The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's Asia-Pacific team.
- Global cases: More than 259,000
- Global deaths: At least 11,000
- US cases: At least 17,000
- US deaths: At least 210
All data above is provided by John Hopkins University.
Boeing will cancel CEO pay, suspend its dividend and extend a pause on share buybacks, the U.S. planemaker said on Friday, as companies eager for government aid to curb fallout from the coronavirus face pressure to cut payouts to investors.
Boeing's decision echoes similar measures taken by the largest U.S. airlines in an effort to win over taxpayer support for their requests for stimulus packages, as the fast-spreading virus virtually erases air travel demand and hits the global economy. —Reuters
Washington state Gov. Jay Inslee sent a 74-page letter to President Donald Trump requesting that he declare a federal major disaster in the state to unlock additional federal assistance, including unemployment assistance and basic food benefits. "The state urgently requires additional supplemental federal emergency assistance in order to save lives, protect public health and safety, and limit further spread of the disease," Inslee said. —Salvador Rodriguez
General Motors on Friday announced it will lend its auto factories to support Ventec Life Systems' production of ventilators in the fight against the coronavirus pandemic.
"We are working closely with Ventec to rapidly scale up production of their critically important respiratory products to support our country's fight again the COVID-19 pandemic," GM CEO Mary Barra said in a statement. "We will continue to explore ways to help in this time of crisis." —Salvador Rodriguez
6:57 pm: Gary Cohn says the US is in a recession that will cost 'trillions' as unemployment 'skyrockets'
The U.S. is in a recession that will see unemployment soar and cost trillions of dollars to solve, Gary Cohn, former White House economic advisor and Goldman Sachs executive, told CNBC.
With markets in turmoil and companies announcing a stream of layoffs, the former National Economic Council director under President Donald Trump said it was hard to put an optimistic face on what's happening now.
"We're in recession, I'm not going to tell you that we're not in recession right now. You cannot remove the consumer from the U.S. economy ... and say that we're not in recession," Cohn said on "Closing Bell. "The unemployment number is going to skyrocket." —Jeff Cox
A member of Vice President Mike Pence's office tested positive for the new coronavirus COVID-19, according to Katie Miller, the vice president's press secretary.
"Neither President Trump nor Vice President Pence had close contact with the individual," Miller said. "Further contact tracing is being conducted in accordance with CDC guidelines."
The office was notified of the positive test Friday evening, according to a statement. —Chris Eudaily
Macy's said that it has fully drawn its $1.5 billion revolving credit facility, in the midst of the coronavirus pandemic. The department store chain said it did so as a "proactive measure."
Macy's has also withdrawn its 2020 sales and earnings outlook, and it is not offering an updated forecast at this time.
The retailer is further suspending its quarterly cash dividend, starting in the fiscal second quarter. It said its previously announced dividend payment, set for April 1, will not be impacted. The company said that shareholders of record as of March 13 will receive a first-quarter dividend payment, as scheduled. —Lauren Thomas
Novartis will donate enough doses of malaria drug hydroxychloroquine to treat several million patients in the fight against the coronavirus, if it wins approval, the Swiss company said.
There are no vaccines or treatments approved for the disease, but there is currently a 1,500-person trial, led by the University of Minnesota, to see whether hydroxychloroquine can prevent or reduce the severity of COVID-19. Two other trials are studying blood pressure drug losartan as a possible treatment.
Novartis makes the malaria drug, which is also used to treat lupus and rheumatoid arthritis, at its Sandoz unit in the United States. It plans to donate 130 million doses of the drug and is in talks with U.S. Food and Drug Administration regulators over expanding its use for coronavirus. —Reuters
Food supply chains have so far held up despite the coronavirus bringing swaths of the American economy to a halt, CEOs from across the industry told CNBC.
"As of right now, the supply chain remains strong. It remains healthy," Chipotle CEO Brian Niccol said on "Power Lunch." "We're fortunate that we've got such great partners getting us the Chipotle food we need to run our business."
