With many states reopening for business, sobering estimates about the potential spread of Covid-19 in the U.S. are emerging. An interagency report from the Department of Homeland Security and Health and Human Services projected the number of coronavirus deaths will increase to about 3,000 each day by early June. The analysis also reportedly forecasts that the U.S. will see about 200,000 new cases each day by the end of this month.
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 3.6 millionGlobal deaths: At least 251,898US cases: More than 1.1 millionUS deaths: At least 68,934
The data above was compiled by Johns Hopkins University.
11:51 am: Dow up 400 points as stocks continue to rally11:27 am: One of Main Street’s biggest fears in economic reopening — new regulations
Small businesses have contended with new and evolving regulations enacted to mitigate the threat from the novel coronavirus. Now, as the country looks to reopen the economy, an entirely different set of standards are being introduced.
In the latest CNBC|SurveyMonkey Small Business Survey, 38% of small business owners said they expect changes in government regulations to have a negative effect on their business in the next 12 months. That is the highest that value has been in the three-plus years of the survey, which reaches more than 2,000 small business owners in the U.S. every quarter.
Just three months ago only 26% anticipated a negative impact from regulatory changes. Read more about Main Street’s biggest economic reopen fears here. –Melodie Warner
11:22 am: NYC Mayor de Blasio says Trump is putting politics first in coronavirus response
New York City Mayor Bill de Blasio criticized President Donald Trump’s comments in a New York Post interview that indicated he would not be inclined to bail out states, especially those run by Democrats, that have financially struggled amid the coronavirus crisis.
De Blasio said Trump was a “pure hypocrite” to not provide financial assistance to states even though he was willing to grant nearly $58 billion to bail out the airline industry.
“That means he’s not inclined to help firefighters, EMTs, paramedics, police officers, doctors, nurses, health-care workers, teachers, sanitation workers,” de Blasio said at his daily press briefing.
The mayor has projected that Covid-19 will cost New York City a projected $7.4 billion in lost tax revenue over the current and next fiscal year after the city shuttered businesses and ordered people to stay indoors to try to contain the outbreak. —Noah Higgins-Dunn
10:46 am: Nearly a fifth of Wendy’s US restaurants are out of beef, analyst says
A Wendy’s classic double cheeseburger and french fries.
As food supply chains struggle to keep up with demand amid the Covid-19 outbreak, CNBC’s Amelia Lucas reports that nearly a fifth of Wendy’s U.S. restaurants have run out of beef, according to a study by Stephens Inc.
The study found that nationwide 1,043 restaurants — or 18% of its U.S. restaurants — have listed beef items as out of stock, though more than 100 locations still sell Wendy’s chili, which contains beef, Stephens analyst James Rutherford said.
Many restaurants in Ohio, Michigan, Tennessee and New York restaurants are currently out of beef, while other states’ menus do not suggest there are any supply chain issues. —Terri Cullen
10:40 am: When will we start traveling again? Here’s what experts say
CNBC’s Christina Farr asked experts in public health and various industries for their best predictions on when will we start traveling again. All agreed that it would take around 18 to 24 months before there’s a significant spike in demand and the industry begins to return to normal levels.
Air travel has dropped by more than 95%, with some days seeing fewer than 100,000 air travelers across the country. In April 2019, more than 2 million travelers passed through U.S. airports every day.
The experts said the travel industry will undergo some very big changes: Airports may institute new kinds of security checks to screen travelers’ health, nervous tourists could opt for ‘staycation’ destinations, and the travel experience will be dominated by large chains as small hotels and restaurants struggle to survive. –Melodie Warner
10:33 am: US services sector suffers biggest contraction since 2009
The U.S. services sector contracted for the first time in about a decade in April as economic activity in the country ground to a near halt amid the pandemic, the Institute for Supply Management reported.
The ISM nonmanufacturing index plunged to 41.8 in April from 52.5 a month earlier — the first contraction in services since the financial crisis, CNBC’s Fred Imbert reports. It was the lowest amount of business activity in the services sector since ISM launched the index in 1997. Still, the April reading topped a Dow Jones estimate of 40. —Terri Cullen
10:23 am: Connecticut cancels in-person public school for the rest of the academic year
Connecticut Gov. Ned Lamont is ordering in-person classes at all K-12 public schools canceled for the rest of the academic year due to the coronavirus outbreak. The state will continue to provide distance learning, however, and schools will also continue to offer meals to children at home under the school lunch and breakfast programs.
