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 2,214,800
- Global deaths: At least 150,948
- US cases: More than 683,700
- US deaths: At least 34,575
The data above was compiled by Johns Hopkins University.
7:20 pm: Trump says US farmers will receive $19 billion for coronavirus mitigation
President Donald Trump on Friday announced a $19 billion relief program to help farmers cope with the impact of the coronavirus pandemic through a package that will include direct payment and mass purchases of produce, meat and other products.
“These are great people, great Americans, never complain, never complain – they just do what they have to do,” Trump said while announcing the farm aid program, which he said will have $16 billion in direct payments.
U.S. Department of Agriculture in a statement said it will partner with regional and local distributors to purchase $3 billion in fresh produce, dairy and meat. —Reuters
6:55 pm: California Gov. Gavin Newsom says tech companies are key to lifting coronavirus restrictions
Tech companies will be key to supporting California’s growing “army” of coronavirus contact tracers and ultimately reopening the state, Gov. Gavin Newsom told CNBC.
Newsom’s plan for reopening the state is highly dependent on the capacity to test widely for the virus and to conduct contact tracing, whereby personnel identify and track people who came into contact with an infected individual. He said California-based tech companies are key to the effort.
“We’re so pleased with the work Mark Zuckerberg has been doing to support the open access of appropriate data in an anonymized way, in a non-individual or personalized way, including Apple and Google and others,” he said on CNBC’s “Fast Money.” “That is really going to help us with the technology platforms to help us supplement or support the efforts of the individual tracers, an army that we’re all starting to build and train…” —Will Feuer, Hannah Miller
6:47 pm: WHO says China revised coronavirus infection data to ‘leave no case undocumented’
BEIJING, CHINA – APRIL 13: Commuters wear protective masks as they exit a train at a subway station during Monday rush hour on April 13, 2020 in Beijing, China. According to the statistics of the World Health Organization, as of today, the cumulative number of confirmed cases of COVID-19 has exceeded 1.69 million, including 106,138 deaths. (Photo by Lintao Zhang/Getty Images)
Lintao Zhang | Getty Images
The World Health Organization said that China revised its Covid-19 infection counts “to leave no case undocumented” and that other countries will also likely need to amend their own data as systems around the world are overwhelmed.
Wuhan, the epicenter of the coronavirus outbreak in China, added 325 confirmed cases and 1,290 deaths to the city’s Covid-19 count after “a city-wide investigation,” state media reported earlier Friday.
“This was done in an attempt to leave no case undocumented,” Dr. Maria Van Kerkhove, the WHO’s lead scientist on Covid-19, said at a news briefing from the agency’s Geneva headquarters. “They looked at the funeral service systems. They looked at hospital systems. They looked at laboratories to see if there were any duplications or if there were any cases missing.” —Will Feuer, Noah Higgins-Dunn
6:34 pm: McConnell, McCarthy pick reps for committee to oversee bailout fund
6:25 pm: Macy’s reportedly looking to use real estate to come up with cash during coronavirus pandemic
A few people pass by Macy’s Herald Square location on March 17, before it shut to the public because of COVID-19.
Source: Lauren Thomas, CNBC
6:14 pm: JPMorgan says it has $26 billion in small business relief applications that need funding
The bank has disbursed $14 billion in loans for the government’s $350 billion coronavirus relief effort, according to the company. But it has about $26 billion worth of applications from hundreds of thousands of business owners that could go forward if Congress secures more funding for the Paycheck Protection Program, it said.
“Chase has secured more funding for small businesses than anyone else in the industry,” spokeswoman Trish Wexler said in a statement. “We’re fully prepared to help many, many more once additional funding is approved. We’re proud to support businesses that collectively employ more than a million hard-working Americans.” —Hugh Son
6:05 pm: Demand for rural homes shows ‘profound, psychological change’ due to coronavirus, Redfin CEO says
The CEO of real estate brokerage Redfin said that demand for homes has shifted to rural areas as people react to the coronavirus pandemic and look to move out of dense urban areas.
“We have seen that people are more interested in that house at the foot of the mountains by the lake,” Glenn Kelman said on CNBC’s “Closing Bell.” “Rural demand is much stronger right now than urban demand, and that’s a flip from where it’s been for the longest time, where everybody wanted to live in the city. We’ll see how it comes back, but there seems to be a profound, psychological change among consumers who are looking for houses.”
The coronavirus pandemic has led to ballooning unemployment in the United States, and construction has paused in many cities across the country. Governors in many states, including in the northeastern part of the country, have extended their orders for staying at home into mid-May.