Niccol's comments come as the food industry across the U.S. experiences upheaval due to the coronavirus pandemic. State and local governments are mandating the closure of restaurants and bars, except for takeout and delivery food, while grocery stores face increased demand as consumers stockpile goods. —Kevin Stankiewicz
5:50 pm: New York City is the new coronavirus epicenter with one-third of all US cases, Mayor de Blasio says
New York City accounts for roughly a third of all the coronavirus cases in the nation with 5,151 confirmed infections as of 10 a.m., Mayor Bill de Blasio said.
"We are now the epicenter of this crisis," he said at a press conference, adding that 29 residents have died. Some 52 New York City police are among those infected, city officials said. —Noah Higgins-Dunn
U.S. hospitals are setting up coronavirus wards and tents, seeking emergency credit lines and lobbying Washington for a $100 billion stabilization fund to help meet an expected onslaught of patients as the pandemic sweeps the nation.
"We believe hospitals and health systems should be top priority number one for the Congress, at this moment," said Robyn Bash, vice president for government relations at the American Hospital Association. —Bertha Coombs
As the coronavirus spreads across the globe, shuttered auto plants in Europe, North America and Latin America could reduce global production this year by more than 1.4 million vehicles, according to new research from IHS Markit.
Auto plants across the globe have announced plans to temporarily suspend production in order to sanitize facilities and prevent the spread of COVID-19. The hiatus, which could last for nearly three weeks in some cases, would create an immediate cash crunch to automakers through lost vehicle production. —Noah Higgins-Dunn
Illinois Gov. Jay Pritzker announced a statewide "stay-at-home" order, a measure that takes effect on Saturday at 5 p.m. and will last until April 7. Pritzker said people will still be able to leave their homes to buy groceries, go running and for other purposes.
"To avoid the loss of potentially tens of thousands of lives, we must enact an immediate stay-at-home order for the state of Illinois," he said at a news briefing. "For the vast majority of you already taking precautions, your lives will not change very much." —William Feuer
Delta Air Lines CEO warned Friday that the airline's second-quarter revenue will be down 80% — or $10 billion — from the same quarter a year ago because of coronavirus.
Executives say demand has collapsed because of the illness, forcing them to encourage workers to take unpaid leave. The carriers are on edge and are betting on a government bailout to help soften the blow of the disease's impact on their business. —Leslie Josephs
United Airlines on Friday warned it could cut jobs if the U.S. government doesn't provide aid by the end of the month to the industry, which is struggling with the devastating impact of coronavirus on travel demand.
U.S. airlines, which directly employ close to 750,000 people, are on edge about how quickly lawmakers will provide aid to the industry, grappling with a collapse in demand that executives have described as worse than 9/11.
United and its competitors have raced to slash flights, freeze hiring and ask employees to take unpaid leaves, but executives have warned it's still not enough. —Leslie Josephs
The big annual Google I/O developer conference is now completely canceled, Google said. On March 3, the company moved the in-person event to an online-only affair over growing concerns about the spread of COVID-19. But, now those sessions are also being canceled.
″Out of concern for the health and safety of our developers, employees, and local communities — and in line with 'shelter in place' requirements by the local Bay Area government — we sadly will not be holding an I/O event in any capacity this year," Google said in a tweet. "Right now, the most important thing all of us can do is focus our attention on helping people with the new challenges we all face. We'll continue to do everything we can to help our communities stay safe, informed, and connected. Please know that we remain committed to sharing ongoing Android updates with you through our developer blogs and community forums." —Todd Haselton
The World Health Organization is working with scientists across the globe on at least 20 different coronavirus vaccines with some already in clinical trials in record time — just 60 days after sequencing the gene.
"The acceleration of this process is really truly dramatic in terms of what we're able to do, building on work that started with SARS, that started with MERS and now is being used for COVID-19 ," Dr. Maria Van Kerkhove, the technical lead for WHO's emergencies program, said at a press conference at the organization's headquarters in Geneva on Friday.
The vaccines are still a long way away from being available for public use, WHO officials cautioned. Leading scientists say the clinical trials and safety approvals needed to get a workable vaccine to market could take up to 18 months. —Noah Higgins-Dunn, Emma Newburger
Italy's health ministry approved new measures to limit people's movements in an effort to contain the worst coronavirus outbreak in Europe.