“I know how important it is for so many students and teachers to finish out the school year, and I was holding out hope – particularly for high school seniors – that we’d at least be able to complete the final few weeks, but given the current circumstances and to protect everyone’s safety, it has become clear that it’s just not possible,” Gov. Lamont said in a statement.
No word yet on whether summer school programs will be canceled as well. The governor said that he anticipates having guidance on summer school toward the end of May. —Terri Cullen
9:57 am: Groceries have gotten pricier during the pandemic
It’s not your imagination: Grocery staples from milk and eggs to produce have gotten more expensive in recent weeks. Milk prices are up 10%, year to date. Produce prices are up 10%. And egg prices are up 30%. That’s all according to research by Nielsen.
In an interview with CNBC’s Jane Wells, Nielsen managing director Morgan Seybert said grocers have pulled back significantly on sales. He said in an average week, about a third of products sold by a grocery store is on promotion – but that’s dropped to about 20%.
“We’ve seen a huge reduction in the amount of promotions that retailers are running as they’re just trying to get the product and the supply that they need onto the shelf,” he said. —Melissa Repko
9:52 am: Dr. Scott Gottlieb says rare, ‘unusual phenomena’ affecting kids may be linked to coronavirus
Dr. Scott Gottlieb told CNBC that a rare but “unusual phenomena” affecting children could potentially be linked to the coronavirus, demonstrating that “we don’t understand this virus well.”
Gottlieb’s comments on “Squawk Box” came after New York City health officials warned Monday of an inflammatory disease, so far impacting 15 children, that could possibly be associated with Covid-19. The condition is characterized by persistent fever and was likened to Kawasaki disease and toxic shock syndrome.
According to the New York City Health Department, four of the children tested positive for Covid-19 through diagnostic testing. Six other children who initially were negative through diagnostic testing later tested positive from an antibody test. —Melodie Warner
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.
9:42 am: Virgin Atlantic to cut more than 3,000 jobs to mitigate coronavirus impact
Virgin Atlantic said it will cut 3,150 jobs across its business to mitigate the impact of the coronavirus pandemic. The airline said it was entering a consultation period of 45 days, during which time it will work with trade unions BALPA and Unite on the restructuring.
Virgin Atlantic faced criticism last month when billionaire owner Richard Branson sought state aid from the U.K. government to help keep the airline afloat. —Melodie Warner
9:34 am: Dow jumps more than 200 points on hopes of economy reopening
Wall Street and much of the Financial District stands empty as the coronavirus keeps financial markets and businesses mostly closed on April 20, 2020 in New York City.
Stocks opened higher on Tuesday as investors bet the U.S. economy could start to reopen again. The Dow Jones Industrial Average traded 239 points higher, or nearly 1%. The S&P 500 gained 1% while the Nasdaq Composite advanced 1.1%. —Melodie Warner
9:29 am: Norwegian Cruise Line says there’s ‘substantial doubt’ about its ability to continue ongoing operations
Norwegian Cruise Line warned there is “substantial doubt” about its ability to continue as a going concern as the coronavirus pandemic continues to affect the ability, or desire, of people to travel.
The company said it does not have sufficient liquidity to meet its obligations over the next twelve months and said it expects to report a loss for the quarter ended March 31 and on the year.
Separately, the company announced that L Catterton, a private-equity fund, invested $400 million in NCL Corporation, a subsidiary of Norwegian. —Melodie Warner
9:17 am: Not clear who’s in charge of health precautions at airports
A specific government plan to standardize policies for protecting air travelers and aviation workers from the coronavirus has yet to materialize as it’s unclear which government authority would take responsibility for passenger health precautions.
Airlines are putting together a patchwork of policies, such as blocking off middle seats, issuing new boarding procedures, and requiring masks. At least one airport has started using a thermal camera to screen people for fevers.
“It’s going to be a game of hot potato,” said Jeffrey Price, an air travel safety expert and a professor at Metropolitan State University of Denver. —Melodie Warner
9:05 am: Fiat Chrysler to restart US production in two weeks
A Jeep Renegade rolls down an assembly line at Fiat Chrysler’s Melfi assembly plant in Italy in 2015.
Fiat Chrysler expects to restart the majority of its North American plants the week of May 18 after coronavirus shutdowns lead to $1.8 billion (1.7 billion euro) first-quarter loss.
The company, as well as General Motors and Ford Motor, has been in discussions with the United Auto Workers union for weeks to reopen U.S. plants, which shuttered in March.
