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 1,428,400
- Global deaths: At least 82,000
- US cases: More than 398,100
- US deaths: At least 12,800
The data above was compiled by Johns Hopkins University.
Los Angeles Mayor Eric Garcetti on Tuesday announced a worker protection order that requires all employees and customers at essential businesses in the city to wear cloth face coverings over their nose and mouths.
The rule goes into effect on Friday morning. Employers have to give workers these masks or reimburse workers for buying them, Garcetti said. Employers also have to make sure employees can get to a sanitary bathroom stocked with cleaning products so that workers can wash their hands every 30 minutes.The city is also encouraging all essential retailers to install Plexiglas barriers between customers and cashiers. It's not a requirement because there isn't a sufficient amount of Plexiglas for retailer, Garcetti said.
"Every Angeleno will share this responsibility with employers: To keep workers and everybody else safe, which is why we are requiring customers to wear face coverings to enter those businesses I mentioned," Garcetti said. "If you're shopping for groceries, picking up a prescription, or visiting any other essential business, and if you're not covering your face, by Friday morning, an essential business can refuse you service."
He added: "So cover up, save a life, it's that simple."
Garcetti said Robert Garcia, mayor of Long Beach, another city in Los Angeles County, is looking at language of the order so that it can be implemented across all of the county. —Jordan Novet
National Basketball Association owners could get some financial relief in the form of of returned pay in any compensation deal with players, according to multiple people with knowledge of the situation.
In an hour-long call on Tuesday afternoon, executives at the National Basketball Players Association (NBPA), the players' union, cleared up misinformation and told agents that any compensation deal constructed by the NBPA and league owners will include refunds on all NBA contracts.
The NBA become the first league to suspend its season last month due to the coronavirus pandemic. The move triggered other pro sports leagues to follow.
NBA commissioner Adam Silver said decisions about any return is still weeks away, but with this possible repayment clause included as part to any revised compensation deal, the regular-season portion of the NBA could be over. —Jabari Young
White House officials worry that the COVID-19 outbreak is disproportionately hitting African Americans harder than other groups and are working with state and local officials to begin tracking how the coronavirus impacts different ethnicities.
Dr. Anthnony Fauci, who sits on President Donald Trump's coronavirus task force, said the COVID-19 outbreak is "shining a bright light" on how "unacceptable" the health disparities between blacks and whites are. "Yet again, when you have a situation like the coronavirus, they are suffering disproportionately," Fauci said of minorities.
"It's not that they are getting infected more often. It's that when they do get infected, their underlying medical conditions ... wind them up in the ICU," he said at a White House press conference Tuesday. —Berkeley Lovelace Jr.
President Donald Trump blamed the World Health Organization for getting "every aspect" of the coronavirus pandemic wrong and threatened to withhold funding from the international organization.
"They did give us some pretty bad play calling ... with regard to us, they're taking a lot of heat because they didn't want the borders closed, they called it wrong. They really called, I would say, every aspect of it wrong," Trump said at a White House press conference Tuesday.
WHO officials declared the outbreak a pandemic on March 11, when there were just 121,000 global cases. In the U.S., there are more than 380,000 cases, according to Hopkins. —Dawn Kopecki, Berkeley Lovelace Jr.
President Trump said on Tuesday that internet companies, including Amazon, are to blame for the decline of the U.S. Postal Service.
The comments, which came during Tuesday's coronavirus task force briefing at the White House, recall a series of attacks in 2018, when Trump repeatedly blamed Amazon for hurting the post office, once saying that Amazon uses the USPS as "their delivery boy."
The comments came after a reporter asked the president about comments from Rep. Gerry Connolly, D-Va., suggesting that Trump had requested that $25 billion meant for the USPS be cut from the Coronavirus Aid, Relief and Economic Security, or CARES, act, which Trump signed into law on March 27. —Jordan Novet
CNBC's Jim Cramer suggested investors take advantage of the recent market upside to sell some stock and build up some cash for the next dip.