From Saturday, parks and public gardens will be shut down and people will be allowed to take exercise only around their homes, a directive seen by Reuters said. Games and recreational activities in the open air will also be prohibited.
"We must do even more to contain the contagion," Health Minister Roberto Speranza said in a statement. —Reuters
Tens of thousands of Americans are facing unemployment as the coronavirus pandemic continues to affect daily life for cities and towns across the U.S.
Being without a job or facing reduced hours at work can make it difficult to pay your bills, including credit card, loan and mortgage payments. But the good news is that many banks and financial companies have announced they are willing to work with customers impacted by the coronavirus though a number of programs, including fee waivers and payment deferrals.
CNBC Make It rounded up a list of what many major banks are offering to do for Americans affected by the current health crisis. —Megan Leonhardt
Global smartphone shipments dropped 38% year-over-year during February from 99.2 million devices to 61.8 million, the largest fall ever in the history of the smartphone market, according to a new report from Strategy Analytics.
Shipments to distributors plunged in China and and slumped across Asia as work shut down and people stayed at home, according to the report.
"We started to track smartphone market back to 2003. This is the biggest ever fall historically," Linda Sui, analyst at Strategy Analytics said in an email. —Kif Leswing
Stocks slashed their earlier gains as investors concluded a week of wild swings. Wall Street has been grappling with fears over the coronavirus' economic blow, fueling historic market volatility.
The Dow Jones Industrial Average traded 500 points lower, or more than 2%, after rallying more than 400 points earlier in the day. The S&P 500 slid 2.3%. The Nasdaq Composite traded 1.4% lower after jumping more than 2%. —Fred Imbert, Pippa Stevens
2:31 pm: Private jet industry — the transportation of choice for the wealthy — asks for bailout funding
The private-jet industry is asking Congress for bailout money, even as many private jet companies say sales are strong as wealthy flyers avoid commercial flights.
The National Business Aviation Association, or NBAA, which represents private-jet companies and corporate jets, sent a joint letter with other industry groups to congressional leaders saying the industry is facing "increasing financial uncertainty" and that private-jet companies should be included in any airline or aviation bailout. —Robert Frank
2:24 pm: How states are expanding unemployment eligibility to include more people impacted by coronavirus
President Donald Trump signed a $100 billion coronavirus relief package into law Wednesday, which will provide free COVID-19 testing and expand paid leave and unemployment insurance to Americans impacted by the pandemic.
More funding to unemployment insurance can help the nearly one in five U.S. households that have already experienced a layoff or reduction in work hours due to the coronavirus pandemic, according to an NPR/PBS NewsHour/Marist poll and reported by NPR.
Following an announcement from the U.S. Department of Labor last week, states, which administer unemployment programs, have been granted greater flexibility in determining who qualifies for unemployment insurance benefits. —Jennifer Liu
2:16 pm: WHO officials warn health systems are 'collapsing' under coronavirus: 'This isn't just a bad flu season'
World Health Organization officials warned against dismissing the coronavirus that's swept across the globe as just a bad outbreak of the flu, saying it has overwhelmed health systems around the world in just a few weeks.
"Take one look at what's happening in some health systems around the world. Look at the intensive care units completely overwhelmed. Doctors and nurses utterly exhausted," Mike Ryan, executive director of the World Health Organization's emergencies program, said at a press briefing from the organization's Geneva headquarters. "This is not normal. This isn't just a bad flu season." —Will Feuer
President Donald Trump said he will use the Defense Production Act in response to the deadly coronavirus pandemic.
The Korean War-era statute can force certain American companies to produce materials that are in short supply in the face of the growing outbreak.
During Friday's coronavirus task force briefing, Trump said that the administration on Thursday night "put it into gear," adding that he has already spoken with multiple companies about it.
"Most of the states, in no way did they do anything wrong, they were stocked up," Trump said. "They were all equipped. Unfortunately they've never had a thing like this. So they need help from the federal government." —Yelena Dzhanova
1:58 pm: NYSE owner defends stock sales after virus briefing by CEO Sprecher and wife, Sen. Loeffler
The company that owns the New York Stock Exchange and other equity marketplaces defended stock sales of millions of dollars of shares by its CEO and his U.S. senator wife after she received a private Congressional briefing about the coronavirus outbreak.
