Coronavirus live updates: US cases top 560,000 as the first stimulus checks are being deposited

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 1,883,100
  • Global deaths: At least 117,569
  • US cases: More than 560,800
  • US deaths: At least 22,861

The data above was compiled by Johns Hopkins University.

2:20 pm: NY, NJ and other Northeastern states form coronavirus working group to decide when to ease restrictions

New York, New Jersey and four Northeastern states are forming a working group to keep a close watch on the coronavirus outbreak throughout the region and coordinate plans to reopen parts of the economy in those states.

Each state will name a public health and economic official that will form a working group to decide when to start easing restrictions designed to curb the Covid-19 outbreak in their states, New York Gov. Andrew Cuomo said in a press conference Monday. He said it would weigh public health and economic concerns.

“State boundaries mean very little to this virus,” Cuomo said. “We started this journey together and we’re going to end it together.”

New Jersey Gov. Phil Murphy, who joined on the conference call, said an economic recovery can begin only after there’s a complete health-care recovery. The other governors in the group are Connecticut’s Ned Lamont, Rhode Island’s Gina Raimondo, Pennsylvania’s Gov. Tom Wolf and John Carney of Delaware. —Kevin Breuninger, Noah Higgins-Dunn, William Feur

2:12 pm: Google is raising money to give 5,000 needy families cash; CEO Sundar Pichai donating $1 million

2:05 pm: President Trump is not firing Dr. Fauci, White House says

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Saturday, April 4, 2020.

Tasos Katopodis | Bloomberg | Getty Images

The White House said Monday that President Donald Trump is not firing infectious disease expert Dr. Anthony Fauci despite Trump’s retweet of a supporter’s #FireFauci message.

“This media chatter is ridiculous, President Trump is not firing Dr. Fauci,” said White House spokesman Hogan Gidley. “Dr. Fauci has been and remains a trusted adviser to President Trump.”

In a CNN interview Sunday, Fauci said more U.S. lives could have been saved had stricter measures been taken earlier. Later Sunday, Trump retweeted a former Republican congressional candidate’s tweet that was critical of Fauci’s comment and called for his firing. Fauci, 79, has been director of the National Institute of Allergy and Infectious Diseases since 1984. —Reuters

1:57 pm: Netflix surges to 52-week high as investors flock to stay-at-home stocks

Shares of Netflix rose to $395.88 per share, a new 52-week high, in an otherwise red day for stocks. The Dow Jones Industrial Average was down around 2.3% at midday, while the S&P 500 was off by 1.8% and the Nasdaq Composite was down by 0.7%.

Investors have been flocking to stay-at-home stocks. Investment bank William Blair said in late March that Netflix may see an increase in subscribers because people are stuck at home spending more time watching video services during lockdowns because of the coronavirus. Needham, however, has suggested the coronavirus could be bad for Netflix because it can bee seen as a discretionary product by people who need to cut spending.

Similarly, Amazon was less than 5% from its 52-week high in early afternoon trading. —Jessica Bursztynsky

1:49 pm: Leon Cooperman says gov’t shouldn’t let companies go bankrupt because of coronavirus

Billionaire investor Leon Cooperman said the U.S. government should offer financial assistance to companies that are struggling during the coronavirus pandemic

“If the government lets all these companies go bankrupt and they do disgorge labor, the government is going to have to basically pay a lot of unemployment benefits,” Cooperman said on “Fast Money Halftime Report.”

“Instead, they make low-interest rate or interest-free loans to these companies that are experiencing [a] liquidity crisis, the companies fix themselves up and they come back,” Cooperman argued. 

Cooperman was responding to viral comments made last week on CNBC by venture capitalist Chamath Palihapitiya, who said the U.S. government should not bail out billionaires and hedge funds as part of its response to the coronavirus pandemic. —Kevin Stankiewicz

1:38 pm: How the coronavirus downturn may change your plans to retire at 65

Retiring at 65 was already becoming a fading tradition before Covid-19 sank the world’s economy.