"Without a V-shaped recovery, you have to be skeptical of these big moves higher," the "Mad Money" host said. "Because in a U-shaped recovery I'm expecting, the stock market will pull back again and that is when you can put some money to work."
A V-shaped recovery happens when a quick decline in economic activity is met by an abrupt rebound in activity, while a U-shaped recovery is one where the economy gradually climbs out of a recession environment, which can take up to two years.
Based on Monday's 7% market rally, investors are hoping that the economy has a V-shaped recovery, Cramer said, which is where business activity snaps back if the ongoing outbreak is quelled soon.
"'V' is what justifies yesterday's rally" but "I do not believe in the 'V' when it comes to this recovery," he said. —Tyler Clifford
6:55 pm: Trump ally Tom Barrack hires lobbyists for coronavirus-related issues as he warns of hurdles for the commercial mortgage market
One of President Donald Trump's closest allies hired a top lobbying firm to advise on challenges related to the coronavirus pandemic.
Colony Capital, a real estate investment firm run by Tom Barrack, recently hired lobbyists from Brownstein Hyatt Farber Schreck to focus on "issues related to COVID-19 relief packages," according to a lobbying disclosure report first reviewed by CNBC.
The form lists Colony Capital as the client and that the effective date of the firm registering to lobby for Barrack's business was on March 20, just days before Trump signed the $2 trillion stimulus package. The lobbying form was officially signed on Tuesday and records indicate that Barrack's company has never hired lobbyists.
Barrack, who has been a longtime friend of the president, published a Medium post on March 22 warning the administration and Congress that commercial mortgage market is in free fall in the wake of the coronavirus pandemic that has damaged the U.S. economy. —Brian Schwartz
6:34 pm: Levi Strauss CEO Chip Bergh: Coronavirus pandemic will separate retail's winners and losers
Levi Strauss CEO Chip Bergh said the coronavirus pandemic "will further separate the winners and losers" in the retail industry today.
"The brands that are going to win are going to be the ones that have deep connections," with consumers, Bergh told CNBC in an interview on Tuesday afternoon. "We are going to double down on the things that are working."
Levi Strauss, which has been around for 167 years, is going to use COVID-19 "as an opportunity to come out stronger on the other side," Bergh added. "We've been through it all ... the Spanish flu. No other apparel company can say that."
The company on Tuesday reported its first-quarter 2020 results, for the period ended Feb. 23. Levi Strauss said it saw a boost from Black Friday week. However, the coronavirus outbreak that started in China roughly during the middle of the quarter hit the period's net revenue in Asia by about $20 million. —Lauren Thomas
A coalition of health and industry partners is looking at convalescent plasma as a potential treatment for the coronavirus, Mayo Clinic CEO Dr. Gianrico Farrugia told CNBC.
"Scientists and physicians around the world are racing to find new treatments for COVID-19," Farrugia said on "Squawk on the Street." "The convalescent plasma initiative is one of these options."
The Food and Drug Administration announced Friday that Mayo Clinic would be leading the initiative in testing the effectiveness of convalescent plasma in COVID-19 patients. The treatment has been around for more than 100 years and was used during the 1918 flu pandemic, Farrugia said. The FDA approved the treatment for coronavirus patients in March. —Hannah Miller
U.S. stock futures were flat in overnight trading, continuing a volatile week for stocks gripped by the coronavirus shutdown.
6:06 pm: Restaurant software provider Toast cuts 50% of staff as coronavirus forces eateries to close
Toast, a provider of point-of-sale software to the restaurant industry, announced that it's cutting about 50% of its staff as the coronavirus forces businesses across the country to close. That amounts to about 1,300 employees.
"During the month of March, as a result of necessary social distancing and government-mandated closures, restaurant sales declined by 80 percent in most cities," CEO Chris Comparato wrote in a blog post. "This is a massive disruption that hit the industry virtually overnight. Many restaurants that have temporarily closed may never reopen."