Intercontinental Exchange said in a statement that the transactions by its chairman, Jeffrey Sprecher, and his wife, Republican Sen. Kelly Loeffler of Georgia, were "in compliance" with company policies.
Sprecher and Loeffler, in a series of trades, sold stocks from their accounts in late January and into February, after Loeffler and other senators received a private briefing from Trump administration officials about coronavirus on Jan. 24. —Dan Mangan, Thomas Franck
A palpable chill had settled over Park Slope on an otherwise beautiful Monday evening.
The brownstone-lined streets of this South Brooklyn enclave, typically abuzz with commuters at peak rush hour, were near empty. Stores of all kinds — from restaurants, cafes and bars to gyms and bodegas — were closed until further notice.
For a city that never sleeps, the lethargy felt out of place.
But it has become the new normal in the age of the coronavirus, which has wreaked havoc on local New York businesses as customers have stayed home out of fear and lawmakers have shut entire sectors of the city's economy to halt its spread. —Lorie Konish, Annie Nova, Greg Iacurci
As Congress and the White House hash out an economic relief plan expected to easily top $1 trillion, Democrats have pushed for a proposal to specify that companies receiving aid must stop share repurchases. The suggestion by the Democratic presidential front-runner appears to go even further — to all public companies.
"As workers face the physical and economic consequences of the coronavirus, our corporate leaders cannot cede responsibility for their employees," Biden said in a tweeted statement. —Jacob Pramuk
Target is temporarily increasing employees' wages by $2 an hour and giving bonuses of up to $1,500 to thousands of employees as the retailer experiences a surge in shopping during the coronavirus outbreak.
The Minneapolis-based retailer said all employees at stores and distribution centers will get a pay increase until at least May 2. Target said each employee will earn an average of $240 to $480 more during that time frame.
The retailer is paying bonuses of between $250 and $1,500 to 20,000 hourly team leaders who oversee store departments. —Melissa Repko
U.K. Prime Minister Boris Johnson announced nationwide lockdown measures, telling cafes, bars and restaurants to close.
"We are collectively telling cafes, pubs, bars and restaurants to close tonight as soon as they reasonably can and not to open tomorrow," Johnson said at a daily briefing on the coronavirus.
He said takeout services for these businesses would be able to continue.
"We are also telling nightclubs, theaters, cinemas, gyms and leisure centers to close on the same timescale." —Sam Meredith
Correction: This entry has been updated to reflect that U.K. Prime Minister Boris Johnson announced nationwide lockdown measures. An earlier version misstated the extent of the closures.
1:19 pm: Microsoft and Adaptive Biotechnologies are studying how the human immune system reacts to the coronavirus
By understanding the immune signature, meaning how humans are responding to the disease, the companies hope to speed the process of developing a more accurate diagnostic test and treatment for COVID-19.
"Most efforts we're seeing so far are focused on the biology of the virus," said Adaptive Biotechnologies CEO Chad Robins by phone. "Now we're turning our focus on COVID-19 and adding a new dimension, which is the immune response." —Christina Farr
Saudi Arabia's government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion US) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices.
The sum includes Riyadh's 50 billion riyals package announced last week to support small and medium-sized businesses. Friday's announcement introduces a further 70 billion riyals to aid businesses, including the postponement of tax payments and exemptions of various government levies and fees. —Natasha Turak
1:04 pm: Don't panic — International Paper CEO says there will be 'plenty' of toilet paper and diapers
"Diapers and toilet paper, there's plenty of it," Sutton said on "Squawk Box." "It's just got to get the velocity through the system, through the distribution centers and directly to the consumers."
The dramatic increase in demand for products such as toilet paper, paper towels and diapers due to the coronavirus will not last forever, Sutton said. —Kevin Stankiewicz
12:59 pm: Americans who have lost wages amid coronavirus outbreak worry they'll be short over $900 on their bills
Over half of Americans say that the coronavirus outbreak has already negatively affected their household income, according to a new TransUnion poll. About 45% say at the very least, their work hours have been reduced.