Now, that traditional retirement age could fall further by the wayside as workers pick up the pieces once the economy gets going again.

A survey from Allianz Life Insurance finds that half of Americans retired earlier than they expected. A majority of respondents said they did so for reasons outside their control, with 34% citing job-loss and 25% health-care issues.

The online survey was conducted in January, well before the U.S. economy came to a halt due to the coronavirus. But the results still point to a trend that may be amplified in the current economic conditions.

Right now, people are fearful of the future,” said Kelly LaVigne, vice president of Consumer Insights at Allianz Life. “Are the jobs going to come back? Nobody can really predict it.” —Lorie Konish

1:27 pm: Putin says Russia may need the army to help battle coronavirus

President Vladimir Putin said Russia might need to call in the army to help tackle the coronavirus crisis and warned the contagion was getting worse after the number of confirmed cases rose by a record daily amount.

Moscow, the worst-hit area, and several other regions have imposed a lockdown, ordering residents to stay at home except to buy food, seek urgent medical treatment, take out the rubbish, or go to work if absolutely necessary.

Putin criticized what he said was sloppiness in some regions that had allowed local outbreaks to gain a foothold and urged regional leaders to make use of what he said was a three- to four-week lag with Moscow. —Reuters

1:13 pm: Dow drops 500 points, Caterpillar slides 8%

1:04 pm: UK chief adviser expects Covid deaths curve to plateau for 2 or 3 weeks

Britain should expect the number of daily deaths from coronavirus to continue to rise this week, followed by a plateau for a period of two to three weeks, the government’s chief scientific adviser said.

“You’d expect that (the plateau) to go on for two or three weeks, but I can’t be absolutely sure on the time of that,” Dr. Patrick Vallance said at a daily government news conference.

After the plateau, the number of daily deaths should begin to decrease, he added. — Reuters

12:51 pm: It’s now much harder to get a mortgage, or even refinance

Mortgage rates have fallen back to recent lows, and though homebuyers aren’t exactly banging on the doors during the spring housing market amid the coronavirus crisis, some hardy ones are out in the hunt. And plenty of current homeowners could still save money through a refinance.

Unfortunately, both types of loans are now harder to get as the mortgage market is badly battered on several fronts due to the impacts of the pandemic on the economy and employment.

Mortgage credit availability in March fell to the lowest level in five years, according to a survey by the Mortgage Bankers Association. Lenders cite a large drop in liquidity, as investors in jumbo mortgage-backed bonds pull back. Jumbo loans are those valued above the conforming loan limit of $510,400. —Diana Olick

12:36 pm: First coronavirus stimulus checks were deposited this week — here’s when you can expect yours

The first wave of stimulus relief checks were deposited into some Americans’ bank accounts over the weekend, according to the IRS. Millions more can expect to receive theirs in coming weeks as part of the $2.2 trillion stimulus bill passed to aid Americans suffering financially from the coronavirus pandemic. 

To help taxpayers check the status of their payment, the IRS this week is rolling out a tracking tool called “Get My Payment.” The tool will also let users update their direct deposit information with the IRS.

The agency also unveiled an online tool for low-income Americans who do not typically file taxes to enter their banking information to receive a payment.

The checks, worth $1,200 for individuals with adjusted gross income below $75,000 and $2,400 for couples earning below $150,00, are part of the federal government’s response to unprecedented unemployment levels and financial strain caused by Covid-19. —Alicia Adamczyk

12:22 pm: Coronavirus crippling film industry, US box office headed for worst year since 1998

A usually busy Main Street in Livingston , Montana after Governor Steve Bullock order the closing of restaurants, bars, and theaters on March 20, 2020 in response to the coronavirus pandemic.

William Campbell | Corbis via Getty Images

With theaters closed for the foreseeable future and studios postponing blockbusters until 2021, this year’s box office is expected to fall more than 40%from last year, a new report predicts.

Wedbush analyst Michael Pachter estimates the 2020 box office will reach around $6.6 billion. The last time the box office was this low was in 1998, when the industry reported $6.7 billion in ticket sales.