There has not been a big drop in home prices, Kelman said, because new listings have declined more than demand from buyers. Kelman said buying demand is down about 20%, but listing demand is down about 60%, which has kept prices from falling. —Jesse Pound
5:30 pm: After earlier confusion, filing requirements are waived and veterans will get stimulus checks automatically
Veterans and their family members will automatically receive coronavirus stimulus checks from the federal government without further action required from those individuals, the Treasury Department and the IRS announced Friday.
There had been earlier confusion as to whether as many as 2 million veterans would miss out on the one-time federal payments.
It was among the latest snafus for the $290 billion program, which was created as part of the $2.2 trillion coronavirus relief package enacted last month. —Greg Iacurci
5:15 pm: NBA reaches agreement on reducing player compensation
NBA Commissioner Adam Silver
Stacy Revere | Getty Images
The National Basketball Association and the National Basketball Players Association announced that they have reached an agreement regarding reductions in player compensation during the Covid-19 pandemic, according to a joint statement.
The agreement stipulates that in order to give players a more gradual salary reduction schedule, reductions of 25% will begin with the players’ twice-a-month payment due May 15. The organizations also agreed on how to reduce player compensation in the event of the permanent cancellation of the current regular season or playoff games because of the pandemic.The collective bargaining agreement between the NBA and NBPA stipulates that the compensation of all NBA roster players shall be reduced in the event of a “force majeure” event, such as an epidemic or government order, using a formula based on the number of games missed. —Hannah Miller
4:30 pm: San Francisco residents required to wear face coverings at essential businesses
San Francisco Mayor London Breed announced a new health order Friday requiring city residents and workers to wear face coverings at essential businesses and on public transportation. The order goes into effect at 11:59 p.m. on Friday, but will not be enforced until April 22.
Transportation workers and other essential employees who interact with the public must also wear face coverings. Businesses are also required to take “reasonable steps” to bar entry and refuse service to those not wearing face coverings.
The new rule is supposed to help the city prepare for a future lifting of its current shelter-in-place policy and reduce transmission of the virus, according to the order. —Hannah Miller
4:06 pm: Boeing to resume production in Philadelphia
Boeing is planning to resume production at its Philadelphia facility in Ridley Township on Monday after suspending operations for two weeks.
The company said it would stagger shifts and require employees to abide by new physical distancing measures in order to prevent the spread of Covid-19.
Boeing said Thursday that commercial aircraft production would resume at its Seattle-area factories as early as Monday. —Amanda Macias
4:03 pm: Dow jumps 700 points, closes at highest level since March
Stocks surged after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
3:51 pm: Trump demands states ‘LIBERATE’ after he issues new coronavirus guidelines and protests pop up
President Donald Trump takes questions as he addresses the daily coronavirus task force briefing at the White House in Washington, April 13, 2020.
Leah Millis | Reuters
President Donald Trump urged Michigan, Minnesota and Virginia to “LIBERATE,” compounding the pressure on state leaders to start loosening their strict social distancing measures amid the coronavirus pandemic.
The president’s exhortations on Twitter came a day after the White House issued new federal guidelines on “reopening” the economy, providing states and regions with a broad pathway toward easing their restrictions on businesses and individual residents.
The tweets — which marked Trump’s most aggressive calls yet for state economies to reopen — also echoed an increasing number of protests around the country, led mainly by his supporters, demanding governors change their social distancing rules. The three states Trump targeted have Democratic governors. —Kevin Breuninger
3:46 pm: California governor names Steyer, Yellen and tech CEOs to business recovery task force
Billionaire philanthropist Tom Steyer, who launched an expensive unsuccessful presidential campaign, will co-chair a task force in California that will focus on getting the economy up and running again.
The panel, announced by Gov. Gavin Newsom, will be composed of more than 70 members including former Chair of the Federal Reserve Janet Yellen, Disney Executive Chairman Bob Iger and Apple CEO Tim Cook.
The task force’s goal is to help Californian’s recover as fast as possible from the economic calamity resulting from the coronavirus. The economic task force will meet twice a month through 2020. —Yasmin Khorram
3:30 pm: Global deaths cross 150,000
The global death toll from the coronavirus pandemic crossed 150,000, according to data compiled by Johns Hopkins University, just one week after hitting the 100,000 benchmark.
The U.S. leads the world in deaths, with at least 34,575. Italy continues to see high mortality rates, with more than 22,000 deaths. The death tolls in Spain and France are each approaching 20,000.
The virus has infected more than 2.2 million globally in the roughly four months since it originated in China. —Sara Salinas
3:22 pm: Retailers, restaurants, hotels get 18% of small business bailout cash
Retailers, restaurants and hotels — on the front lines of the coronavirus pandemic — got a combined 18% of the $342 billion allocated as of Thursday under the a new federal government program to help small firms keep paying their employees during widespread shutdown, data from the agency running the program showed.
