FDA greenlights first coronavirus test with at-home sample, Trump targets immigration
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 2.5 million
- Global deaths: At least 171,810
- US cases: More than 788,900
- US deaths: At least 42,485
The data above was compiled by Johns Hopkins University.
8:30 pm: Macy's weighs raising as much as $5 billion in debt to weather coronavirus crisis
Macy's is taking extreme measures to avoid dire outcomes like bankruptcy, and will try to raise billions in debt to weather the pandemic crisis, according to people familiar with the matter.
The country's largest department store is looking at raising as much as $5 billion in debt, the people said. It will seek to use its inventory as collateral to raise $3 billion and real estate to raise $1 billion to $2 billion, they said. It is not planning to pledge its prime Herald Square location in New York as part of the deal, one of the people said.
The retailer earlier this year retained investment bank Lazard to help shore up its balance sheet. —Lauren Hirsch
8 pm: In crisis, some start-ups are surging — and saying 'no thanks' to hungry investors
Start-ups in telehealth, fitness and remote work are seeing record growth now that millions of Americans across the country are stuck at home. They're getting plenty of offers from venture investors, who have cash to put to work from large new funds.
"The question becomes, is this a step function change or a peak that reverts back, and how far does it revert back," said Jeff Crowe, a partner at Norwest Ventures. —Ari Levy
7:30 pm: Trump immigration ban halts green cards, not temporary visas
President Donald Trump announced Tuesday he will be placing a 60-day pause on the issuance of certain immigration green cards in an effort to limit competition for jobs in a U.S. economy wrecked by the coronavirus.
"To protect American workers I will be issuing a temporary suspension of immigrating into the United States," Trump said at a White House briefing after tweeting about the order late Monday night.
Trump said that the move would not impact those in the country on a temporary basis and would apply only to those looking for green cards in hopes of staying. —Associated Press
7:08 pm: Trump DC hotel reportedly seeking government relief amid lost revenue from coronavirus pandemic
A hotel in Washington, D.C., owned by President Donald Trump is asking the government for a break on its rent payments, according to a new report.
Trump International Hotel, located a few blocks from the White House, has seen revenues plunge in recent weeks because of the ongoing coronavirus pandemic and is looking to cut costs, The New York Times reported.
The outbreak has crushed the hotel industry as shelter-in-place guidelines issued by state governments encourage people to remain at home and avoid unnecessary travel.
The 263-room hotel is owned and operated by the Trump organization, the real estate company currently headed by the president's sons Donald Trump Jr. and Eric Trump.
But the hotel is situated in a federally owned building on Pennsylvania Avenue, and the company makes monthly rent payments to the General Services Administration, a federal agency that manages government buildings. —Yelena Dzhanova
7:02 pm: White House health advisor says Americans need to prepare for more deaths as outbreak moves past peak
Americans should prepare to see more deaths from the coronavirus pandemic, particularly in cities, as the outbreak in the United States moves past its peak and infection rates decline, White House coronavirus advisor Dr. Deborah Birx warned.
Deaths generally lag behind other aspects of the outbreak, she said at a White House press conference. "We really need to continue to unite and really, really support our health-care providers who are still on the frontline."
The coronavirus, which emerged in Wuhan, China almost 4 months ago, has sickened more than 820,000 people in the U.S. and killed at least 44,228 as of Tuesday night, according to data compiled by Johns Hopkins University. U.S. officials and infectious disease experts have previously said that deaths fall behind new cases and hospitalization.
Birx said Tuesday that U.S. health officials are seeing improvements in several parts of the country, including in Rhode Island, Connecticut, Detroit, New Orleans, Chicago, Boston and Atlanta. "That was a great concern for us over the past several weeks. They appear to be flattening," she said. —Berkeley Lovelace Jr.
6:56 pm: LendingClub slashes roughly 30% of workforce as Covid-19 dampens demand for loans
LendingClub is cutting roughly a third of its staff as the Covid-19 slowdown dampens demand for consumer loans.
The company, which pioneered online personal loans, said in a regulatory filing that it would lay off 460 people — or about 30% of its workforce.
LendingClub CEO Scott Sanborn said the virus outbreak was having an "unprecedented effect" on consumers and small businesses, resulting in a drop in demand for personal loans. The move was necessary to "realign" staffing with the current business environment, he said.
"With these actions, we believe we are well-positioned to achieve our long-term strategic goals and better serve our members, who will need us more than ever, once the economy stabilizes," Sanborn said in a statement.
