The global number of confirmed coronavirus cases crossed 5 million on Thursday, according to data compiled by Johns Hopkins University. Now, the Federal Reserve is concerned that a second wave of infections around year's end will result in another round of social distancing and further damage to the economy, while the WHO made clear Wednesday that the pandemic is far from over after countries around the world collectively reported the largest daily increase in coronavirus cases so far. Apple and Google have released contact tracing technology and three U.S. states have committed to using it.
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- Global cases: More than 5 million
- Global deaths: At least 328,172
- Top 5 countries: United States (More than 1.5 million), Russia (308,705), Brazil (291,579), United Kingdom (249,619), Spain (232,555).
The data above was compiled by Johns Hopkins University.
10:35 a.m. (London time): The president of the International Olympic Committee (IOC) has said he understands why the rescheduled Tokyo 2020 Games would have to be canceled if they cannot take place next summer.
"You cannot forever employ 3,000 to 5,000 people in an organizing committee," IOC President Thomas Bach told BBC Sport on Thursday. "You cannot have the athletes being in uncertainty."
The event has been postponed by a year because of the coronavirus pandemic and local organizers have said they don't have an alternative plan if the Games can't go ahead in July and August 2021. — Holly Ellyatt
09:00 a.m. (London time): Business activity in the euro zone rebounded in the month of May, as the region began to slowly reopen after approximately two months of lockdowns.
Data from IHS Markit showed that the flash euro zone composite Purchasing Managers' Index (PMI) came in at 30.5 in May, up from 13.6 in April. May's reading was the highest since February.
The survey measures business activity in the services and manufacturing sector in the 19-member euro zone; a reading below 50 indicates a contraction. — Silvia Amaro
08:45 a.m. (London time): AstraZeneca has received more than $1 billion from the U.S. Health Department's Biomedical Advanced Research and Development Authority (BARDA) to develop a vaccine from the University of Oxford.
The British-Swedish drugmaker has agreed to initially supply at least 400 million doses of the vaccine and secured total manufacturing capacity to produce 1 billion doses, with first deliveries in September.
AstraZeneca's development program of the vaccine includes a phase three clinical trial with 30,000 participants and a pediatric trial.
Pascal Soriot, CEO of AstraZeneca, said the drugmaker would do everything in its power to make the vaccine "quickly and widely available." — Vicky McKeever
08:30 a.m. (London time): British budget airline EasyJet announced Thursday that a small number of mainly domestic flights from 21 European airports will restart from mid-June.
This plan includes U.K. domestic routes, it said in a statement, as well as some routes from France, Switzerland, Portugal and Spain.
"Flying will principally be on domestic routes alongside a minimal number of international routes. The airline expects to increase flying as customer demand continues to build and restrictions are relaxed," EasyJet said.
The airline said it is introducing new safety measures, including enhanced aircraft cleaning and disinfection and the requirement for passengers and crew to wear masks. — Holly Ellyatt
2:15 p.m. (Singapore time) — Reported Covid-19 cases around the world topped 5 million on Thursday, according to data from Johns Hopkins University.
The number of reported cases worldwide hit 5,000,038 and the global death toll now stands at 328,172, the latest data from Hopkins showed. Some countries began easing lockdowns in recent weeks, and reopening their economies. — Noah Higgins-Dunn
9:26 a.m. (Singapore time) — Some of the nearly 5,000 crewmembers aboard the USS Theodore Roosevelt aircraft carrier became infected with the virus, forcing the vessel to dock in Guam.
The U.S. Navy announced on Wednesday that the Roosevelt was back at sea. In the near two months that the vessel was moored, the U.S. Navy tested every crewmember for infection, provided treatment to those who tested positive and cleaned the ship from bow to stern. — Amanda Macias, Saheli Roy Choudhury
8 pm ET — Expedia reported that its revenue fell 15% year over year when announcing its first-quarter earnings. The company's latest financial results reflect the financial devastation the coronavirus pandemic has wrought on the travel industry, CNBC's Jessica Bursztynsky reports. However, the company said it did seem small signs of recovery in May. —Hannah Miller
Facebook giving $20 million to women, minorities and veterans as part of $100 million small business grant
7:20 pm ET — Facebook COO Sheryl Sandberg said the company is going to give $20 million in grants to small businesses owned by women, minorities and veterans in the U.S.