Through the first three months of the year, sales at the box office have tallied $1.79 billion, a 25.4% fall from a year earllier.

“Our estimates reflect our opinion that most theaters will remain closed domestically well into June, with a slow recovery over the balance of the year,” Pachter wrote in a note. “We expect some regions to remain closed for several months.” —Sarah Whitten

12:10 pm: WHO officials say it’s unclear whether recovered coronavirus patients are immune to second infection

People wearing protective masks walk through Lu Xun Park in Shanghai, China, on Thursday, April 2, 2020.

Qilai Shen | Bloomberg via Getty Images

World Health Organization officials said not all people who recover from the coronavirus have the antibodies to fight a second infection, raising questions as to whether or not patients develop immunity after surviving Covid-19. 

“With regards to recovery and then reinfection, I believe we do not have the answers to that. That is an unknown,” Dr. Mike Ryan, executive director of WHO’s emergencies programs, said at a press conference at the organization’s Geneva headquarters on Monday. 

A preliminary study of patients in Shanghai found that some patients had “no detectable antibody response” while others had a very high response, said Dr. Maria Van Kerkhove, WHO’s lead scientist on Covid-19. Whether the patients that had a strong antibody response were immune to a second infection is “a separate question,” she added.

More than 300,000 of the 1.87 million coronavirus cases across the world have recovered, WHO officials noted, adding that they need more information from recovered patients to understand their antibody response and whether that gives them immunity and for how long. —Will Feuer, Berkeley Lovelace Jr.

12:01 pm: New York Gov. Cuomo says ‘worst is over if we continue to be smart’

New York Gov. Andrew Cuomo said Monday the state is “controlling the spread” of the coronavirus, and it appears that “the worst is over … if we continue to be smart going forward.”

But at the same time, Cuomo revealed that the death toll from Covid-19 in New York had topped 10,000 people.

However, he pointed to a flattening of some data points tracking the virus, or a drop in some cases, as evidence that radical measures such as the shuttering of nonessential businesses had helped to contain the virus.

“We’re controlling the spread,” Cuomo said at a press conference in Albany.

“The worst can be over, and is over, unless we do something reckless.”

“You can turn those numbers on two or three days of reckless behaviors,” he said. “If we do something stupid, you will see those numbers go right back up tomorrow.” —Dan Mangan

11:48 am: World Health Organization officials warn against easing coronavirus restrictions too early

World Health Organization officials warned against lifting government lockdowns to contain the Covid-19 outbreak too soon, saying that the coronavirus spreads fast and is 10 times deadlier than the 2009 flu pandemic.

“While Covid-19 accelerates very fast, it decelerates much more slowly. In other words, the way down is much slower than the way up,” WHO Director-General Tedros Adhanom Ghebreyesus said at a press conference. “That means control measures must be lifted slowly and with control. It cannot happen all at once.”

U.S. political leaders, from President Donald Trump to New York Gov. Andrew Cuomo, have said they he hope to reopen businesses as soon as its safe to do so.

“Control measures can only be lifted if the right public-health measures are in place, including significant capacity for contact tracing,” Tedros said. —Berkeley Lovelace Jr., Will Feuer

11:39 am: Some small businesses are starting to get rescue funds, but payouts overall are lagging behind

Small businesses have applied for more than half of the $350 billion allotted for the Paycheck Protection Program — and all the funds may be spoken for this week — but the amount actually disbursed to businesses is lagging well behind.

The “PPP,” the Trump administration’s centerpiece program to help small businesses weather the economic effects of the coronavirus, has approved 860,000 applications for $210 billion of loans through 4,500 lenders — an accomplishment praised by many bankers. But moving from application to disbursal has proven to be another challenge that bankers said has been hampered by a lack of clarity from the Treasury Department and the Small Business Administration and by the need first to use bank personnel to process applications before closing loans.