That's leading to some financial shortfalls. Nearly three out of four Americans are concerned about paying their bills and making good on loans, according to TransUnion's poll of over 1,000 U.S. adults fielded on March 19. Within the next month, Americans financially impacted by the current pandemic estimate they'll be short by roughly $900, on average, on the payments they owe. —Megan Leonhardt
12:54 pm: Goldman sees unprecedented stop in economic activity, with 2nd quarter GDP contracting 24%
Goldman Sachs economists forecast an unprecedented 24% decline in second-quarter gross domestic product, following a 6% decline in the first quarter, based on the economy's sudden and historic shutdown as the country responds to the coronavirus pandemic.
The economists then expect a bounce-back of 12% in the third quarter and 10% in the fourth quarter, but unemployment will surge to 9%. They also expect GDP to contract by 3.8% for the full year on an annual average basis, and 3.1% on a fourth-quarter over fourth-quarter basis. —Patti Domm
"I have to say that our teams in our factories, in our distribution systems, are incredibly proud and understanding of the duty they have ahead of them," CEO Miguel Patricio told CNBC's Sara Eisen on "Squawk Alley."
Patricio also said that the company has fully drawn down its $4 billion revolving credit line as a precautionary measure. —Amelia Lucas
The U.S. and Mexico have agreed to restrict all non-essential travel across their border, the Trump administration announced.
Members of the White House coronavirus task force also said that people who enter the country from Mexico and Canada without proper documentation will be immediately turned away from the United States' borders. —Kevin Breuninger
Wealthy New Yorkers fleeing the city are driving up the prices of rentals in the Hamptons and Hudson Valley, with rates more than tripling for some properties.
As New York imposes strict stay-home guidelines and the number of coronavirus cases skyrockets, New Yorkers who can afford it are decamping to more rural locales. Brokers say they're getting barraged with calls from families wanting rentals immediately, some for two weeks, some for up to a year.
"This is unprecedented," said Delyse Berry, of Upstate Down, a Hudson Valley real estate advisory and management firm. "It's like a panic. I have never placed so many people in rentals in one week, and at these prices, ever. Even in the summer." —Robert Frank
Due to the COVID-19 outbreak, dozens of retailers, big and small, have said their stores will temporarily go dark through at least the end of the month, likely choosing that initial time frame because they have already paid March rent in full. The list includes everyone from Nike and Apple to start-ups Allbirds and Glossier.
The consequences of still having to pay rent on a location that is not in business could deal a huge blow to some retailers that are already strained for cash. Typically, rent is one of a retailer's biggest expense items. Couple that with the fact that many retailers' sales are about to shrink drastically, so long as consumers are holed up and home and stocking up on groceries and household essentials, not discretionary items like shoes and shirts.
The closures raise a huge question. In some of these instances, stores are closing as the shopping mall itself remains open for business, per the landlord's decision. Retailers are left wondering: Do we still have to pay? —Lauren Thomas
Stocks slashed their earlier gains as investors concluded a week that featured wild swings. Wall Street has been grappling with fears over the coronavirus' economic blow, fueling historic market volatility.
The Dow Jones Industrial Average traded 40 points higher, or 0.2% after rallying more than 400 points earlier in the day. The S&P 500 dipped 0.2%. The Nasdaq Composite traded 1.1% higher after jumping more than 2%. —Fred Imbert, Pippa Stevens
New York Gov. Andrew Cuomo ordered non-essential businesses to keep 100% of their workforce at home as coronavirus cases across the state surged by 2,950 overnight to 7,102.
"When I talk about the most drastic action we can take, this is the most drastic action we can take," Cuomo said at a press conference in Albany. —Will Feuer, Noah Higgins-Dunn
11:35 am: California's stay-home order not necessarily a 'one-size-fits-all' policy for other states, Pence aide says
A top aide to Vice President Mike Pence, who leads the White House's response to the coronavirus pandemic, said that California's sweeping order for residents to stay at home should not necessarily be copied by other states.
Marc Short, Pence's chief of staff, was asked on CNBC's "Squawk Box" whether California's decision, issued Thursday evening by Democratic Gov. Gavin Newsom, will soon be copied by most other states.