The $20 million is coming from the $100 million small business grant program that Facebook announced in March. Facebook plans to give $40 million to businesses in the U.S., and half of that is earmarked for businesses owned by women, minorities and veterans, she said on "Mad Money." Facebook will start to deliver that money to businesses sometime in the next few weeks, Sandberg said. —Salvador Rodriguez
6:48 pm ET — YouTube advertisers in April mostly ran non-Covid related ads on the platform, an executive said.
"80% of the ads that we saw in April were not Covid-related; they were straight-up ads," said Tara Walpert Levy, VP of agency and media solutions at Google and YouTube.
She said generally, Covid-themed ads did not perform any better than regular ads on the site. The company looked at factors like what people watched and how they engaged, as well as brand metrics like consideration or brand preference.
Surprisingly, YouTube found that Covid-specific ads performed no better or worse than regular ads. —Megan Graham
6:28 pm ET —Treasury Secretary Steven Mnuchin told the Senate Banking Committee on Tuesday that furloughed workers aren't eligible for unemployment if they refuse an offer to return to a prior job.
That's generally true, but the CARES Act carved out a few reasons someone can refuse a job offer and still collect benefits — needing to care for a sick family member or a child whose school has closed, for example.
States will likely interpret eligibility differently, experts said.
Putting workers back on payroll is a key provision of the Paycheck Protection Program, which offers forgivable loans to small businesses. Many workers, primarily low- to moderate-income individuals, can potentially earn more from unemployment than a prior job. —Greg Iacurci
6:14 pm ET — Michigan Attorney General Dana Nessel has asked President Donald Trump to wear a mask when he visits a Ford Motor factory in Ypsilanti on Thursday.
In an open letter, Nessel said Trump has a "legal responsibility" under state law to wear a mask, CNBC's Dan Mangan reports.
Trump has previously not worn a mask in public, and the White House is going to make its own determination as to whether he will wear one, according to Ford. —Hannah Miller
The iPhone's facial recognition system, Face ID, cannot unlock a phone if the user's mouth and nose are covered. So now, when you swipe up to unlock your phone with a mask on, it will immediately display a screen that lets users input their password. Previously, there was a slight delay as the phone tried to scan the user's face again. —Kif Leswing
5:45 pm ET — Restaurants in some California counties are allowed to offer dine-in service under specific health guidelines, but others remain closed to the public. The Bay Area, in particular, has been slower to adopt reopening measures, with San Francisco, and other cities and counties still only allowing delivery and pickup options for restaurants.
However, San Jose is moving towards offering outdoor dining at restaurants and the city is waiting on approval from Santa Clara County. San Mateo County and the City of Berkeley are also considering adopting similar measures. —Hannah Miller
5:25 pm ET — Connecticut entered the first phase of its reopening plan Wednesday, allowing retailers to offer in-store service. Outdoor museums and zoos are also open to visitors in the state and restaurants can provide outdoor dining. Kentucky and New Jersey also expanded their retail offerings. Retailers in Kentucky can offer in-store service at 33% capacity, while New Jersey automobile and motorcycle dealerships can resume in-person sales. For more on states' reopening progress, click here. —Hannah Miller
5 pm ET — The University of California is freezing the salaries of all of its non-unionized employees as it faces growing losses stemming from the coronavirus pandemic. The UC is one of the largest public higher education systems in the U.S. and serves more than 290,000 students, the Associated Press reports. UC President Janet Napolitano as well the system's 10 chancellors are also taking a 10% salary cut. —Hannah Miller
4:45 pm ET — Moderna Chairman Noubar Afeyan defended the biotech firm's new vaccine data, saying it would never put out data on its potential vaccine for the coronavirus that looked different from "the reality."