“Banks are absolutely beginning to fund and you’re going to see those numbers grow dramatically,” said Rob Nichols, president of the American Bankers Association. Nichols added, however, “We are still seeking some areas of guidance around some of the contours of the program.” —Steve Liesman, Kate Rogers, Dawn Giel

11:27 am:  ‘We’re not governments’ — Cramer says small business owners can’t front their employees forever

CNBC’s Jim Cramer criticized the launch of the small business loan program passed by Congress last month, arguing delays are heaping more burden on business owners.

“How many weeks do I have to front everybody?” Cramer said on “Squawk on the Street.”

Cramer owns two restaurants in Brooklyn, New York.

While saying he’s fortunate enough to be able to pay his employees in the absence of the small business loans, Cramer said the situation is different for many other entrepreneurs who have been impacted by the coronavirus pandemic.

“Most people can’t front people,” he said. “We’re not governments.” —Kevin Stankiewicz

11:08 am: US Navy sailor from coronavirus-stricken aircraft carrier dies in Guam 

 A Navy sailor assigned to the coronavirus-stricken USS Theodore Roosevelt aircraft carrier died Monday from the disease after testing positive last month, the service confirmed.

“At approximately 8:30 a.m., Apr. 9, the Sailor was found unresponsive during a daily medical check. While Naval Base Guam emergency responders were notified, CPR was administered by fellow Sailors and onsite medical team in the house. The Sailor was transferred to U.S. Naval Hospital Guam where the Sailor was moved to the Intensive Care Unit. The Sailor was declared deceased April 13,” the Navy said.

The sailor’s death is the first deom Covid-19 for the Navy’s vessels at sea and comes as nearly 600 sailors on the ship test positive for the coronavirus. —Amanda Macias 

10:59 am: Supreme Court to hear arguments virtually in May, including over Trump tax records and Electoral College 

10:30 am: New York City is having a ‘very good day’ as rate of new coronavirus cases falls, Mayor de Blasio says 

Healthcare workers are seen next to the Lenox Hill Hospital in New York City, United States on April 12, 2020.

Tayfun Coskun | Anadolu Agency | Getty Images

New York Mayor Bill de Blasio said the city was having a “very good day” as the rate of new coronavirus cases and hospitalizations continues to fall.

But de Blasio hammered away on the need for residents to maintain mitigation efforts, saying New York needed to see further progress in minimizing the number of infected people.

The number of new coronavirus hospitalizations and percentage of people testing positive for Covid-19 in New York City have all dropped, de Blasio said at a press conference. The total number of patients in intensive care has also fallen in recent days, he said. 

There were 835 ICU admissions in NYC Health + Hospitals on Saturday, compared with 857 ICU admissions the day before. —Dan Mangan, Berkeley Lovelace Jr., William Feuer 

10:24 am: NY Gov. Cuomo says the ‘ultimate resolution’ of coronavirus will come with vaccine in 18 months 

New York Gov. Andrew Cuomo said the coronavirus crisis will be solved only when an effective vaccine is developed and made widely available, and that could take 18 months.

“I don’t think ultimate resolution comes until you have a vaccine,” Cuomo said during a call-in appearance on shock jock Howard Stern’s radio show.

“Where someone can say to you, ‘Don’t worry, Howard, there’s a vaccine, you take this, you never get it, it’s a nonissue,'” then the virus will finally be resolved, Cuomo said. “That’s 18 months.”

Cuomo’s remarks came amid a growing debate over when the U.S. will contain the virus enough to reopen parts of the economy that have been crippled by the pandemic. —Kevin Breuninger 

10:15 am: ‘Don’t short America’ — Ken Langone says coronavirus mitigation efforts are working 

Republican billionaire Ken Langone praised the health-care industry, public service workers and drug companies in the fight against the coronavirus, but bashed the news media.

In an interview Monday on CNBC’s “Squawk Box,” Langone said the media’s coverage of the Trump administration’s efforts against the outbreak is too aggressive because the country needs to be united.