Coming into 2020, Toast was riding high, raising $400 million in February at a valuation of almost $5 billion after revenue more than doubled last year. But as cities from San Francisco to New York imposed shelter-in-place orders last month, restaurants were only able to serve food via delivery and takeout. —Ari Levy
5:45 pm: Airbnb promised cash refunds for coronavirus cancellations, but some guests say it's not that simple
Last month, Airbnb promised to issue full cash refunds to qualifying travelers whose trips had been impacted by the coronavirus, but some customers are complaining that Airbnb is making them jump through hoops to get their cash back.
The coronavirus has disrupted many industries, but none more so than the travel industry. As the pandemic spread, leading to lockdowns, travelers canceled business and personal trips in massive numbers. The U.S. Travel Association expects the industry to lose 4.6 million jobs this year. —Salvador Rodriguez
5:30 US needs more testing to 'move the economy forward,' says Johns Hopkins infectious disease expert
The U.S. must increase its testing capabilities for the new coronavirus before the economy can restart, Dr. Robert Bollinger of Johns Hopkins University told CNBC on Tuesday.
Specifically, the U.S. needs more rapid testing and a better system of contact tracing to determine who has been infected by COVID-19 and who has not, Bollinger said on "Power Lunch."
Improvement in those areas, along with existing social distancing efforts, will "truly allow us to move the economy forward, get back to work," said Bollinger, an infectious diseases professor at Johns Hopkins' medical school. —Kevin Stankiewicz
Amazon is piloting the use of disinfectant fog starting on Tuesday at a warehouse in Staten Island, New York, within days of protests at the worksite over health concerns during the coronavirus pandemic.
The world's largest online retailer said it is testing the practice commonly used by airlines and hospitals to clean facilities further, on top of introducing temperature checks and masks for staff.
Last week, 15 workers at the New York warehouse known internally as JFK8 protested to demand the building's closure following a case of the coronavirus that was reported among staff. An additional demonstration took place Monday. —Reuters
California Gov. Gavin Newsom said on Tuesday that the state's curve of coronavirus cases is showing signs of "bending and stretching" as the increase in people admitted to the hospital on a daily basis has started to gradually decline. Newsom said that 2,611 of the state's 15,865 cases are in the hospital, a 4.1% increase from Monday, and 1,108 of those are in the ICU, a 2.1% daily increase.
He said the new figures are "not the double digit increases that we saw in hospitalization rates or ICU rates even a week or so ago." He said this and continued physical distancing has started to slow the increase of the state's curve, or number of infections, but will also extend a potential peak into mid-May. "Our modeling shows that we're not at peak in a week or two. We're seeing a slow and steady increase, but it's moderate," Newsom said at a press conference. "It's moderate because of the actions all of you have taken in terms of the physical distancing." −Noah Higgins-Dunn
American Airlines is suspending all pilot training amid health concerns surrounding COVID-19. Federally-mandated periodic training involves classroom and time in a flight simulator. "The health and safety of our team remains our top priority, so we've kept a close eye on this with special attention focused on how it may impact the areas where we conduct our flight training,"
American Airlines officials told pilots in a memo, which was seen by CNBC. Dennis Tajer, spokesman for the Allied Pilots Association, which represents some 15,000 American Airlines pilots, called it the "prudent call" that's "in the best interest of our crew members." American plans to resume training on May 11. —Leslie Josephs
"I'm moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief," Dorsey said on Twitter.
Dorsey said that, after "we disarm" COVID-19, he will dedicate the money to universal basic income (UBI) and girls health and education.
"Why pull just from Square and not Twitter? Simply: I own a lot more Square," he said. "And I'll need to pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it's helping the people we want to serve. —Todd Hasleton
Stocks closed lower on Tuesday, giving up a massive rally from earlier in the day, as Wall Street assessed the latest news on the coronavirus outbreak.
The Dow Jones Industrial Average closed 26 points lower, or 0.1%. The 30-stock average rose as much as 937.25 points, or 4.1%, at its session high. The S&P 500 ended the day 0.2% lower after jumping more than 3%. The Nasdaq Composite fell 0.3% following a 3% rally.