He added the company put out the extent of data it had available. The comment came a day after STAT News reported that some vaccine experts were skeptical of Moderna's data from its phase one human trial. They said it did not provide critical information to assess its effectiveness. The company said Monday all 45 patients enrolled produced binding antibodies seen at similar levels of people who have recovered from the virus. The vaccine produced neutralizing antibodies, which researchers believe is important to protect against the virus, for eight of the patients whose data was available so far. Data on neutralizing antibodies for the remaining patients are expected to come out later. —Berkeley Lovelace Jr.
4:30 pm ET — CNBC's Julia Boorstin reports that Comcast, Disney and SeaWorld will present plans to reopen parks to the Orange County task force.
4:00 pm ET — Four senators hope to boost workforce training for people left unemployed by the coronavirus crisis.Two Democrats and two Republicans have introduced a bill to create a $4,000 refundable tax credit that people who lost their jobs due to the crisis can use to offset costs of training programs before the end of next year.
The measure, proposed by Sens. Amy Klobuchar, D-Minn., Ben Sasse, R-Neb., Cory Booker, D-N.J., and Tim Scott, R-S.C., would apply to apprenticeships, certificates and two-and-four-year schooling, including remote learning.The bipartisan bill comes at a time when Democrats and Republicans in Congress have struggled to agree on a way forward to provide relief to Americans and restart a ravaged economy. While House Democrats passed a sprawling $3 trillion package last week to try to mitigate the damage from the crisis, Senate Republicans have showed less urgency to approve more federal assistance. –Jacob Pramuk
3:54 pm ET — After a significant drop in the number of houses available for sale amid the Covid-19 pandemic, homes that are on the market are often caught in a bidding war. More than 41% of homes experienced a bidding war in the four weeks ending May 10, according to Redfin, while only 9% of homes did in January. Potential homebuyers are eager to look at new listings as states lift stay-at-home restrictions, but sellers are more reluctant to put their homes on the market during widespread economic uncertainty, CNBC's Diana Olick reports. –Hannah Miller
3:43 pm ET — Tesla has withdrawn the suit it filed against California's Alameda County earlier this month. The company had asserted that the county's mandated shutdowns, due to Covid-19, contradicted California state policy. Tesla stopped production at the end of the day on March 23, but resumed operations earlier this month. The lawsuit was seen as a gesture by many because Tesla did not ask for a temporary restraining order, which could have been implemented and allowed it to proceed with vehicle manufacturing legally, right away. –Jessica Bursztynsky
3:35 pm ET — Minutes from the April Federal Reserve meeting show central banks concerned with longer-ranging impacts of the coronavirus pandemic. The meeting summary showed that officials were particularly concerned about a second wave of infections. In addition, they noted that the impacts of the economic slump, which looks to be the worst single-quarter drop in U.S. history, will fall on those least able to take the hit. They also said rate cuts and liquidity and lending programs were "crucial for limiting the severity" of the downturn. –Jeff Cox
2:38 pm ET — After President Donald Trump pressured the Food and Drug Administration to waive certain rules, his administration was able to purchase mask-cleaning machines in a deal that ballooned from a $60 million price tag to one with a ceiling of $600 million.
Not only did the deal costs explode, but the cleaning process used by the machines to sanitize the masks may actually damage them and prevent them from being reused.The machines were supposed to allow masks to be reused up to 20 times through sanitizing treatments. However, scientists and nurses say that masks cleaned by the machines began to degrade after two or three treatments, putting them at risk.
"They keep saying these recycled masks are still safe after all these cycles, but we don't know that," said a nurse in Pennsylvania, whose hospital has used the machines. "What we do know is that there are not enough masks for medical workers and there are very real consequences if we get sick." —Hannah Miller
2:30 pm ET — You've probably heard about the millions of jobs destroyed by the coronavirus. But the pandemic has also created many new jobs. As companies consider how to bring their employees back into offices in the safest way possible, many are hiring temperature screeners and Covid-19 testers. Meanwhile, video platform support specialists are needed to help people carry out their remote weddings and work conferences.