The company also said it was reducing executives' salaries by 25%. Sanborn, meanwhile, will take a 30% pay cut. —Kate Rooney
6:49 pm: Quest Diagnostics rolls out antibody testing for Covid-19
New Jersey-based Quest Diagnostics announced they are now conducting antibody testing for Covid-19 using blood samples, a practice known as serology testing. Quest Diagnostics can conduct about 70,000 tests per day, and is looking to expand that capacity to 150,000 tests daily by early next month.
The company is using serology testing platforms that were originally developed by Abbott and PerkinElmer's Euroimmun diagnostics division but independently validated by Quest. Antibody testing has the potential to help healthcare professionals identify people who were infected with, but then developed an immune response, to the novel coronavirus.
Quest Senior Vice President and Chief Medical Officer Jay G. Wohlgemuth said in a statement that antibody testing can also help doctors identify people who could contribute plasma to help treat those who are seriously ill from the coronavirus. —Lora Kolodny
6:41 pm: Trump says coronavirus hospital ship USNS Comfort will leave New York City
President Donald Trump said that the USNS Comfort, the hospital ship deployed to provide emergency support for health-care workers battling the coronavirus, will depart its station in New York City to get "ready for its next mission."
Trump's announcement followed a meeting with New York Gov. Andrew Cuomo that focused on testing. Cuomo and Trump both said after the meeting that they agreed to "work together" to double New York's rate of Covid-19 testing to 40,000 tests per day.
"I've asked Andrew if we could bring the Comfort back to its base in Virginia so that we could have it for other locations, and he said we would be able to do that," Trump said at the press briefing. —Amanda Macias, Kevin Breuninger
6:26 pm: Stock futures rise, rebounding from two days of steep losses
Dow futures rose 110 points, indicating a gain of about 0.6% at the open. The S&P 500 and Nasdaq Composite were also slated to open higher, with gains of 0.5% and 0.8%, respectively. U.S. oil's June contract rebounded in evening trading, popping 10% to above $12 a barrel. —Maggie Fitzgerald
5:45 pm: Netflix says these three effects of the coronavirus crisis are impacting its business
Netflix released its Q1 2020 earnings on Tuesday. In a letter to shareholders, the company said there are three ways the coronavirus crisis is impacting its business.
"First, our membership growth has temporarily accelerated due to home confinement," Netflix said. "Second, our international revenue will be less than previously forecast due to the dollar rising sharply. Third, due to the production shutdown, some cash spending on content will be delayed, improving our free cash flow, and some title releases will be delayed, typically by a quarter." —Jessica Bursztynsky
5:35 pm: Nearly entire crew of coronavirus-stricken aircraft carrier tested, 9 treated for symptoms
The U.S. Navy said Tuesday that nearly all crewmembers assigned to the coronavirus-stricken USS Theodore Roosevelt aircraft carrier have been tested for the disease.
"As of today, 94% of USS Theodore Roosevelt crewmembers were tested for Covid-19, with 710 total positive and 3,872 negative results," the service wrote in a release. Of the total cases, nine are currently being treated at U.S. Naval Hospital Guam, 42 sailors have recovered and one sailor died. A significant amount of the USS Theodore Roosevelt crew tested positive but displayed no symptoms. —Amanda Macias
5:15 pm: Senate passes $484 billion coronavirus bill for small business and hospital relief, testing
The Senate on Tuesday passed a $484 billion package to bolster small businesses and hospitals ravaged by the coronavirus pandemic and expand testing for Covid-19.
The House aims to approve the bill by Thursday.
Democratic leaders and the White House have negotiated for days on a plan to replenish a $350 billion small business aid program set up last month as part of a $2 trillion rescue package. The Small Business Administration committed all of the money by last week — though it is unclear how many small companies have received loans.
Congress has faced pressure to relieve an economy and health care system devastated by the coronavirus outbreak. More than 22 million people filed for unemployment benefits over the latest four week period as businesses in most of the country remain closed to slow Covid-19′s spread. —Jacob Pramuk
4:30 pm: Director of US agency key to helming vaccine development leaves role suddenly
Rick Bright, one of the nation's leading vaccine development experts and the director of the Biomedical Advanced Research and Development Authority, is no longer leading the organization, officials told STAT.