Some investors believed stock prices were getting ahead of the reality where coronavirus shutdowns are likely to weigh on the economy significantly beyond the second quarter. The major averages have rallied about 20% from their March 23 lows. —Fred Imbert
France has officially registered more than 10,000 deaths from coronavirus infections, making it the fourth country to cross that threshold after Italy, Spain and the United States.
The rate of increase in the number of fatalities also rose for the second consecutive day, official figures showed.
Jerome Salomon, head of the public health authority, told a news conference the pandemic was still expanding in France, which is now in the fourth week of a national lockdown to try to curb its spread.
But he said the number of serious coronavirus cases being treated in intensive care units had risen by only 0.8% in the previous 24 hours — the eighth consecutive day that this rate has decelerated.
Salomon said the number of people who have died in French hospitals after contracting the coronavirus had risen to a cumulative total of 7,091. But if partial data on deaths in nursing homes is included, the death toll from the disease is now 10,328, he said.
The total number of confirmed coronavirus cases in hospitals is now 78,167, and the number of confirmed or possible cases in nursing homes is 30,902. —Reuters
3:07 pm: After New York-area cuts, United slashes flights in California as COVID-19 drives down demand
United Airlines is cutting back service in California, one of its biggest markets, as travel demand continues to plunge. The Chicago-based airline will reduce its flights at Los Angeles International Airport from 33 a day to 13 and at San Francisco International Airport to 50 flights per day from 65. "This action also will require fewer employees to be on-site in those locations, making social distancing procedures easier to execute," Greg Hart, United's chief operations officer, told employees. The changes come just days after the airline announced even deeper cuts in New York, which has about 140,000 reported cases of COVID-19, more than any other state. —Leslie Josephs
As President Trump has repeatedly and aggressively touted hydroxychloroquine as a potential cure for the novel coronavirus, the drug has been flying off the shelves at pharmacies. Earlier in the month, autoimmune patients could find it at a pharmacy in the area, even if it meant calling up a handful. But as of this week, several doctors told CNBC there are widespread shortages across many states, and it's gotten challenging to find it anywhere.
The John Hopkins' Lupus Center describes hydroxychloroquine as helping reduce flareups in some patients "as much as 50%," noting that some may be on the drug for the rest of their lives to help keep their symptoms at bay. Hydroxychloroquine is the most commonly prescribed for autoimmune conditions versus other antimalarials because it's generally believed to cause fewer side effects.
In light of the shortages, doctors treating autoimmune patients are pressing policymakers and drug manufacturers to increase the production as quickly as possible. —Christina Farr
Americans who have lost their jobs due to the new coronavirus will start getting enhanced jobless benefits as soon as this week as states deploy hundreds of billions of dollars in federal aid, state officials said.
Congress approved an additional $600 weekly payment for jobless workers as part of an unprecedented $2.3 trillion rescue package signed into law by President Donald Trump on March 27.
It could take several weeks for that money to filter through federal and state bureaucracies into the bank accounts of many of the millions of Americans who have been thrown out of work.
Qualifying New York residents will see the additional benefit payments this week, said Deanna Cohen, a spokeswoman for the state Department of Labor. In Missouri, payments will start going out as early as the week of April 12, according to the state Labor Department.
Officials in Maine and California said they have not yet figured out when they will be able to distribute the money. Other states did not immediately respond to requests for comment. —Reuters
The New York State Education Department announced it's canceling the June 2020 administration of the state high school Regents Examinations, in response to the COVID-19 pandemic. The Department is making modifications to assessment requirements that all students must meet in order to graduate high school. These changes apply to all students enrolled in grades 7 through 12 during the 2019-2020 school year.
The Department said in a statement that students who were going to take one or more Regents exams in June will be "exempted from the requirements pertaining to passing such 2 examinations in order to be issued a diploma." The eligibility requirements for students to qualify for the exemption are listed on the statement.
All students in New York State must pass five Regents exams with a score of at least 65 to graduate. —Jasmine Kim
New Jersey is extending its public health emergency and closing all state and county parks as coronavirus deaths hit the highest single-day increase in COVID-19 deaths yet, Gov. Phil Murphy announced.