Here are the jobs borne out of the pandemic. —Annie Nova
2:24 ET pm ET — Countries around the world collectively reported more new cases to the WHO in the past 24 hours than ever before, WHO Director-General Tedros Adhanom Ghebreyesus said. Most new infections are coming from the Americas, followed by Europe and the Middle East, according to data compiled by the WHO. However, the virus could be spreading unknown in parts of the world with limited testing capacity and health care infrastructure. —Will Feuer
2:21 pm ET — Apple and Google's contact tracing system has launched in iOS and Android updates. Apple and Google won't make the actual contact tracing apps — government health bodies will.
Alabama, North Dakota and South Carolina are the first states to commit publicly to using the system in the United States.The technology is designed to slow the spread of coronavirus by tracking who a person has been in close contact with, using Bluetooth processed on the device, instead of GPS location tracking and central databases. But whether users adopt the apps remains an open question: The more phones that opt-in to the system, the more successfully it can detect how the virus spreads. —Kif Leswing
1:55 pm ET — New York Gov. Andrew Cuomo said that the coronavirus is still spreading through New York City's low-income, predominantly minority communities when compared with the general population.
According to results from approximately 8,000 antibody tests conducted by Northwell Health in New York City, Bronx had the highest percentage of positive tests at 34%. Meanwhile, New York City overall had a positive rate of nearly 20%. The state partnered with faith-based communities in lower-income, predominantly minority communities to conduct the antibody testing, which found that 27% of people in the group tested positive."The spread is continuing in those communities and that's where the new cases are coming from," Cuomo said. "What we're seeing in New York City is going to be true across the state." —Jasmine Kim
1:40 pm ET — As more customers shop online during the pandemic, Walmart sped along the launch of a new smartphone app to make those purchases easier and nudge shoppers towards adding higher margin items to their virtual baskets.
The big-box retailer's e-commerce sales jumped by 74% in the first quarter, as customers flocked to Walmart for everything from pasta sauce to bicycles. The company said it's attracting new customers who are trying online services like curbside pickup for the first time.Before the pandemic, Walmart planned to combine its two apps to blend together groceries and general merchandise, such as home decor and fashion. It decided to launch that app this week -- about six months ahead of schedule, said Janey Whiteside, Walmart's chief customer officer.She said the app includes a feature that's become popular during the pandemic: Walmart Pay. It allows customers to check out without having to touch a screen at the register. —Melissa Repko
1:22 pm ET — President Donald Trump permanently pulling U.S. funds from the World Health Organization could hurt the agency's emergency programs for poor nations, WHO officials warned.
The agency's budget is already "very, very small" at about $2.3 billion a year, WHO Director-General Tedros Adhanom Ghebreyesus said.
Most funding from the United States goes directly out to the program that helps "some of the most vulnerable people in the world," Dr. Mike Ryan, executive director of WHO's health emergencies program, told reporters.
The WHO's funding runs in two-year budget cycles. For the 2018 and 2019 funding cycle, the U.S. paid a $237 million required assessment as well as an additional $656 million in voluntary contributions to the agency, averaging $446 million a year and representing about 14.67% of the WHO's total budget, according to spokesman Tarik Jasarevic. —Berkeley Lovelace Jr.
1:08 pm ET — Hedge fund executive Ricky Sandler has told his associates that he's now in favor of herd immunity as a way to combat the coronavirus.
In a letter to friends, Sandler, who lost billions at the start of social distancing protocols, argues that the tactic will be the best way to avoid "civil unrest."
"With proper coordination, I can envision Artists hosting virus relief concerts where young and healthy people go and hopefully get the virus and then the antibodies which allow them to donate blood to be used as a treatment or a prophylactic," Sandler wrote.
Faculty at the Johns Hopkins School of Public Health made a case against that approach in April.