Construction firms — the single industry with the largest take, got about 13% of the total. In all the SBA had funded 1.66 million loans. Firms in Texas, California and New York together accounted for about 23% of all loans so far.
The data doesn’t include the final $7 billion of money that has been allocated under the program. The Trump administration is negotiating with Congress over adding an additional $250 billion to the pot. —Reuters
2:49 pm: Nissan extends US plant closures
Nissan Motor is extending the shutdown of its four U.S. manufacturing facilities until mid-May.
The Japanese automaker has moved the reopening of its plants several times as Covid-19 continues to spread across the U.S. The most recent plan kept the facilities closed through April. The plants have been down since March 20.
Nissan, in a release, said it “will continue to monitor the situation closely and make adjustments as needed.”
The company employs more than 14,000 employees in the U.S., including 10,000 hourly manufacturing workers. —Michael Wayland
2:31 pm: Walmart reaches hiring goal of 150,000, will bring on 50,000 more
Cashiers ring up shoppers at a Walmart store in Burbank, California.
Patrick T. Fallon | Bloomberg | Getty Images
Walmart said it’s reached its goal of hiring 150,000 people to keep up with demand for groceries, sewing machines, beard trimmers and other items during the pandemic. Now, it said it plans to hire 50,000 additional employees.
The retailer received over 1 million applications and has averaged 5,000 hires per day, Walmart’s chief people officer Donna Morris said on the company’s website. She said about 85% have been hired for temporary or part-time roles, but some will become permanent.
Walmart announced plans to grow its workforce in mid-March. To accelerate hiring, it shortened its hiring process from two weeks to 24 hours, allowed candidates to apply with a text message. The company worked with more than 70 companies to find workers displaced by furloughs in hard-hit industries, such as restaurants and hotels. —Melissa Repko
2:15 pm: Biotech stocks surge as people are ‘hungry’ for good news on the coronavirus
Biotech stocks surged after new details on a closely watched clinical trial lifted hopes that scientists may be close to a treatment for the coronavirus.
The IBB, an ETF that tracks biotech’s biggest players, was up more than 3% after health-care publication STAT News revealed early impressions from one of Gilead Sciences’ clinical trials for antiviral drug remdesivir. The University of Chicago found that patients with Covid-19 had “rapid recoveries in fever and respiratory symptoms” and were discharged in less than a week, according to STAT.
News that biotech firm Moderna received $483 million in federal funds for its vaccine development also boosted the sector higher.
While infectious disease experts caution against jumping to conclusions, saying the new details of the Gilead trial are purely anecdotal, retail investors are “hungry” for good news on the virus, analysts say. Those investors could be taking their hunger and channeling it into buying shares, they said. —Berkeley Lovelace Jr.
2:02 pm: San Diego Comic-Con canceled
For the first time in 50 years, San Diego Comic-Con has been canceled.
Organizers behind the annual event announced the pop culture celebration would no longer occur in July due to the ongoing coronavirus outbreak. The show will return in 2021.
Although not the largest comic convention in the U.S., San Diego Comic-Con, often called SDCC, is one of the most prestigious in the entertainment world. Here Hollywood unveils new projects, teases upcoming films and announces new cast members to hit shows and movie franchises. —Sarah Whitten
1:56 pm: WHO issues warning on coronavirus testing: There’s no evidence antibody tests show immunity
World Health Organization (WHO) Technical Lead Maria Van Kerkhove talks during a daily press briefing on COVID-19, the disease caused by the novel coronavirus, at the WHO heardquaters in Geneva on March 11, 2020.
Fabrice Coffrini | AFP via Getty Images
The World Health Organization issued a warning about coronavirus testing, saying there’s no evidence serological tests can show whether a person has immunity or no longer at risk of becoming reinfected.
“These antibody tests will be able to measure that level of serology presence, that level of antibodies, but that does not mean that somebody with antibodies” are immune, Dr. Maria Van Kerkhove, head of WHO’s emerging diseases and zoonosis unit, told reporters during a press conference at the agency’s headquarters in Geneva.
So-called serological, or antibody, tests indicate whether a person has had Covid-19 in the past and was either asymptomatic or recovered.
Kerkhove said that WHO officials discovered many countries suggesting these tests would be able to “capture what they think will be a measure of immunity.”
“Right now, we have no evidence that the use of a serological test can show that an individual is immune or protected from reinfection,” she said. —Berkeley Lovelace Jr., Will Feuer
1:49 pm: Antibody study suggests Covid-19 could be far more prevalent in the Bay Area than official numbers suggest
How prevalent is Covid-19?
It’s a difficult question to answer, given the lack of available tests and the fact that some people who have been exposed to the virus exhibit mild symptoms or no symptoms at all.