Murphy said 232 people died of the coronavirus over the past day, bringing the state total to 1,232. He added that 3,361 people tested positive in the past day, which brings the total in New Jersey to 44,416.
"We have also lost, and this is sadly our highest toll to date, we have lost another 232 of our precious fellow New Jerseyians to COVID-19-related complications," he said. "The best way we can protect this New Jersey family is by social distancing." —Will Feuer
A day before Wisconsin's scheduled primary election, Democratic Gov. Tony Evers issued an executive order to suspend in-person voting and extend the deadline for absentee ballots in an effort to reduce voters' exposure to coronavirus.
Later that day the Republican-led legislature challenged that decision and the Wisconsin Supreme Court court struck down Evers' executive order. The U.S. Supreme Court then voted 5-4 along ideological lines in favor of the lower court's decision to overturn the governor's orders.
On Tuesday, voters lined up to cast their votes for Democratic challengers former Vice President Joe Biden and Sen. Bernie Sanders amidst a national health pandemic that has infected at least 368,449 Americans and killed at least 10,993 of them. —Adam Jeffery
1:14 pm: South Korea's broad coronavirus testing strategy could flatten curve in US areas, expert says
"Broad testing" of people for the coronavirus as was done in South Korea could significantly slow the spread of the disease in parts of the United States that now have relatively few cases of COVID-19, an infectious diseases expert said.
It remains to be seen, however, whether enough reliable coronavirus tests and sufficient supplies of related equipment can be deployed in those regions quickly enough to flatten the disease's upward curve there. The areas include large swaths of the West.
South Korea has been lauded for knocking down its outbreak after employing an aggressive strategy of testing more than 440,000 people for the coronavirus, along with other mitigation measures.
The United States currently is engaged in an emergency effort to "flatten the curve," or the rate of increase in new COVID-19 cases, in order to avoid overwhelming the capacity of hospital systems and to lower the death rate from the virus. —Dan Mangan
Deaths from the coronavirus epidemic in Italy rose by 604, a lower daily tally than the 636 seen the day before, while the number of new cases posted the smallest increase since March 13.
The total death toll in the world's hardest-hit country since its outbreak came to light on Feb. 21 rose to 17,127, the Civil Protection Agency said.
The total of confirmed cases increased by 3,039 on Tuesday to 135,586, the second successive daily decline, underscoring growing confidence that the illness is on the retreat thanks to a nationwide lockdown introduced on March 9.
New cases rose by 3,599 on Monday. Previous daily increases since March 17 had all been in a range of 4,050-6,557. —Reuters
Homeowners whose finances have been battered by the coronavirus might want to think again before postponing their mortgage payments.
Congress has offered some relief to mortgage borrowers who are experiencing financial strain from the pandemic, which has left a flood of layoffs in its wake.
The Coronavirus Aid, Relief, and Economic Security act has a provision that would allow affected homeowners to apply for up to a 12-month reprieve on some mortgages.
Borrowers aren't being forgiven. Instead, the state and federal COVID-19 measures call for forbearance – the postponement or reduction of the loan payment due. —Darla Mercado
Stocks rose, building on the strong gains from the previous session, as investors grew more optimistic about a decline in new coronavirus cases.
The Dow Jones Industrial Average traded more than 767 points higher, or 3.4%. The S&P 500 gained 3% while the Nasdaq Composite climbed 2.3%. The major averages were well off their session highs, however. Earlier in the day, the Dow was up more than 800 points. —Fred Imbert, Yun Li
12:24 pm: Cramer: Wall Street's 'happy days are here again' story is not what I'm hearing on Main Street
CNBC's Jim Cramer said Wall Street's recent optimism over an apparent slowdown in coronavirus cases is not shared by many Americans on Main Street.
"There is a 'happy days are here again' Wall Street impression versus what I hear ... people saying, 'Can I get a mask? How do I get a mask? Do I want an N95?'" Cramer said on "Squawk on the Street."