"For less severe diseases, this approach might be reasonable. But the situation for SARS-CoV-2 is very different: COVID-19 carries a much higher risk of severe disease and even death," two Johns Hopkins staffers wrote. —Brian Schwartz
12:55 pm ET — PVH, owner of Calvin Klein and Tommy Hilfiger, is offering customers face masks upon entry to its stores, as well as putting returned clothes in quarantine for a few days, CEO Manny Chirico told CNBC.
It's all part of what Chirico called "a brave new world" for retail during the coronavirus pandemic.
"It looks like the consumers really want to come back and shop, and we have to just manage this whole process," he told CNBC's "Squawk Box." —Kevin Stankiewicz
12:40 pm ET — Ford Motor closed and then reopened its Chicago assembly plant twice in less than 24 hours after two workers tested positive for Covid-19, the company confirmed.
The plant, according to the company, reopened Wednesday after work areas were deep cleaned and disinfected.
The brief closures on separate shifts Tuesday are the first-known type of incidents since Detroit automakers started reopening their large North American assembly plants on Monday. The plants were shuttered in March for employee safety and to lower the potential spread of the virus.
Ford said the employees did not contract the coronavirus while at work, citing the incubation time of the virus.
Ford and other automakers reopening plants have implemented stringent protocols to assist in lowering the chance of spreading the disease, as well as protocols such as pre-work questionnaires and temperature screenings to identify those who may be at higher risk of contracting Covid-19. —Michael Wayland
12:10 pm ET — United Airlines' new CEO Scott Kirby reiterated that the airline is seeing a slight uptick in demand from a low-point last month but the recovery won't be immediate.
"I think we have a gradual recovery, but the full recovery probably doesn't happen until we get to a vaccine. So we are preparing United to go through a time of depressed demand, pretty significantly depressed demand for a long period of time so that we make sure we are here and as soon as the vaccine is in place that we can bounce back quickly" Kirby told CNBC's Squawk Box.
TSA data show the number of people passing through U.S. airport checkpoints is down more than 91% from a year ago.
United on Wednesday announced it is working with Clorox and the Cleveland Clinic on guidelines for cleaning protocols and social distancing measures for passengers.
Kirby, who has been United's president since August 2016, said he's hopeful the carrier can negotiate pay or other changes with labor unions that represent more than 80% of United's 96,000 employees, to avoid layoffs this fall. —Leslie Josephs
12:02 pm ET — Nearly 50,000 Covid-19 related scams were reported to the Federal Trade Commission's Consumer Sentinel Network as of this week. The scams netted more than $35 million according to the same report.
It appears the coronavirus shutdown has created the perfect environment for scammers to thrive. "We are working with our children and homeschooling. We're sharing devices with our children. We're trying to juggle work and family. But to a hacker, we are their day job," said Adam Levin, co-founder of Credit.com and founder of CyberScout.
The new schemes include fake offers for expedited stimulus checks, bogus healthcare claims, pretend IRS agents and exploiting Zoom to learn your private information. Almost every scam will be designed to get either your money or your personal information according to Levin. —Robert Exley, Jr.
11:46 am ET — The United Food and Commercial Workers International Union said that at least 68 grocery workers who were members of the union have died after contracting Covid-19.
The deaths were heavily concentrated in the New Jersey and New York area.
Marc Perrone, international president of UFCW, said that grocery workers' deaths have slowed down, but noted that the union does not have statistics for nonunion grocery stores.
The union is pushing for grocery stores to continue hazard pay for workers and to better enforce mandates about wearing masks while in stores. Kroger, for example, ended its hourly pay increase and will give workers bonuses instead. —Amelia Lucas
11:36 am ET — Congress and the Federal Reserve may need to do more to help the economy, with specific attention needed to cash-strapped state and local governments, Dallas Fed President Robert Kaplan told CNBC.
"My guess is we are going to need to do more," the central bank official said. Fed Chairman Jerome Powell told a Senate panel Tuesday that the bulk of the additional rescue funds may need to come from Capitol Hill, and he also specifically mentioned help needed to prevent layoffs of local and state government workers. —Jeff Cox
11:15 am ET — New York City Mayor Bill de Blasio said that children's vaccinations have seen a "striking" decline in recent months, declining 63% for all children in the city when compared with the same period of time last year, as families stay home and doctors' offices remain closed for routine visits because of Covid-19.