The shakeup at the agency, known as BARDA, couldn't come at a more inopportune time for the office, which invests in drugs, devices, and other technologies that help address infectious disease outbreaks and which has been at the center of the government's coronavirus pandemic response. —STAT News
4 pm: Dow falls 630 points after another oil plunge, bringing its 2-day drop to over 1,200 points
U.S. stocks fell sharply once again on Tuesday as oil prices continued their unprecedented wipeout, further denting market sentiment and dampening the global economic outlook.
The Dow Jones Industrial Average slid 631.56 points, or more than 2.6%, to close at 23,018.88. Tuesday's losses brought the Dow's two-day decline to more than 1,200 points. The S&P 500 dropped 2.7% to 2,736.56 while the Nasdaq Composite fell 3.5% to 8,263.23. (Click here for the latest market news.)
Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. The June contract for West Texas Intermediate cratered 43.4% to $11.57 per barrel on Tuesday. —Fred Imbert
3:50 pm: Trump draft order requires more from tech workers on H-1B visas, report says
President Donald Trump would require technology workers in the United States on H-1B visas to provide updated certifications that they are not displacing American workers, according to a draft executive order, Bloomberg News reported on Tuesday.
The executive order would deny entry for people seeking most types of work visas for at least 90 days, Bloomberg reported.
It excludes people seeking jobs related to the food supply chain and would not apply to health care or medical research professionals, according to the draft. —Reuters
3:38 pm: How your company office could change in the post-coronavirus era
The battle between the states and the federal government is heating up about when to open the economy and start letting people go back to work due to the coronavirus.
Exactly when employees will be heading back to work is still an unknown, but what is certain is that when it does happen, things at the office will almost certainly be very different. Just as the pandemic is likely to have a lasting impact on our personal habits, it will also change the way we work. Among the key changes companies are already considering: more space, sanitation and flexibility, with more employees working from home on a semi-regular basis.
According to a number of office designers, companies will be installing more sensors to reduce touch points, such as on light and power switches and door handles, antimicrobial materials, more and better air filtration, temperature monitoring at entry points, desks that are spaced farther apart, plus subtle design features that remind people to keep their distance. —Ellen Sheng
3:19 pm: Senate strikes deal for relief package
Senate Republicans and Democrats reached a deal for an additional $484 billion in coronavirus relief, Senate Majority Leader Mitch McConnell said. The bill still has to undergo a vote, which could come within the hour.
Here's what's in the bill:
- $310 billion total for the Paycheck Protection Program, with $250 billion unrestricted and $60 billion set aside for smaller institutions
- $50 billion for Economic Injury Disaster Loan program loans and $10 billion for EIDL grants
- $75 billion for hospitals
- $25 billion for testing, $11 billion of which will be distributed to states
- $2.1 billion for Small Business Administration administrative expenses
"I welcome this bipartisan agreement and hope the Senate will quickly pass it once members have reviewed the final text," McConnell said in a statement, criticizing Democrats for resisting the passage of additional small business funding earlier this month "in a search for partisan 'leverage' that never materialized." —Jacob Pramuk, Sara Salinas
3:04 pm: FDA greenlights first coronavirus test with at-home sample collection
Regulators at the U.S. Food and Drug Administration authorized the first coronavirus test that lets people collect a sample at home.
The authorization of the diagnostic — developed by testing giant LabCorp — marks the first time the agency has cleared an at-home Covid-19 test and caps weeks of back-and-forth between the agency and startups who sought to develop their own versions of the tests that would allow for at-home sample collection. LabCorp's test will initially be made available to health care workers and first responders who might have been exposed to the virus. Patients can collect samples at home if the test is recommended by a health care provider after they've completed a questionnaire about Covid-19. —STAT News
2:57 pm: Oil settles below $12 per barrel
West Texas Intermediate crude futures for June delivery dropped 43% to settle at $11.57 per barrel. Earlier it fell more than 60% to trade under $7 per barrel. The May contract settled at $10.01 per barrel. On Monday it fell below zero for the first time in history. However, as contracts approach expiration, trading volume is typically thin. —Pippa Stevens, Yun Li
2:50 pm: Senate nears deal for $484 billion relief package for small business, hospitals, testing
Senate Republicans and Democrats are closing in on a roughly $484 billion coronavirus relief package for small businesses, hospitals and testing, people familiar with the matter tell CNBC.
The Senate could vote on a deal as soon as 4 p.m. ET, and the House could approve it as early as Thursday. Here's how much the bill would allocate for the Paycheck Protection Program, the Economic Injury Disaster Loan program and hospitals and coronavirus testing. —Lauren Hirch, Yelena Dzhanova
2:23 pm: Howard Schultz urges government to save small restaurants with a financial 'bridge to a vaccine'
Howard Schultz said additional funding for the Paycheck Protection Program is not adequate to help small restaurants survive the coronavirus pandemic.