"Look, I like it. I love optimism ... but I don't like getting sick," Cramer said, adding he feels there's more trepidation toward restarting something resembling a normal life than the stock market's recent moves are showing. —Kevin Stankiewicz
Senate Majority leader Mitch McConnell said he hopes to approve further funding for the small business loan program on Thursday.
"I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday," he said in a statement.
Sen. Marco Rubio flagged the news in a tweet moments before McConnell's statement. —Lauren Hirsch, Jacob Pramuk
11:58 am: House Democrats urge Boeing to take federal aid as plants shut down over coronavirus pandemic
House Democrats representing Washington state have urged Boeing to accept government aid to help weather the coronavirus pandemic after the plane-maker's chief executive balked at the possibility of government equity stakes in exchange for the relief.
"Given the severe harm the nation's aerospace industry and hardworking women and men at the Boeing company are experiencing during this pandemic, we hope you will consider utilizing the economic assistance provided by the CARES Act to safeguard thousands of jobs at Boeing in Washington state and across the country," said a letter sent Monday to Boeing CEO Dave Calhoun from Rep. Rick Larsen. Larsen, a Democrat from the state, is chairman of the House's aviation subcommittee. It was signed by six other lawmakers from the state, where Boeing employs about 70,000 people.
Boeing has not yet decided whether it will apply for federal aid and is awaiting the guidance from the Treasury Department about conditions and requirements for the relief, according to a person familiar with the matter. —Leslie Josephs
11:49 am: Markets 'totally unprepared' for how long economies will take to normalize after coronavirus, economist says
Stock markets are "totally unprepared" for how long economies will take to normalize after the coronavirus crisis, one strategist told CNBC.
Global markets have been plunged in turmoil as investors reacted to the escalating coronavirus crisis. The Dow Jones Industrial Average and S&P 500 were down by around 20% over the first quarter, while European stocks posted their worst quarter since 2002. However, many indexes have rallied in recent days as data suggested the spread of COVID-19 in Europe and the U.S. could be starting to slow.
Steen Jakobsen, chief economist at Saxo Bank, said the optimism could be premature, claiming investors were failing to price in the long-term fallout of the crisis.
"I still think the market is totally unprepared for what is coming in terms of when we open up," he told CNBC's "Squawk Box Europe" Tuesday. "The market is celebrating, and very rightly so, that we have a flattening out of the curve right now in terms of people being infected, but the real economic drama will be when we get to the other side of this, because opening up will take month upon month." —Chloe Taylor
Coronavirus deaths in New York surged by 731 on Monday, the single-biggest daily jump in COVID-19 fatalities since the outbreak began a few months ago, Gov. Andrew Cuomo said Tuesday.
The jump in fatalities comes even as intensive care admissions start to decline, giving the state some needed breathing room to ramp up supplies and staff to handle an expected wave of cases over the next few weeks, he said. So far, 5,489 people in the state have died from the coronavirus, accounting for roughly half of all deaths in the U.S.
New York is the epicenter of the outbreak in the United States, with more than half of cases in the state in New York City, according to data compiled by Johns Hopkins University. —Berkeley Lovelace Jr., William Feuer, Noah Higgins-Dunn
Blue Origin workers from its BE-4 rocket engine team are volunteering to make plastic pieces needed for face shields, the company said in a video released Tuesday. The rocket company has about 38 types of plastics that it can 3D print in house, with printers working day and night to make the parts.
Blue Origin joins fellow rocket builders Virgin Orbit and SpaceX in producing supplies and devices needed by hospitals to combat the coronavirus pandemic. —Michael Sheetz
New York City Mayor Bill de Blasio said the number of coronavirus patients being placed on ventilators in recent days has been better than expected, giving the city precious time to secure needed supplies for a wave of patients expected to hit hospitals in the next few weeks.
"We'll have to see in the days ahead if it's something that's sustained and something that deepens," he said at a press conference in front of the Alfred E. Smith public elementary school in downtown Manhattan on Tuesday. "But I want to at least note a little improvement in the last few days, and thank God for that."