Short said that since three states — California, Washington and New York — comprise more than half of all confirmed coronavirus cases in the U.S., Newsom's order may not become "a one-size-fits-all policy." —Kevin Breuninger
11:26 am: Spain official warns 80% of people in Madrid will get virus, as nationwide death toll tops 1,000
On Friday, Spain's health emergency chief reported that the country's death toll from the coronavirus outbreak had soared to 1,002, up from 767 on Thursday. Speaking to state radio Thursday, Isabel Diaz Ayuso, the president of the region of Madrid, said eight out of 10 people in the city would contract COVID-19.
Spain is second only to Italy for coronavirus-related cases and deaths in Europe, which has become the epicenter of the outbreak.
The World Health Organization has advised all countries to adopt a mix of interventions based on an analysis of the local situation and context, with containment as a major pillar. —Sam Meredith
The IRS will move the national income tax filing day to July 15, three months after the normal deadline for Americans to send in their returns.
The move announced by Treasury Secretary Steven Mnuchin is the latest in a series of highly unusual emergency measures to deal with the financial fallout of the coronavirus pandemic.
Mnuchin said the extension will give "all taxpayers and business this additional time" to file returns and make tax payments "without interest or penalties." —Dan Mangan, Darla Mercado
The department store chain announced it is not providing an updated outlook at this time.
On Wednesday, Penney said it would close all of its stores across the country at least until April 2 in the fight against the pandemic. It did not clarify whether or not it would be paying workers during this time. A spokesperson declined to comment.
Penney is also postponing its analyst day, which had been set for April 7, until future notice. —Lauren Thomas
10:26 am: Restaurateur Danny Meyer: It's going to take a month to recruit our team back and train them
Shake Shack founder Danny Meyer told CNBC that it's going to take some time for restaurants to reopen once the coronavirus pandemic has slowed.
"It's going to take a good month or so to recruit our teams back and to get train them, trained before we could serve like we used to," Meyer said on "Squawk on the Street."
Meyer's Union Square Hospitality Group laid off about 2,000 workers on Wednesday. —Kevin Stankiewicz
Financial markets are facing their worst crisis since 1929, a veteran analyst told CNBC on Friday, as top economists downgrade their forecasts to point to an impending global recession.
Stephen Isaacs, chairman of the investment committee at Alvine Capital Management, said that having entered the crisis with "record levels of leverage" and overbought stocks, the situation was "unprecedented."
"We came into this with all sorts of problems hiding within the momentum of a massive bull market, which again leads me to feel extremely concerned that the selling is only abating temporarily, and that we are still looking, unfortunately at a very, very difficult situation," Isaacs told CNBC's "Squawk Box Europe." —Elliott Smith
The move is intended to help the internet run smoothly as traffic spikes due to more people in the region being forced to stay at home.
Google subsidiary YouTube said it was "making a commitment to temporarily switch all traffic in the EU to standard definition by default" in a media statement on Friday. It said the move would be for a preliminary period of 30 days. —Chloe Taylor
The continued spread of COVID-19 is forcing millions of Americans to work from home. As many workers shift to a new reality, they and their managers may be concerned about staying as productive as possible.
Although it may be tempting to slack off work when stuck inside the comfort of your home, proceed with caution — your boss could be watching.
About half of large companies use some type of nontraditional monitoring techniques to keep tabs on their employees, including methods like analyzing texts of emails and social media messages and gathering biometric data, according to a survey from the research and advisory company Gartner in 2018. The company surveyed 239 large corporations. CNBC's Make It details some of the ways employers may be keeping tabs on you. —Karina Hernandez
Amazon AWS is setting aside an initial $20 million to help accelerate research and development of diagnostic solutions. That includes, but won't be limited to, helping push forward a more accurate, faster coronavirus COVID-19 test.
Amazon specifies that the program, called the AWS Diagnostic Development Initiative, is open to accredited research institutions and private entities that are AWS customers. At launch, the program includes 35 global research institutions, startups, and businesses. It'll also be supported by an outside technical advisory group made up of "leading scientists, global health policy experts, and thought leaders" who specialize in infectious disease diagnostics.