De Blasio said the number of administered vaccine doses has declined a "shocking" 91% for children over the age of 2 years old.
"This is essential work, getting your child vaccinated is essential work. Getting your child vaccinated is a reason to leave your home," he said. —Noah Higgins-Dunn
10:46 am ET — Since the coronavirus crisis took hold in mid-March, the number of people forced out of work has exploded. The number of Americans filing for unemployment benefits has risen to nearly 36.5 million, the biggest loss in U.S. history.
But while 78% of out of work individuals describe themselves as temporarily laid off, new research suggests for many the job losses will be permanent, CNBC's Rahel Solomon reports. The University of Chicago's Becker Friedman Institute estimates 42%, or about 11.6 million, of all jobs lost through April 25 due to the coronavirus will be gone for good.
"The current crisis may be so severe that the fraction of temporary layoffs that become permanent ends up being much larger than the historical evidence would suggest," co-author Jose Maria Barrero said in an email. —Terri Cullen
10:32 am ET — The coronavirus crisis laid bare how ill-prepared most schools were when it came to remote learning. Now, a growing number of schools are committed to adopting a "hybrid" model to education in and outside the classroom going forward.
Students will likely see smaller classes and staggered scheduling, which could include alternating days of the week or times of the day, to help limit the number of people physically present in a building at any time That means kids will spend much less time in brick-and-mortar classrooms in the years ahead.
"Despite the clamor and the complaints about it, remote learning is going to be here to stay," said Mayssoun Bydon, founder and managing partner of The Institute for High Learning, or IHL Prep, an educational consulting firm. —Jessica Dickler
10:24 am ET — States are gearing up to slowly reopen their economies and companies of all sizes, especially small businesses, are worried about the liability risks.
"There is no playbook for this," said Harold Kim, president of the U.S. Chamber Institute for Legal Reform. "Litigation is particularly damaging to Main Street because the level of potential damages can close down your doors." He anticipates a surge in worker liability lawsuits as coronavirus infection rates tick up.
Recognizing the issue there is bipartisan debate on federal and state levels to limit liability. Most of the proposals focus on limiting liability from customers. House Minority Leader Kevin McCarthy, R-Calif., said liability protections for doctors and businesses are the top priority for GOP leaders: "No bill will pass without it," he said speaking Tuesday on CNBC.
Anticipating the coming flood of suits, employers are developing workplace safety precautions including additional cleaning measures, conducting temperature checks of workers and requiring that all employees wear masks or other face coverings at work. —Lori Ioannou
9:44 am ET — Coca-Cola CEO James Quincey said he's expecting a long road to recovery for the economy. "The economic impact of the lockdown is just starting to begin," Quincey said on CNBC's "Squawk Box."
Countries around the world are easing shelter-at-home orders and letting businesses gradually open. But Quincey said he's forecasting a "U"- or "extended U"-shaped recovery rather than one shaped like a "V," where the economy quickly snaps back to pre-crisis activity.
Coke is still seeing declining demand in May, compared to a year ago. Restaurants, movie theaters and other away-from-home occasions accounted for half of its revenue before the crisis. —Amelia Lucas
9:37 am ET — Stocks rose sharply, due in part to solid retail earnings. The Dow Jones Industrial Average traded up 316 points, or 1.3%. The S&P 500 gained 1.3% as well while the Nasdaq Composite advanced 1.4%.
Read the latest on stock market activity from CNBC's Fred Imbert and Maggie Fitzgerald. —Melodie Warner
The pandemic hit in the midst of the company's turnaround plan that includes a revamping of its website.
Lowe's kept its stores open as essential retailers as the coronavirus kept most brick-and-mortars closed through the beginning of Spring, the home improvement industry's busiest time of the year. However, the company limited capacity in its stores and rolled out curbside pickup for online customers. —William Feuer