There are at least 72,181 confirmed COVID-19 cases and 3,485 deaths in New York City, the worst outbreak in the U.S., Johns Hopkins University data said Tuesday morning. Roughly 22% of the cases in New York City have ended up hospitalized, according to the NYC Health Department. That's more than double the global hospitalization rate, according to the World Health Organization. —William Feuer, Noah Higgins-Dunn
Stanford University is enacting a 20% pay cut for Provost Persis Drell and President Marc Tessier-Lavigne amid a financially challenging time as the university faces increased costs to deal with the coronavirus pandemic, Drell said.
University of Oregon President Michael Schill also announced he will take a voluntary 12% pay cut. The institution's 10 vice presidents and athletic director are taking 10% cuts. These reductions are expected to last six months but could be extended to the end of the 2020-2021 school year.
The University of Southern California joined in reducing the salaries of its senior leadership officers. Carol Folt, the university president, will take a 20% reduction while the provost, senior vice presidents and deans will take 10% cuts.
"Despite our resilience and liquidity, the magnitude of the shock will be significant. We are experiencing sizable additional costs associated with stopping the spread of COVID-19 in our 80,000 strong community and we are suffering a significant decline in many important sources of revenue," USC Provost Charles F. Zukoski and senior vice president of finance James M. Staten said in a statement. —Jasmine Kim
Vice President Mike Pence and other key members of the White House coronavirus task force will hold a conference call with House Democrats on Wednesday to provide an update and field questions about the U.S. response to the pandemic.
The White House team, which is led by Pence, will update the House Democratic caucus on multiple facets of the response effort, including the status of supplies and supply chains, a source familiar with the task force told CNBC. The team will also provide a breakdown of current data and modeling on the virus, the source said.
National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci and coronavirus response coordinator Dr. Deborah Birx are also set to attend the phone conference, which is scheduled for 1 p.m. ET. —Kevin Breuninger, Lauren Hirsch
India, the world's main supplier of generic drugs, said Tuesday it will allow limited exports of the anti-malaria drug hydroxychloroquine that President Donald Trump has touted as a potential weapon in the fight against the coronavirus.
The Indian government had put a hold on exports of hydroxychloroquine as well as on the pain reliever paracetamol, saying stocks were depleting because of the hit to global supply chains after the coronavirus emerged in China late last year.
But Trump spoke to Prime Minister Narendra Modi over the weekend seeking supplies and on Monday said India may face retaliation if it didn't withdraw the ban on exports.
India's neighbors, including Nepal, have also sought the anti-malaria drug. —Reuters
9:33 am: Stocks surge for a second day amid signs of a slowdown in new virus cases, Dow jumps 800 points
Stocks rallied on Tuesday, building on the strong gains from the previous session, as investors grew more optimistic about a decline in new coronavirus cases.
The Dow Jones Industrial Average traded 846 points higher at the open, or more than 3%. The S&P 500 gained 3.2% while the Nasdaq Composite surged 2.8%.
Stocks surged on Monday as a slew of coronavirus headlines pointed to a potential stabilization in the U.S. The Dow soared 1,600 points, posting its third-biggest point gain ever. The S&P 500 jumped 7% to its highest level since March 13. With Monday's rally, the S&P 500 bounced about 20% from its 52-week low on March 23. —Fred Imbert, Yun Li
The coronavirus pandemic is beginning to show signs that it is nearing a peak in New Jersey, Rep. Josh Gottheimer, D-N.J., told CNBC on Tuesday.
"What we're doing is working," Gottheimer said on "Squawk Box." "Our death toll is still way too high, and it's just awful the number of people who are sick. ... But the good news is it seems there is some light on the horizon."
There are more than 41,000 confirmed cases of COVID-19 in New Jersey, according to Johns Hopkins University data. More than 1,000 people have died.
Gottheimer said about 20% of the state's cases have been in his northern New Jersey district, which includes Bergen and Sussex counties. —Kevin Stankiewicz
9:12 am: Major League Baseball discussing plan to play all games in Arizona after coronavirus stoppage
Major League Baseball has discussed the possibility of playing all games in Arizona, with teams stationed in confined environments, according to multiple reports. Clubs would play games at spring training ballparks around the Phoenix area as part of MLB's plan to resume operations after the coronavirus pandemic forced the worldwide suspension of sports. Chase Field, home of the Arizona Diamondbacks, is also an option.