Two research groups, assisted by a team of volunteers, sought to get a better sense of the true prevalence in Santa Clara County in Northern California, which was one of the first places in the U.S. where community spread was detected. They tested 3,300 people by asking the volunteers to show up to one of three testing sites locally.
In a study published on Friday, the researchers, many of whom hailed from Stanford University, noted that the results suggest that Covid-19 could be far more widespread than the official counts suggest. —Christina Farr
1:40 pm: Pro golf plans to be the first major sport to return during the coronavirus pandemic
View of the 17th green empty during the second round of the canceled PLAYERS Championship on THE PLAYERS Stadium Course at TPC Sawgrass on March 13, 2020, in Ponte Vedra Beach, FL.
Ben Jared | PGA TOUR via Getty Images
The PGA Tour is looking to be the first major sport to return to action following the coronavirus outbreak, but there will be one key change when players return to the links for the June 8 Charles Schwab Challenge. There will be no spectators in the stands.
PGA Tour Commissioner Jay Monahan appeared on CNBC’s “Squawk Alley” to talk about golf’s return and how the decision was made at a time when coronavirus has infected more than 2 million people around the globe.
Monahan said the Tour didn’t take the decision lightly and he and his team spent an inordinate amount of time thinking about the logistics of the return and getting feedback from their players.
“We’ve had over 10 conference calls, some lasting two hours, as we’ve thought about our resumption,” Monahan said.
The discussions have included Jordan Spieth, Kevin Kisner, Charley Hoffman and about a dozen other players who sit on the Tour’s policy boards.
“Our players are eager to return, excited to inspire this country, but also know that in announcing the schedule, we are going to do so in a safe and responsible way,” Monahan said. —Jessica Golden
1:25 pm: Entrepreneurs left in the cold after Paycheck Protection Program runs out of money
Chris Myers applied for a forgivable loan from the federal government. He’s running his business as if the additional lifeline may not be on its way..
“I’m just cobbling enough work together to try covering my studio rent and a little bit of incidentals,” said the Baltimore-based photographer. Hospitals and colleges are his usual clients, and he’s expanded into taking more freelance photojournalism work with local magazines.
“Hopefully, I don’t beat up my bank account too much – 90% to 95% of business is gone right now, so I’m just keeping the lights on,” Myers said.
Myers is among the millions of entrepreneurs who applied for a slice of the $349 billion Paycheck Protection Program or PPP. It’s been five days since he’s applied, and he’s still not sure whether he’ll receive funding. –Darla Mercado
1:04 pm: Britain launches vaccine task force
Britain launched a task force to support efforts to make a coronavirus vaccine available to the public as quickly as possible.
The government said 21 new research projects would get funding from a 14 million pound investment pool “to rapidly progress treatments and vaccines.”
The task force will include AstraZeneca and research charity the Wellcome Trust.
A million doses of a potential Covid-19 vaccine being developed by British scientists at Oxford University are already being manufactured, even before trials prove whether it is effective, the team said.
“UK scientists are working as fast as they can to find a vaccine that fights coronavirus, saving and protecting people’s lives. We stand firmly behind them in their efforts,” Business Minister Alok Sharma said. —Reuters
12:49 pm: Labor secretary: Most states distributing $600 per week in federal aid on top of state jobless benefits
12:32 pm: Italy’s daily coronavirus death toll rises, though new cases broadly stable
Doctor Enrico Ramoni, wearing protective gear, checks on the medical equipment of a patient at the new COVID-3 level intensive care unit, treating COVID-19 patients, at the Casal Palocco hospital near Rome, on April 8, 2020, during the country’s lockdown aimed at stopping the spread of the COVID-19 pandemic, caused by the novel coronavirus.
Alberto Pizzoli | AFP | Getty Images
Deaths from the Covid-19 epidemic in Italy rose by 575, up from 525 the day before, while the number of new cases declined slightly to 3,493 from a previous 3,786.
The daily tallies extend the broadly stable situation in place over the last 12 days.
This plateau is down considerably from peaks reached around the end of March, but the downtrend has not proceeded as was widely hoped in a country that has been in lockdown for almost six weeks.
The total death toll since the outbreak in Italy came to light on Feb. 21 rose to 22,745, the Civil Protection Agency said, the second-highest in the world after that of the United States.
The number of officially confirmed cases climbed to 172,434 the third-highest global tally, behind those of the United States and Spain. —Reuters
12:26 pm: France disputes claim that Covid-19 is linked to research lab in China
France said Friday there is no evidence of a link between the coronavirus and the work of the P4 research laboratory in the Chinese city of Wuhan, where the pandemic started.