"What's needed is not another version of PPP. Again, good intent but it's the wrong medicine," the billionaire former Starbucks CEO said on "Squawk Box."
Rather, Schultz said he believes the government needs to create a robust program to serve as a "bridge to a vaccine." The price tag may be around $1 trillion, he said. "It's large. I understand it."
But he argued the cost of the program will be "much, much less" than the cost of more than 100,000 small restaurants potentially closing for good due to the coronavirus crisis. —Kevin Stankiewicz
2:17 pm: Apple and Google CEOs should be held responsible for protecting coronavirus tracking data, says GOP Sen. Hawley
Apple CEO Tim Cook and Google CEO Sundar Pichai should hold themselves personally responsible for protecting data collected through their efforts to trace the spread of Covid-19, Sen. Josh Hawley, R-Mo., wrote in a letter to the CEOs on Tuesday.
"If you seek to assure the public, make your stake in this project personal," wrote Hawley, a prominent tech critic. "Make a commitment that you and other executives will be personally liable if you stop protecting privacy, such as by granting advertising companies access to the interface once the pandemic is over."
Apple and Google announced earlier this month that they have teamed up in an effort to combat the spread of the new coronavirus. The companies will release tools allowing public health authorities to create apps that will notify users who opt-in if they have come into contact with someone who has tested positive for Covid-19. The system, known as contact tracing, will use Bluetooth connections in phones. —Lauren Feiner
2:03 pm: American Express launches 'Stand for Small' coalition to support small businesses impacted by coronavirus
A new coalition, "Stand for Small," from American Express and over 40 partner companies aims to provide small business owners support through various offers, tools and expertise, as they navigate the effects of the coronavirus.
The coalition includes Amazon, Google, Facebook, Microsoft and IBM. CNBC Select reviews how Stand for Small can help your business and shares the benefits of having a small business credit card. —Alexandria White
1:58 pm: Small businesses may have had info exposed on SBA relief portal
1:37 pm: Netherlands extends ban on major public events until Sept. 1
The Netherlands extended by three months a ban on major public events, including professional sports and music festivals, until Sept. 1.
At the same time, Prime Minister Mark Rutte said an "encouraging" slowing of the spread of the coronavirus would enable elementary schools and day-care centres to reopen in May.
Rutte said the limited easing of restrictive measures was necessary to prevent a strong resurgence of Covid-19. —Reuters
1:24 pm: New York AG opens inquiry into Charter Communications' Covid-19 response after hundreds reportedly catch virus
New York Attorney General Letitia James opened an inquiry into Charter Communications after the telecom company continued to require some employees to report to corporate offices amid government calls for employers to allow remote work where possible.
The inquiry will look into how Charter has managed its employees during the Covid-19 pandemic, a spokesperson for James said.
More than 230 employees of Charter's Spectrum division have tested positive for Covid-19, a person with knowledge of the company told The New York Times. The company has about 95,000 total employees, according to public filings compiled by FactSet.
The illnesses follow a March report by TechCrunch that said Charter had continued to require employees to report to offices and call centers around the country despite government guidelines to restrict gatherings of 10 or more people. At the time, employees at some of those locations had already tested positive for the virus, according to the report. —Lauren Feiner
1:15 pm: 'Reopen the economy' — Barry Sternlicht worries about 'financial suicide' from closures
The threat of destroying the U.S. economy must be weighed against the diminishing health risks from the coronavirus, real estate mogul Barry Sternlicht told CNBC.
"I actually think we have to reopen the economy. We have to do it ZIP code by ZIP code," said Sternlicht, whose $60 billion Starwood Capital Group has interests in luxury hotels and malls among its many businesses. "We have to get going. The cost is too great. The government can't carry a $23 trillion economy."
Sternlicht's call to action comes as more states run by Republican governors are announcing plans to reopen parts of their economies as new daily virus cases in the U.S. continue to slow. —Matthew J. Belvedere
1:03 pm: As mortgage bailout balloons amid coronavirus outbreak, servicers finally get some relief
For weeks, the mortgage industry has been crying for help from being left on the hook to pay for much of the government's mortgage bailout. Now, they're getting some relief.