The Associated Press said league officials discussed the plan with the MLB Players Association on Monday, days after President Donald Trump spoke U.S. with sports commissioners to examine the economic effect the virus is having on leagues.
Trump met with reporters after the call, saying he wants to see fans back in arenas as soon as possible. —Jabari Young
A spokesperson for U.K. Prime Minister Boris Johnson said he was "stable" and in "good spirits," but remained in intensive care after his coronavirus symptoms worsened Monday afternoon.
Speaking to reporters, the spokesperson said Johnson had received oxygen treatment but was breathing without any other assistance. —Holly Ellyatt
Walgreens plans to open 15 drive-thru testing locations for the coronavirus across seven states, starting later this week.
The sites will be in Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas, the drugstore chain said in a news release. They will use Abbott Laboratories' rapid COVID-19 test.
Walgreens said in a news release that it chose the new sites with the Department of Health and Human Services based on anticipated hot spots for cases of COVID-19. It said it expects to test up to 3,000 people per day across the sites.
Testing is free for people who meet the Centers for Disease Control and Prevention's criteria. The rapid COVID-19 test, which the sites will use, delivers positive results in as little as five minutes and negative results within 13 minutes. —Melissa Repko
A crewmember on the Navy hospital ship sent to New York City to originally treat noncoronavirus patients tested positive for COVID-19 on Monday, the Navy said.
"The crewmember is isolated from patients and other crewmembers," the Navy said in a statement to NBC. "There is no impact to Comfort's mission, and this will not affect the ability for Comfort to receive patients. The ship is following protocols and taking every precaution to ensure the health and safety of all crewmembers and patients on board."
The Comfort, which is docked on Manhattan's West Side, was deployed to relieve the city's hospitals of noncoronavirus patients. However, President Donald Trump agreed on Monday to allow the 1,000-bed hospital ship to be used to treat COVID-19 patients.
The ship until now has been used to treat just a handful of patients without COVID-19, leading to criticism that it has been of little or no help with the hospital crisis in New York. —Will Feuer
Volkswagen hopes to partially reopen its plant in Spain's Navarra region on April 20 after its closure in mid-March, a spokesman said.
The plant in northern Spain should reopen with one of its three daily shifts working four days in the first week, the plant spokesman said. The goal is to add a second shift the following week, depending on how well the supply chain works, he said.
All workers would wear masks and gloves, and the plant's disinfection would be intensified, he added. The plant has around 4,800 workers and produces the Polo and T-Cross models. —Reuters
U.K. Cabinet minister Michael Gove has gone into self-isolation for seven days after a member of his family came down with symptoms of COVID-19, Sky News and other news agencies reported.
Gove is the latest in a string of U.K. politicians and officials who have self-isolated after they, or family members, displayed symptoms of the virus. Prime Minister Boris Johnson remains in intensive care after his coronavirus symptoms worsened Monday. —Holly Ellyatt
Spain reported 5,478 new cases in the last 24 hours, taking the total number to 140,510, the health ministry said.
The number of deaths has risen by 743 cases to 13,798, that's above the 637 deaths recorded the previous day. —Holly Ellyatt
Japanese Prime Minister Shinzo Abe has declared a state of emergency to fight coronavirus infections in major population centers and has unveiled a stimulus package worth 108 trillion yen ($990 billion).
Abe announced the state of emergency targeting the capital Tokyo and six other prefectures — accounting for about 44% of Japan's population — for a period of about one month, Reuters reported.
"We have decided to declare a state of emergency because we've judged that a fast spread of the coronavirus nationwide would have an enormous impact on lives and the economy," he told parliament earlier.
His Cabinet will also finalize the stimulus package — which is equal to 20% of Japan's economic output — to cushion the impact of the epidemic on the world's third-largest economy. — Holly Ellyatt
Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: Spain's daily death rate rises again; Japan declares state of emergency