“We would like to make it clear that there is to this day no factual evidence corroborating the information recently circulating in the United States press that establishes a link between the origins of Covid-19 and the work of the P4 laboratory of Wuhan, China,” an official at President Emmanuel Macron’s office said. —Reuters
12:17 pm: New York still struggles with 2,000 new coronavirus hospitalizations a day, Gov. Cuomo says
New York is still struggling to contain the coronavirus outbreak across the state with 2,000 new hospitalizations a day, even as public officials make plans to gradually reopen parts of the economy for business, Gov. Andrew Cuomo said.
Governors across the nation are desperate to loosen restrictions and reopen businesses that were shuttered to help curb the outbreak that has killed more than 33,300 people in the U.S. since emerging from Wuhan, China less than four months ago.
“The situation we have now is unsustainable. People can’t stay in their homes for this length of time, they can’t stay out of work. You can’t keep the economy closed forever. You just can’t,” Cuomo said. “Society can’t handle it personally or economically. So now we’re moving into another phase, which is this reopening phase.” —Noah Higgins-Dunn, Will Feuer
12:07 pm: Disney’s celebrity-filled singalong is ratings gold for ABC
More than 10 million people tuned in to watch celebrities sing along to iconic Disney songs Thursday night.
The “Disney Family Singalong,” which was hosted by Ryan Seacrest and aired on ABC, featured videos of Beyonce, Ariana Grande, Darren Criss, Josh Groban, Josh Gad and more singing hit Disney tunes like “Gaston,” “Be Our Guest” and “You’ve Got a Friend in Me.”
Disney’s singalong special is just one way that entertainment companies are altering their programming during the coronavirus outbreak. With more people unable to leave their homes due to social distancing measures, traditional television and film studios have had to be creative in order to deliver content.
Late-night shows have moved their shows into their own homes and utilized video messaging services to interview guests. —Sarah Whitten
11:53 am: NBA boss Adam Silver faces the league’s biggest challenge ever to restart the season, but insiders say he’s prepared
NBA Commissioer Adam Silver speaks during a press conference.
Kazuhiro Nogi | AFP | Getty Images
It was a little more than a month ago that Silver struck first, suspending games due to the coronavirus pandemic and triggering a wave of shutdowns from other leagues just as U.S. cities began implementing stay-at-home orders.
Silver received praise for being the first commissioner to step up, showing responsibility and leadership when he shut down the National Basketball Association after Utah Jazz center Rudy Gobert tested positive for Covid-19.
The thing is, being first also carries expectations. And for Silver, who turns 58 this month, expectations are high as he oversees a league in the middle of a global crisis with no clear sign of recovery.
Across the nation, small businesses are suffering, millions have applied for unemployment benefits and the stock market has seen wild swings almost daily. Usually, the sports industry is relatively immune to economic turmoil, but the coronavirus changed that.
And there might not be a league in the world that will take a financial hit as big as the NBA, considering the events that served as a prelude. Before the pandemic forced Silver to suspend play as of March 11, the NBA lost two icons — Kobe Bryant and former commissioner David Stern — and the Houston Rockets general manager made a flub on Twitter that threatened the league’s lucrative prospects in China. Few can doubt the NBA has endured a difficult 2019-2020 campaign.
“This is the ultimate case study for a sport,” said Marty Conway, an adjunct professor at Georgetown University’s McDonough School of Business. —Jabari Young
11:43 am: Sallie Krawcheck: Give yourself an hour a day just to ‘freak’ amid coronavirus pandemic
While following stay-at-home orders due to the Covid-19 pandemic, everyone has reacted differently —some recommend increasing productivity, others say to focus on mental health or take time to organize your space.
And then there’s the uncertainty of the job and financial markets.
But according to Sallie Krawcheck, co-founder and CEO of digital investment platform Ellevest, giving yourself an hour to “freak” each day is important.
“You’ve got to compartmentalize,” Krawcheck said during a LinkedIn “Business Unusual” Q&A on Thursday. “What I would suggest you try to do is give yourself the time and the space to be nervous, uncertain and scared, and look at the news obsessively that you know you’re not supposed to.”
“You know, do all that stuff. Give yourself an hour a day, I’m just going to like, freak. Maybe if you had a psychologist on here, maybe they would say that isn’t healthy, but I’m a business person,” she said.
According to Lynn Bufka, clinical psychologist and senior director at the American Psychological Association, “you have to find your own way through this,” even if that means taking time to “freak.” —Taylor Locke
11:31 am: Nearly 3 million borrowers have been granted mortgage relief, and the industry is crying for help
More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package.
This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily.
The program allows borrowers to delay their monthly payments for a year. Those payments are then tacked on to the end of the loan, or paid back over time in a mortgage modification. Borrowers must tell their mortgage servicers that they have had financial hardship due to the coronavirus pandemic, but they do not have to provide any proof.