More than 3 million borrowers have taken advantage of the mortgage forbearance program, which allows those with government-backed loans to delay up to a year's worth of monthly mortgage payments if they have been hurt financially by the economic fallout from the coronavirus.
Borrowers would have to make those payments at a later date, or over time. Mortgage servicers, however, the companies that collect the payments, were required to advance that money to bondholders for up to a year.
Now, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has reduced that requirement to 4 months.
"The four-month servicer advance obligation limit for loans in forbearance provides stability and clarity to the $5 trillion Enterprise-backed housing finance market," said FHFA Director Mark Calabria. "Mortgage servicers can now plan for exactly how long they will need to advance principal and interest payments on loans for which borrowers have not made their monthly payment." —Diana Olick
12:42 pm: UK to test potential coronavirus vaccine on people this week
Britain's health minister said Tuesday that the country will test a potential vaccine for the coronavirus on people later this week.
A vaccine developed by researchers at Oxford University will be tested on people on Thursday, Health Minister Matt Hancock said in a daily news briefing.
"In normal times, reaching this stage would take years, and I'm very proud of the work taken so far," he said.
Hancock said he would make £20 million ($24.5 million) available to the scientists at Oxford, as well as an additional £22.5 million in funding for researchers at Imperial College London.
"Nothing about this process is certain," he said. "Vaccine development is a process of trial and error and trial again." That's the nature of how vaccines are developed." —Ryan Browne
12:24 pm: New York state's unemployment system 'collapsed' following a surge in claims, Gov. Cuomo says
New York's unemployment website "collapsed" following a record surge in claims after the state shuttered nonessential businesses to curb the coronavirus pandemic, Gov. Andrew Cuomo said Tuesday.
The state now has 1,000 people working online and through its phone system to process the high volume of unemployment claims, Cuomo told reporters.
"It's unbelievable," he said. "One thousand people just to take the incoming unemployment calls. That's how high the volume is and they still can't keep up with the volume."
The state has paid about $2.2 billion in unemployment insurance benefits to 1.1 million New Yorkers since the Covid-19 outbreak began, according to state data. There's still a backlog of 4,305 phone applications, but that's down from 275,000 before April 8, the state said. —Berkeley Lovelace Jr.
Correction: This item was revised to delete an incorrect reference about where Cuomo spoke.
12:13 pm: Italy set to ease coronavirus lockdown beginning May 4
Italy is likely to start easing its coronavirus lockdown from May 4, though the long-awaited rollback will be cautious and calculated, Prime Minister Giuseppe Conte said Tuesday.
The country has been one of the hardest hit by the Covid-19 pandemic, with more than 24,100 people dying since the contagion emerged there in February.
Looking to contain the spread, the government introduced sweeping curbs in March, telling Italians to stay at home and shutting schools, businesses and industries nationwide.
The restrictions have put a major strain on the euro zone's third largest economy, but with the number of new cases gradually slowing, Conte said he would unveil by the weekend government plans to loosen the shutdown.
"I wish I could say: let's reopen everything. Immediately. We start tomorrow morning. ... But such a decision would be irresponsible," Conte wrote in a Facebook post.
He promised "a serious, scientific plan" that would include a "rethinking of modes of transport" to enable workers to travel in safety, new business rules and measures to check whether the loosening was leading to an uptick in infections.
"It is reasonable to expect that we will apply it from May 4," he said, adding that a rushed, disorganized exit strategy would make a mockery of the sacrifices Italians had accepted. —Reuters
12:01 pm: Dow plunges 600 points, bringing two-day losses to nearly 1,200 points
U.S. stocks fell sharply once again as oil prices continued their unprecedented wipeout.
The Dow Jones Industrial Average slid 600 points, or more than 2%. Tuesday's losses brought the Dow's two-day decline to nearly 1,200 points. The S&P 500 dropped 3% while the Nasdaq Composite fell 3.4%. —Yun Li, Fred Imbert
11:57 am: Trump and Johnson agree on importance of coordinated response to coronavirus
U.S President Donald Trump and British Prime Minister Boris Johnson agreed on the need for a coordinated international response to the coronavirus pandemic, including through the G-7, Downing Street said in a statement.
The pair also discussed trade during a telephone conversation.
"The leaders committed to continue working together to strengthen our bilateral relationship, including by signing a free trade agreement as soon as possible," a Downing Street spokeswoman said.