 “Don’t short America,” said Langone, who is chairman of NYU Langone Medical Center, one of the nation’s premier hospitals and has given hundreds of millions of dollars to NYU’s hospital and medical school. 

From doctors and nurses to police officers and firefighters, “people are making sacrifices for the benefit of all of us. The least we can do is our part. Our part as citizens should be stay home, obey separation.” Langone said. “It is working.”

The co-founder of Home Depot and founder of investment firm Invemed Associates also lauded pharmaceutical and biotech companies for devoting all their research capabilities to trying to find a coronavirus vaccine and treatments for Covid-19. —Matthew J. Belvedere 

10:05 am: Amazon to hire 75,000 more workers as demand rises due to coronavirus 

Amazon is hiring an additional 75,000 workers at its facilities, on top of the 100,000 new positions it created last month, the company said Monday.

In March, the company said it would hire additional warehouse and delivery workers across the country amid a surge in online shopping during the coronavirus outbreak. Since then, Amazon said it has hired more than 100,000 new employees and, as a result, is staffing up even more to help fulfill orders. 

As it continues to hire more workers, Amazon has also raised employees’ hourly pay and doubled overtime pay for warehouse workers. Through the end of April, warehouse and delivery workers can earn an additional $2 per hour in the U.S., £2 per hour in the UK, and approximately €2 per hour in many EU countries. Amazon currently pays $15 per hour or more in some areas of the U.S. for warehouse and delivery jobs. —Annie Palmer 

9:45 am: ABC’s Stephanopoulos positive for coronavirus but feels well 

ABC News Anchor George Stephanopoulos

Paula Lobo | ABC | Getty Images

“Good Morning America” host George Stephanopoulos revealed Monday that he’s tested positive for the coronavirus, but has been relatively symptom-free.

The ABC newsman revealed his diagnosis on the show, telling co-host Robin Roberts that, “I feel fine.”

Stephanopoulos’ wife, Ali Wentworth, had come down with COVID-19 and tweeted that she’s “never been sicker.” Her husband has been taking care of her, their children and doing his TV job in the interim.

He said the only potential symptoms he has felt were a lower back ache that he had attributed to a hard workout, and a briefly diminished sense of smell. —Associated Press 

9:33 am: Stocks open lower, giving up some of last week’s historic gains 

Stocks dipped on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook along with a historic oil production cut.

The Dow Jones Industrial Average slid 130 points at the open, or 0.5%. The S&P 500 fell 0.5% while the Nasdaq Composite pulled back 0.4%.

The U.S. stock market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%. —Fred Imbert

9:28 am: Amazon stops accepting new online grocery customers amid surging demand 

Amazon will begin to put new grocery delivery customers on a wait-list and curtail shopping hours at some Whole Foods stores to prioritize orders from existing customers buying food online during the coronavirus outbreak, the company said on Sunday.

Many shoppers recently seeking to purchase groceries from the Seattle-based ​e-commerce company found they could not place orders due to a lack of available delivery slots. Amazon said it would have to relegate all new online grocery customers to a wait-list starting Monday while working on adding capacity each week.

In recent weeks, it increased the number of Whole Foods stores offering grocery pickup ​to more than 150 locations, up from 80 previously.

Amazon ​also plans to shorten some Whole Foods stores’ hours for the public so its employees can more quickly fulfill online grocery orders, the company said. —Reuters 

9:23 am: ‘Banks are playing’ games on loans, leaving small businesses ‘out in the cold,’ Mark Cuban says

Billionaire entrepreneur Mark Cuban said the recently launched small business loan program has been beset by challenges that could impact the long-term outlook for companies.

“Banks are playing themselves. They’re being banks and they’re trying to determine if the credits are good and that’s leading to a lot of small businesses that are left out in the cold,” Cuban said on “Squawk Box.” “We are at an inflection point” to get money into the system for businesses of all sizes, he said.

Cuban said some banks have questioned a company’s gross margin and were therefore uncertain about making loans.