The 2.9 million loans in forbearance as of Thursday account for $651 billion in unpaid principal and include 4.9% of all government-sponsored enterprise loans (Fannie Mae and Freddie Mac) and 7.6% of all FHA/VA loans.
“In these times, it is essential to both our industry and for the benefit of the entire U.S. economy to have a clear understanding of the magnitude of the mortgage forbearance situation,” said Black Knight CEO Anthony Jabbour. —Diana Olick
11:00 am: The coronavirus is changing how frequently consumers wash clothes and shave, Procter & Gamble says
Containers of Tide detergent on grocery store shelves.
Richard Levine | Corbis | Getty Images
Procter & Gamble said Friday that the pandemic is spurring U.S. consumers to wash more loads of laundry every week, with more items of clothing being washed after being worn once. The Tide owner also said sales of its Swiffer and Mr. Clean products got a boost from consumers who are cleaning up more spills from home-cooked meals.
But not all of P&G’s products are getting a boost from habits resulting from the crisis. P&G CFO and COO Jon Moeller said people are shaving less frequently compared to before the coronavirus crisis, which will hurt demand for its Gillette and Venus razors.
P&G reported Friday that U.S. sales surged 10% in the fiscal third quarter. —Amelia Lucas
10:53 am: 7 telemedicine services offering free health care during the coronavirus pandemic
10:44 am: Vox Media will furlough 9% of workforce, or about 100 employees, for three months until July 31
Vox Media will furlough 9% of its roughly 1,200 employees and reduce hours for another 1% until July 31 in an effort to curb costs, according to an internal e-mail. The actions are in response to a plunge in advertising revenue during coronavirus quarantines.
Vox Media, which owns digital media sites such as Vox.com, SBNation, Eater and New York Magazine, will also temporarily cut annual salaries above $130,000 from May 1 to July 31, Chief Executive Officer Jim Bankoff wrote in the e-mail, which CNBC has reviewed. —Alex Sherman
10:39 am: Fed’s Bullard proposes way to ‘end the crisis’: Pay all costs for companies developing tests
David A. Grogan | CNBC
St. Louis Federal Reserve President James Bullard proposed what he sees as the best economic solution to the coronavirus crisis: Pay full costs for any firm that comes up with a test for the virus that can assure the public that it’s safe to resume activity.
Doing so, he said Friday, would create a “gold rush” of testing that would help offset the steep damage already done by the economic shutdown.
“That would end the crisis,” he said during a webinar presented by the Reinventing Bretton Woods Committee. —Jeff Cox
10:33 am: New York City cancels early summer concerts and festivals to curb coronavirus outbreak
New York City is canceling concerts, festivals and other all nonessential events through May and considering the same for June as the city seeks to drive down coronavirus infection rates throughout the city, Mayor Bill de Blasio announced Friday.
De Blasio said this means the Brooklyn Half Marathon and SummerStage in Central Park will be canceled. Such events, he said, go “against everything that we need to do to fight back the coronavirus.” —William Feuer, Noah Higgins-Dunn
10:25 am: US coronavirus cases, per capita
9:54 am: Coronavirus bill talks will go through the weekend after small business funds dry up, Schumer says
Congressional Democrats and the Trump administration will talk through the weekend to try to strike a deal on an emergency bill to replenish a program to buoy small businesses pummeled by the coronavirus, Senate Minority Leader Chuck Schumer said Friday.
The New York Democrat sounded optimistic about reaching an agreement a day after the Small Business Administration said the $349 billion loan program approved last month had reached its cap of commitments. Senate Republicans tried to pass a plan last week to inject $250 billion more into it, but Democrats blocked it as they pushed for tweaks to the program along with funding for hospitals and state and local governments.
Staff from Schumer and House Speaker Nancy Pelosi’s offices have held discussions with Treasury Secretary Steven Mnuchin this week on an interim rescue bill — which Senate Republicans may or may not choose to support. —Jacob Pramuk
9:49 am: How 3-D printing is helping the US fight medical equipment shortages and the coronavirus pandemic
3-D printing company Carbon has created midsoles for Adidas shoes, football helmet liners for Riddell. Now it will produce and ship up to 50,000 face shields to help in the COVID-19 fight.
To combat the medical equipment shortages caused by the coronavirus pandemic, GE Healthcare is using 3-D printing to make tools that accelerate ventilator production. Jeff Bezos‘ space venture Blue Origin is leveraging 3-D printers to make plastic components for face shields. And with support from Adidas, digital-manufacturing firm Carbon, in Silicon Valley, is using its highly elastic polymer featured in $200 Adidas running shoes to produce more than 15,000 face shields weekly for health-care workers caring for COVID-19 patients.
