines, and United Airlines.
Air carriers have been devastated by the coronavirus pandemic and seen U.S. travel demand fall by 95%. —Reuters
8:58 am: Two-thirds of voters back vote-by-mail in November
An election workers sorts vote-by-mail ballots for the presidential primary at King County Elections in Renton, Washington on March 10, 2020.Jason Redmond | AFP | Getty Images
A majority of voters favor nationwide reform of election rules that would allow all eligible voters to cast their ballots by mail, a new NBC News/Wall Street Journal poll finds. And nearly 10% more say that, while the rules should not be permanently changed, all voters should be able to mail in their ballots this November because of concerns that the coronavirus may still be a major public health threat this fall.
The survey shows that 58% of voters support allowing voting by mail generally, while 39% do not support it. —NBC News
8:51 am: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic
Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores in the wake of the coronavirus outbreak, people familiar with the matter said Monday.
It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, some of the sources said, adding that no final decisions have been made.
The sources requested anonymity because the deliberations are confidential. Lord & Taylor did not immediately respond to a request for comment. —Reuters
8:48 am: Schumer says he believes small business bill will pass today, with 'agreement on just about every issue'
Senate Minority Leader Chuck Schumer (D-NY) speaks at a press conference at Corona Plaza in Queens on April 14, 2020 in New York City.Scott Heins | Getty Images
Senate Minority Leader Chuck Schumer said he believes the Senate will pass an additional relief bill for small businesses later Tuesday
Schumer, D-N.Y., told CNN he spoke "well past midnight" with House Speaker Nancy Pelosi, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin, and "came to an agreement on just about every issue."
The government has been under pressure to replenish a fund allocated to small businesses as part of a Paycheck Protection Program program created by the $2.2 trillion relief bill President Donald Trump signed late last month. The program offers forgivable loans to companies that agree to maintain payroll. Its funds, which totaled $349 billion, ran out last week putting pressure on businesses that had been holding onto employees in hopes of obtaining the loan.
"Staff were up all night, writing. There's still a few more I's to dot and T's to cross, but we have a deal. And I believe we'll pass it today," Schumer said. —Lauren Hirsch, Yelena Dzhanova
7:48 am: Oil drops 18%, May contract still in negative territory
West Texas Intermediate crude futures for May delivery reversed gains to trade in negative territory again, one day after plunging below zero for the first time in history. The contract expires Tuesday, which means that thin trading volume has contributed to the wild price action.
The contract for June delivery, which is the more actively traded and therefore a better indication of how Wall Street views the price of oil, slipped more than 18% to $16.73 per barrel. Earlier in the session, it had dipped below $15, before paring some of those losses. The contract for July delivery fell roughly 10% to $23.68. —Pippa Stevens, Sam Meredith
7:30 am: Lululemon apologizes after staffer offends with 'bat fried rice' T-shirt
Canadian exercise apparel brand Lululemon issued statements apologizing for, and distancing itself from, a T-shirt design promoted by one of its art directors that triggered outrage and accusations of racism.
The hashtag "Lululemon insults China" was viewed 204 million times on China's Weibo platform by Tuesday afternoon local time, with some commentators demanding a boycott of the brand. The furor started Sunday, with an Instagram link posted by the Lululemon official, Trevor Fleming, that promoted the sale of a T-shirt on the website of California artist Jess Sluder, under the name "bat fried rice."
The long-sleeved T-shirt, bearing an image of a pair of chopsticks with bat wings on the front and a Chinese takeout box with bat wings on the back, riled critics who said the two were trying to stir anti-Asian sentiment during the coronavirus pandemic.
"We acted immediately, and the person involved is no longer an employee of Lululemon," the firm said in an Instagram response to a customer on Tuesday, without identifying the individual.
It called the image and the post inappropriate and inexcusable, and apologized that one of its employees had been affiliated with promoting the offensive T-shirt. —Reuters
Correction: This entry was corrected to reflect that Lululemon is a Canadian company.
7:06 am: Rockefeller Foundation plan would test 30 million per week and cost up to $100 billion
Dr. Natalia Echeverri, (R) uses a swab to gather a sample from the nose of Silvia Stagg, who said she is homeless, to test her for COVID-19 on April 17, 2020 in Miami, Florida.Joe Raedle | Getty Images
An ambitious new plan to radically increase the number of coronavirus tests in the United States would see up to 30 million people screened each week and cost up to $100 billion to implement, the Rockefeller Foundation said.
But the effort for what some said would be the largest public health testing in history is necessary to stem the $300 billion to $400 billion in American economic losses each month as a result of the Covid-19 pandemic, the foundation contended.
It said the sooner coronavirus tests become much more widely available, the quicker the U.S. economy can start getting back to normal. —Dan Mangan
7:00 am: Coca-Cola says April demand weakened, volume off 25% so far this month
VIDEO1:4501:45Coca-Cola posts earnings beat, withdraws annual forecastSquawk Box
Coca-Cola said in its first-quarter earnings report that the closure of movie theaters, restaurants and stadiums is hurting its business, with a significant impact expected on its second-quarter results.
The beverage company's global volumes have plunged 25% since the start of April.
"The ultimate impact on the second quarter and full-year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery," the company said in a statement. "However, the impact to the second quarter will be material." —Amelia Lucas
6:20 am: WHO says virus likely to have come from animals, not a lab
The World Health Organization said evidence suggests that the coronavirus originated in bats in China in late 2019 and it was not manipulated or constructed in a laboratory, Reuters reported.
The comment from the United Nation's health agency comes after President Donald Trump said last week that his government was trying to determine whether the virus originated from a lab in Wuhan in central China. —Holly Ellyatt
5:40 am: Singapore extends 'circuit breaker' measures until June 1
A food outlet in Singapore placed markers on selected tables to separate diners as authorities implement stricter social-distancing measures to combat the coronavirus outbreak.Suhaimi Abdullah | Getty Images
Singapore Prime Minister Lee Hsien Loong said partial lockdown measures to stem the spread of the coronavirus will be extended by four weeks to June 1.
Some of those measures, which the Singaporean leader calls a "circuit breaker," involve shutting schools and most workplaces temporarily. Those measures, which were implemented two weeks ago, were supposed to end on May 4.
The announcement after the country's Ministry of Health said another 1,111 cases of the coronavirus disease have been reported, according to its preliminary count, taking its total number of cases to 9,125 since the outbreak began. The government sometimes releases an update before confirming the cases later in the day. — Yen Nee Lee
5:20 am: Spain's daily death rate rises slightly
A coronavirus patient is lifted into an Ambuiberica ambulance by her son and emergency technician Marisa Arguello de Paula during the coronavirus disease (COVID-19) outbreak, in Llodio, Spain, April 19, 2020.Vincent West | Reuters
Spain's daily death toll has risen slightly from Monday, with 430 additional deaths reported in the last 24 hours, up from 399 deaths reported the previous day.
The Spanish health ministry said Tuesday the total number of fatalities had risen to 21,282, up 430 from 20,852 a day earlier. The total number of confirmed cases stands at 204,178. —Holly Ellyatt
Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: Spain's daily death rate rises slightly; Singapore extends 'circuit breaker' measures until June 1
Source: cnbc.com