It hopes to focus these resources specifically on AWS customers that are working on point-of-care diagnostics, or testing that can be done at home or at a clinic with same-day results. —Christina Farr, Annie Palmer
"Many of our front line employees in our branches, operations and call centers, and other key sites who continue to go into their office or branch each day face particular challenges related to issues like childcare and transportation," the bank said in a Friday memo to employees.
"To help them meet these challenges and to recognize their ongoing commitment to our customers, clients, and communities, we will make a one-time COVID-19 special payment equal to a maximum of US$1,000 (not to exceed 10% of salary/regular pay or fixed pay in certain countries)." —Hugh Son
Around the world, sporting events and concerts have been canceled, movie theaters and restaurants have been closed, and people are working from home. Those initiatives to promote social distancing, along with currency fluctuations, are expected to hit Coke's business, according to a regulatory filing.
Coke previously forecast that 2020 organic revenue would grow by 5% and adjusted earnings per share would increase by 7% to $2.25.
Coke said it cannot estimate the blow to its business at this time, although it "could be material." The company said that it expects to provide an update when it reports its first-quarter earnings. —Amelia Lucas
Scientists around the globe are racing to develop tests, treatments, and vaccines to combat the COVID-19 disease.
Near term, tests are the priority. Beyond testing, regulators are trying to get treatments approved as quickly and safely as possible to serve as a bridge to a vaccine, which is likely to take 12 months, according to the U.S. FDA Commissioner Stephen Hahn.
Health-care experts broadly agree that a treatment is likely to come before a vaccine. "If a good treatment emerges, whatever it is, we expect regulators to prioritize expeditious review," Laura Sutcliffe, a UBS health-care analyst said in a research note. —Julianna Tatelbaum
As U.S. authorities scrambled to ramp up the nation's capacity to test for coronavirus last week, at least 100 executives and other New Yorkers of means had easy access to testing, according to two sources familiar with the activities of a little-known medical service catering to the affluent.
These people paid a $5,000-a-year membership fee for a medical concierge service in New York City called Sollis Health, which worked with Enzo Clinical Labs Inc to test its members for COVID-19, according to the sources.
The arrangement gave members, which include people in finance, entertainment, advertising, and media industries, access to the tests at home at a time New York Governor Andrew Cuomo said the state had the capacity to test just a few hundred patients a day. The two sources declined to provide the identities of the people the company tested for coronavirus and Reuters could not establish them. —Reuters
GameStop told its stores to stay open even in the event of state or city lockdowns in response to the coronavirus outbreak, according to a memo obtained by gaming website Kotaku. The memo said the videogame retailer considered itself an "essential retail" operation. —Peter Schacknow
China's economy is beginning to show some signs of normalization following the full-blown shock caused by the coronavirus, but stark risks remain, International Monetary Fund officials said in a blog on the economic impact of the pandemic.
Most larger Chinese firms have reopened and many local employees have returned to work, but infections could rise again as national and international travel resumes, the IMF officials said.
Outbreaks in other countries and financial market gyrations could make consumers and firms wary of Chinese goods just as the economy is getting back to work, they said. —Reuters
The German state of Bavaria will impose general restrictions on going outside for two weeks, state premier Markus Soeder said. "It's not easy to take these decisions," Soeder said. "We take these decisions according to the best of our knowledge and conscience. There will be a Bavaria after corona, but it will be a stronger one if we don't look away." —Reuters
When the damage the coronavirus inflicts on the U.S. jobs market becomes clearer, it could be unlike anything the country has ever seen.
Judging by a host of forecasts from economists, the avalanche of furloughs will easily break the record for most in a single month.
Upcoming weekly jobless claims will shatter the standards set even during the worst points of the financial crisis and the early-1980s recession. Those numbers are expected to be bad, in fact, that the Trump administration, according to several media reports, has asked state officials to delay releasing precise counts.
While the headline unemployment rate is highly unlikely to approach the 24.9% during the Great Depression, it very well could be the highest in almost 40 years, something unthinkable for a jobs market that had been on fire as recently as February. —Jeff Cox
New Orleans Saints head coach Sean Payton says he has tested positive for the coronavirus, is resting comfortably at home and is making his test result public in hopes he can motivate people to do more to fight the pandemic.