Ford, Boeing, HP, Medtronic and the U.S. military are among the manufacturing powers funding, designing and producing a battery of protective gear and medical equipment to fill in supply shortages around the world. But it is 3-D printing firms, as well as a cottage industry of home-based 3-D design tinkerers, that are making a broader call to action possible.
The 3-D printing industry’s designs, materials and networks of machines — which allow a digital design of a face mask part, ventilator component or even a nasal swab to be pushed out to thousands of computers instantly — is having a moment. —Maggie Overfelt
9:34 am: Dow rallies more than 600 points on hope for an effective coronavirus treatment
Stocks surged after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
The Dow Jones Industrial Average jumped 600 points at the open, or more than 2%. The S&P 500 traded 2% while the Nasdaq Composite advanced. 1.4%.
Gilead shares jumped more than 10% after STAT news reported that a Chicago hospital treating coronavirus patients with remdesivir in a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed. —Fred Imbert
9:20 am: Former Trump lawyer Michael Cohen to be freed from prison into home confinement due to coronavirus fear
Michael Cohen, President Donald Trump’s former lawyer, leaves his apartment to report to prison in Manhattan, New York, May 6, 2019.
Jeenah Moon | Reuters
Michael Cohen, the former personal lawyer and fixer for President Donald Trump, will be released from prison in two weeks and be allowed to serve the remainder of a three-year federal criminal sentence in home confinement due to concerns about the coronavirus, CNBC has learned.
Cohen, 53, currently is incarcerated at the federal camp in Otisville, New York, where 14 inmates and seven staff members have tested positive for Covid-19, according to the Bureau of Prisons.
The fallen lawyer, who arranged hush money payments to women who said they had sexual encounters with Trump, originally was due to be released there on Nov. 22, 2021. —Dan Mangan
9:15 am: Moderna getting $483 million in federal funding for coronavirus vaccine development
“Instead of waiting for the data and then scaling up with manufacturing process … we can make as many doses as we can. We are doing both in parallel,” he said. The company plans to hire up to 150 people to support the scale-up efforts.
Bancel said the company “couldn’t have done this” without the funding commitment from the Biomedical Advanced Research and Development Authority, which is part of the Department of Health and Human Services. —Kevin Stankiewicz
9:05 am: New York Fed President Williams says the economy won’t be back to ‘full strength’ by end of 2020
John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York, March 6, 2019.
Lucas Jackson | Reuters
New York Federal Reserve President John Williams said that he sees some aspects of the economy coming back online but doubts growth will get back to normal through 2020.
Williams spoke Friday with Steve Liesman on CNBC’s “Squawk Box.”
Areas such as construction should be the first to come back, he said, echoing comments from Philadelphia Fed President Patrick Harker, who spoke to CNBC on Thursday.
“I expect that to be able to bounce back a little bit more quickly than maybe some of the other sectors,” Williams said. “But I don’t see the economy getting back to full strength by the end of the year.” —Jeff Cox
8:56 am: Influential Covid-19 model uses flawed methods and shouldn’t guide U.S. policies, critics say
A widely followed model for projecting Covid-19 deaths in the U.S. is producing results that have been bouncing up and down like an unpredictable fever, and now epidemiologists are criticizing it as flawed and misleading for both the public and policy makers. In particular, they warn against relying on it as the basis for government decision-making, including on “re-opening America.”
“It’s not a model that most of us in the infectious disease epidemiology field think is well suited” to projecting Covid-19 deaths, epidemiologist Marc Lipsitch of the Harvard T.H. Chan School of Public Health told reporters this week, referring to projections by the Institute for Health Metrics and Evaluation at the University of Washington.
The IHME projections were used by the Trump administration in developing national guidelines to mitigate the outbreak. Now, they are reportedly influencing White House thinking on how and when to “re-open” the country, as President Trump announced a blueprint for on Thursday. —STAT
8:49 am: If Sanofi’s coronavirus vaccine works, CEO says it can produce up to 600 million doses next year
Sanofi CEO Paul Hudson, November 19, 2019.
Gonzalo Fuentes | Reuters
“We believe we’re one of the few companies who will be able to make a vaccine at a huge scale,” he said during an interview with CNBC’s “Squawk Box.”
Sanofi and GSK announced Tuesday that they entered an agreement to jointly create a Covid-19 vaccine by the end of next year. The companies plan to start clinical trials in the second half of 2020 and, if successful, make it available to the public by the second half of 2021.
Sanofi and GSK are one of several companies working on a potential vaccine to prevent Covid-19. There are currently no therapies to treat Covid-19 and drugmakers are racing to produce a vaccine, which is expected to take 12 to 18 months. —Berkeley Lovelace Jr.