Cuban said banks have “implemented all these hurdles” that were not supposed to be a part of the program, which was established by the government’s $2 trillion coronavirus relief package that was passed in late March. 

“Until we get through that friction, there’s going to be a lot of issues and there’s going to be a lot of people laid off and a lot of companies that go out of business,” he added. —Kevin Stankiewicz

9:12 am: New York, New Jersey, and Massachusetts lead US in number of reported cases

9:04 am: Trump retweets #FireFauci after scientist comments

U.S. President Donald Trump speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Friday, April 10, 2020.

Kevin Dietsch | Bloomberg | Getty Images

U.S. President Donald Trump retweeted a call to fire Dr. Anthony Fauci after the nation’s top expert on infectious diseases said lives could have been saved if the country had shut down sooner during the novel coronavirus outbreak.

Trump retweeted a message Sunday from a former Republican congressional candidate who cited Fauci’s comments during a television interview on Sunday and tweeted “time to #FireFauci.”

The Republican president in the past has repeated critical tweets of officials or enemies rather than make the criticism himself. The retweet fueled speculation Trump was running out of patience with the popular scientist and could conceivably fire him. The White House did not immediately return a request for comment on whether Trump is unhappy with Fauci.

Fauci was asked on CNN’s “State of the Union” about a New York Times report documenting early warnings issued to the White House about the novel coronavirus. The scientist acknowledged shutting the country down sooner could have saved lives, but cautioned that a number of factors were involved.

“Obviously, it would have been nice if we had a better head start, but I don’t think you could say that we are where we are right now because of one factor,” Fauci said. “It’s very complicated.” —Reuters

8:42 am: Pace of reported coronavirus cases 

7:01 am: China defends the WHO after Trump, and others, say it is deferring to Beijing

The World Health Organization has come under intense scrutiny for its handling of the coronavirus pandemic with President Donald Trump’s administration, China and Taiwan locked in a tussle of words.

Last week, Trump blamed the WHO for getting “every aspect” of the coronavirus pandemic wrong and threatened to withhold funding from the international organization. He also said on Twitter that the WHO is “China centric” even though the organization is largely funded by the U.S.

The latter comment echoes many of the top critiques of the WHO, such as too readily trusting information reported by China. 

Chinese foreign ministry spokesman Zhao Lijian defended the WHO, saying it has been “actively performing its duties and upholding an objective, science-based and impartial position.”—Huileng Tan

6:11 am: Spain reports 3,477 new cases, 517 new deaths

Mortuary employees wearing face masks transport a coffin of a COVID-19 coronavirus victim at La Almudena cemetery on April 04, 2020 in Madrid, Spain.

Carlos Alvarez | Getty Images

Spain has reported 3,477 new coronavirus cases and a daily rise of 517 deaths, bringing the total number of fatalities to 17,489, the country’s health ministry said. The number of daily deaths has fallen; the death toll the previous day was 619.

The total number of confirmed cases in Spain has now reached 169,496 (including deaths and recoveries). Spain has started to lift certain restrictions, reopening some construction sites and factories. —Holly Ellyatt

5:38 am: Spain lifts some lockdown measures; Italy records lowest daily deaths since March

5:10 am: Indonesia reports 316 new cases and 26 more deaths

An Indonesian woman walks past a mural that invite people to fight against the COVID-19 coronavirus in Surabaya, East Java on March 26, 2020.

Juni Kriswanto | AFP | Getty Images

Indonesia announced 316 new cases, bringing the tally of infections in the country to 4,557. That’s according to data provided by a health ministry official, Achmad Yurianto.

Twenty-six new coronavirus-related deaths were reported Monday, taking the total number to 399. —Holly Ellyatt

4:35 am: Russia reports record daily rise in new cases

Russia reported 2,558 new infections, a record daily rise that brings the total number of infections to 18,328, the country’s coronavirus response center said. Russia has reported 148 deaths from the virus. It says it has conducted 1.3 million tests. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia reports record daily rise in new cases; Spain lifts some restrictions.

Leave a Reply

Back to top