Payton learned Thursday that he has tested positive for the coronavirus, he told ESPN before posting a photo of himself smiling as he sat on a couch next to his dog.
"Appreciate the well wishes," Payton wrote on his Twitter page. "I'm feeling better and fortunate to not have any of the respiratory symptoms. 4 more days at home."
Payton, 56, is the first employee of either an NFL team or the league to make such a diagnosis public. —Associated Press
AT&T just canceled plans to repurchase $4 billion of its own shares, according to a Securities and Exchange Commission filing. The company made the move to "focus on continued investment in serving our customers, taking care of our employees and enhancing our network, including nationwide 5G," according to the filing.
The news follows several days of public outcry from President Donald Trump and several high-profile investors, including Mark Cuban, who said companies that have received government bailouts should not be allowed to buy back their own shares.
AT&T noted in the filing that the impact of the pandemic "could be material," but the company said it cannot yet estimate the impact on its financial or operational results. —Elisabeth Butler Cordova
Marlboro cigarette maker Altria CEO Howard Willard has contracted coronavirus and is taking temporary medical leave, a regulatory filing showed on Friday.
Willard, 56, is the latest high-profile person to get the virus in a global pandemic that has infected more than 245,000 people and killed over 10,000 globally.
Chief Financial Officer William Gifford Jr will take over for Willard during his absence, the company said here in a memo to employees. —Reuters
Darden Restaurants said it's planning to offer delivery service to keep workers employed, but Olive Garden's parent isn't the only dinning company to consider doing so. As COVID-19 forces the closures of dining rooms in more than two dozen states, fine restaurants that have long resisted offering takeout or delivery are now making the switch to keep their businesses afloat. —Amelia Lucas
Executives at companies that would receive bailout cash from the coronavirus-relief bill unveiled by Senate Republicans would see their annual compensation capped for two years. According to the language, no employee who makes more than $425,000 may get a raise in their salary for two years. —Lauren Hirsch
Senate Intelligence Committee Chairman Richard Burr, R-N.C., is facing questions about his decision to sell between $630,000 and $1.7 million worth of stock one week before global financial markets began a historic slide in response to the coronavirus pandemic.
A second Republican senator, Georgia's Kelly Loeffler, also sold large amounts of stock in late January and early February, when U.S. markets were hitting all-time highs. Both Burr and Loeffler have received non-public information about the global spread of coronavirus from Executive Branch officials, who have been briefing senators regularly since at least January. —Christina Wilkie
Spain's death toll from the coronavirus epidemic soared to 1,002 on Friday from 767 on the previous day, the country's health emergencies chief Fernando Simon said. The number of registered cases in the country rose to 19,980 on Friday from 17,147 on Thursday, Simon said. —Reuters
Deutsche Bank has warned COVID-19 might significantly impact its ability to meet its financial targets this year.
"While it is too early to predict the impacts on business or the bank's financial targets that the expanding pandemic, and the governmental responses to it, may have, the bank may be materially adversely affected by a protracted downturn in local, regional or global economic conditions," the bank said in a statement published Friday. "Given the uncertainty around extent, duration and market spillover of COVID 19, forward-looking assumptions do not currently consider any of its potential impacts," it added. —Sam Meredith
The global death toll rose above 10,000, according to data from Johns Hopkins University. The exact number stood at 10,031 on Friday morning with total confirmed cases at 244,523.
On Thursday, Italy overtook China to be the world's deadliest hotspot with 3,405 deaths registered. —Matt Clinch
Norges Bank cut its key policy rate to a record low of 0.25% from 1% and doesn't rule out further reductions in interest rates, reported Reuters.
It was the Norwegian central bank's second interest rate reduction due to COVID-19. The Norges Bank cut its policy rate by half a percentage point on March 13, when Governor Oeystein Olsen said the economy was in a state of emergency, according to the report. —Yen Nee Lee
Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: California issues stay home order, global death toll surpasses 10,000
—Reuters and CNBC's Weizhen Tan, Matt Clinch, Sam Meredith, and Yen Nee Lee contributed to this report.