Fiat Chrysler burned through about $5.5 billion (5.1 billion euro) in cash during the first three months of the year as the coronavirus pandemic first shuttered its operations in China, followed by Europe and then North America. The company’s plants in China have reopened. It continues to restart operations in Europe and elsewhere. —Melodie Warner
8:25 am: UK death toll surpasses Italy, now highest in Europe
The United Kingdom has now recorded the highest coronavirus death toll in Europe, with 32,313 reported deaths related to Covid-19.
Italy, which has been particularly hard hit by the virus outbreak, previously held Europe’s highest death toll. Italy’s recorded deaths stands at 29,079 according to data compiled by Johns Hopkins University.
Read more about the Covid-19 outbreak in the U.K. from CNBC’s Sam Meredith and Ryan Browne. —Sara Salinas
8:13 am: Starbucks plans to have 85% of US cafes open by the end of the week
A delivery rider wearing a protective mask picks up an order from Starbucks as signs displayed in the window announce pick up and delivery options are available amid the coronavirus pandemic on April 28, 2020 in New York City, United States.
Starbucks CEO Kevin Johnson said that over 85% of the U.S. company-operated locations will be reopened by the end of the week, with modified operations and hours.
The chain plans to have more than 90% of cafes open by early June. Starbucks shares rose 3% in premarket trading. —Amelia Lucas
8:11 am: Experimental vaccine begins human testing in the US
Pharmaceutical giant Pfizer announced that its experimental coronavirus vaccine, BNT162, began human testing in the United States.
Pfizer, which is working alongside German drugmaker BioNTech, said it will test the potential vaccine on adults ages 18 to 55 in the first stage before moving on to older groups. It hopes to test up to 360 people.
The effort by Pfizer and BioNTech is one of several working toward a potential vaccine to prevent Covid-19. More than 100 vaccines were in development globally as of April 30, according to the World Health Organization, with at least eight vaccine candidates already in human trials. —Berkeley Lovelace Jr.
7:06 am: Cases will likely rise in May, former FDA chief says6:53 am: WHO says it’s ‘not surprising’ virus was in France in December
In this photo illustration the World Health Organization Director General Tedros Adhanom Ghebreyesus is seen on a screen of pc and a coronavirus image displayed on a screen of a smartphone in Kiev, Ukraine.
The World Health Organization said it is “not surprising” that reports have emerged of Covid-19 circulating in France as early as December, Reuters reported. China officially alerted the WHO to its outbreak on Dec. 31, though cases were circulating before then as officials in the country sought to identify the mysterious virus.
A hospital in France retested old samples from pneumonia patients and discovered the presence of the virus that causes Covid-19 in one patient, who was treated as early as Dec. 27, according to Reuters. The French government would not confirm its first case of Covid-19 for nearly a month.
“It’s also possible there are more early cases to be found,” WHO spokesman Christian Lindmeier told a U.N. briefing in Geneva. He encouraged other countries to investigate whether the virus was circulating earlier than was previously known in order to identify a “new and clearer picture” of the outbreak. —Will Feuer
5:50 am: Iran’s death toll rises to 6,340
The number of deaths due to coronavirus reported in Iran has risen by 63 in the past 24 hours, bringing the total to 6,340, Health Ministry spokesman Kianush Jahanpur said in a statement on state TV on Tuesday, Reuters reported.
The total number of confirmed cases of coronavirus in Iran has reached 99,970, he said. —Holly Ellyatt
5:20 am: Spain reports 185 new deaths
A woman wearing a sanitary mask as a preventive measure, leaving the train during the first day of work for non-essential sectors. Barcelona faces its 31st day of house confinement due to the contagion of Covid-19.
The number of daily deaths caused by coronavirus in Spain has risen by 185 on Tuesday, the health ministry said, marking the third consecutive day that the number of deaths has remained below 200.
The ministry said the total number of fatalities has risen to 25,613. The overall number of confirmed cases has risen to 219,329, up from 218,011 the day before. —Holly Ellyatt
5:04 am: Russia reports more than 10,000 new cases for the third day in a row
Patients suspected of the coronavirus (COVID-19) infection are brought by health officials wearing protective gear with ambulances to Kommunarka Hospital in Moscow, Russia on May 3, 2020.
Russia has reported 10,102 new infections on Tuesday, bringing the total number of Covid-19 cases to 155,370. It’s the third day in a row that Russia has reported more than 10,000 new cases.
The country’s crisis response center said 1,451 people have now died from the virus. It said 4.4 million tests have been carried out. —Holly Ellyatt
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia sees a further 10,000+ cases; Spain’s daily death toll stable