8:30 am: CVS, Rite Aid expand drive-thru testing
CVS Health is launching Covid-19 drive-thru testing in New Haven, Connecticut, in the parking lot of the former Gateway Community College campus at Long Wharf. The new site will offer Abbott Labs’ rapid coronavirus tests, to patients who preregister and meet criteria set by the Centers for Disease Control and Prevention.
This is CVS’s fourth drive-thru testing site, after opening operations in Georgia, Rhode Island and Massachusetts. The company has conducted 25,000 tests since March.
Rite Aid is launching two new Covid-19 drive-thru testing sites in store parking lots, one in Waldwick, New Jersey and the other in Valley Cottage, New York. The company expects to conduct 200 self-swabbing tests per day between 9 a.m. and 5 p.m., for preregistered patients who meet CDC criteria for testing. —Bertha Coombs
7:25 am: Procter & Gamble US sales jumped as consumers rushed to stock up amid the outbreak
P&G reported fiscal third-quarter net income of $2.92 billion, or $1.12 per share, up from $2.75 million, or $1.04 per share, a year earlier. Excluding items, the owner of such products of Charmin, Bounty and Pampers earned $1.17 per share.
Net sales rose 5% to $17.21 billion.
Wall Street anticipated earnings per share of $1.13 on revenue of $17.46 billion, based on a survey of analysts by Refinitiv. —Amelia Lucas
7:13 am: Switzerland’s death toll reaches 1,059, confirmed infections surpass 27,000
Switzerland’s public health agency recorded 42 more fatalities as a result of the coronavirus in the previous 24 hours, Reuters reported, taking the country’s death to 1,059.
The number of people who have tested positive nationwide increased to 27,078, up from 26,732. —Sam Meredith
7:05 am: Google told to respect Europe’s privacy rules as it works on contact tracing app
The tech giants announced their partnership last week to develop tools that will help track the spread of the coronavirus via Bluetooth technology. The idea is to mitigate the number of new infections when lockdown measures are lifted over the coming months. However, the announcement has raised concerns that such technology could breach an individual’s privacy.
“Contact tracing apps can be useful to limit the spread of the coronavirus. But their development and interoperability need to fully respect our values and privacy,” Thierry Breton, the EU’s internal market commissioner, said after a video meeting with Google and YouTube CEOs on Wednesday. —Silvia Amaro
7:01 am: UK expands testing criteria
A drive through farm shop has been opened at Tulley’s Farm where contactless payment is taken on the end of a pole to observe social distancing on April 03, 2020 in Turners Hill, England.
Britain has expanded the number of people who are eligible to be tested for Covid-19 to include the police, fire service and judiciary, Health Minister Matt Hancock said.
The government has been criticized for all but abandoning testing in mid-March, but Hancock said it was part of the government’s strategy to have mass testing, something that gets closer as Britain builds screening capacity.
“The challenge is that as the epidemic increased exponentially at that point in the middle of March. It meant that the incidence of the outbreak was broad and it meant that we weren’t able to test everybody with symptoms,” Hancock told a parliamentary committee. “I can today expand eligibility for testing to the police, the fire service, prison staff, critical local authority staff, the judiciary, and DWP (Department of Work and Pensions) staff who need it.” —Reuters
6 am: Spain’s total number of infections crosses 188,000
Spain’s health ministry said the total number of cases in the country had jumped to 188,068, up from 182,816 on Thursday.
Spain is second only to the U.S. worldwide in the number of Covid-19 infections.
Earlier Friday, Spain’s social security minister said the government would try to support roughly 1 million of the poorest households with a monthly basic wage. Speaking to COPE radio station, the minister said the policy was designed to help people weather the crisis. —Sam Meredith
4:55 am: Indonesia reports over 400 new cases, death toll climbs to 520
People wearing face masks attend Friday prayers at a mosque in Surabaya, Indonesia on March 20, 2020.
Juni Kriswanto | AFP | Getty Images
Indonesia’s health ministry confirmed 407 new coronavirus cases, taking the country’s total number of infections to 5,923.
The Southeast Asian nation has recorded 520 deaths as a result of Covid-19. —Sam Meredith
4:25 am: Russia reports record daily jump in cases
A police officer with flu masks on the faces seen at a chekpoint on the road from Riga at the entrance to Moscow, Russia, April,15,2020.
Russia reported 4,069 new cases in the last 24 hours — a record rise in new infections, Reuters said, citing the Interfax news agency.
That brings total cases in Russia to 32,007, according to the report. —Yen Nee Lee
4:20 am: China updates national tally for cases and deaths after Wuhan revision
China’s National Health Commission said it has updated the death toll and total confirmed cases in the mainland after Wuhan city revised its tally upward.
China’s national death toll now stands at 4,632, up from the 3,342 that the NHC provided on Friday morning. Meanwhile, total confirmed cases have been revised from 82,367 to 82,692, the NHC said. —Yen Nee Lee