Britain left the European Union earlier this year and a deal with the United States is a key priority for Johnson's administration. Johnson is recovering at his country residence after he was hospitalized with Covid-19. His foreign minister, Dominic Raab, is standing in for him while he recovers. —Reuters
11:49 am: New York Gov. Cuomo says he will discuss coronavirus testing with Trump at White House meeting
New York Gov. Andrew Cuomo said he will focus on coronavirus testing during his meeting Tuesday afternoon with President Donald Trump at the White House.
Cuomo wants to talk to Trump about "testing, and what does testing mean, and how do we do it, and how can the federal government work in partnership with states," he said at a press conference t the Roswell Park Cancer Institute in Buffalo. He said the state has struggled to navigate the international supply chain for test kits since Trump has left it up to individual states to procure their own tests.
"You shouldn't expect all these governors to run around and do an international supply chain while they're trying to put together their testing protocol in their state, coordinating their labs," Cuomo said. "Then I have to put together an army of tracers, that's thousands of people. That's never been done before." —Noah Higgins-Dunn
11:34 am: Coronavirus cases are likely 10 to 20 times higher in US than reported, former FDA chief Gottlieb says
The actual number of coronavirus cases in the United States is likely significantly higher — as much 10 or even 20 times higher — than the tally of Covid-19 infections currently being reported, a former top federal health official said.
"There's certainly under-diagnosis going on," Dr. Scott Gottlieb said during an interview with CNBC's "Squawk Box."
As of Tuesday, there were more than 787,900 coronavirus cases officially diagnosed in the U.S., with at least 42,364 deaths from the virus.
The actual number of cases "probably is 10 times as many," said Gottlieb, a former Trump administration commissioner of the Food and Drug Administration and a CNBC contributor.
"We're probably diagnosing 1 in 10 to 1 in 20 infections, and that's what some of the reliable analyses are now showing," he said.
If Gottlieb is correct, that would mean about 8 million to 15.75 million Americans have contracted the coronavirus, or 2.4% to 4.8% of the U.S. population. —Dan Mangan
11:17 am: NYC builds strategic medical reserve: 'We can't depend on the federal government'
New York City is building its own strategic reserve of medical equipment for the coronavirus pandemic, including surgical gowns, test kits and ventilators because "we can't depend on the federal government," Mayor Bill de Blasio announced.
"It is a very sobering, telling moment when I have to sit here before you and say that New York City needs its own strategic reserve because we can't depend on the federal government at this point," he said at a news briefing. "It's sobering as all hell. I mean it's just not something I'm happy to tell you, but it is really, really clear."
The New York City Economic Development Corp. will coordinate with health-care leaders in the city to build the reserve, de Blasio said. He said the stockpile will be filled with locally produced face shields, surgical gowns, test kits and ventilators. The city will also buy equipment from elsewhere as needed. —Will Feuer, Noah Higgins-Dunn, Jasmine Kim
11:13 am: Led by US, global auto sales expected to plummet 22% in 2020
The coronavirus pandemic continues to take its toll on the global auto industry as plants remain shuttered and consumers remain sheltered at home.
IHS Markit lowered its global auto sales forecast, saying it expects global vehicle sales to decline 22% this year to 70.3 million units, led by a 26.6% fall in the U.S. to 12.5 million units, compared to a year ago.
Domestic sales would be the lowest since the 11.6 million cars and trucks sold in 2010 as the industry emerged from the Great Recession. It's also a steeper drop than IHS Markit's forecast in March of a 12% decline in global sales for 2020.
—Michael Wayland
10:42 am: Cramer says, 'We've got to try something' as Georgia, other states begin to reopen
States like Georgia should experiment with reopening their economies from their coronavirus shutdowns in order to save small businesses, CNBC's Jim Cramer said, calling it "the biggest story there is."
"I'm in the camp that just says. 'We've got to try something.' We have to. And if that makes me into a right-wing lunatic, then so be it," Cramer said on CNBC's "Squawk on the Street."
The closure of businesses around the country, designed to curb the spread of the virus, has led to a record rise in unemployment, with over 22 million Americans filing for first-time jobless benefits in the past four weeks. Republican Georgia Gov. Brian Kemp announced Monday that several types of businesses, including hair salons and gyms, would be allowed to open at the end of the week. Other states with GOP governors, including Ohio, Tennessee and Florida, are also planning partial reopening in the coming weeks.
Cramer said the Georgia plan seemed sensible and that the state's medical system seemed to be prepared if cases did spike after an attempt to reopen. —Jesse Pound
10:33 am: Here are the largest public companies taking payroll loans meant for small businesses
Hundreds of millions of dollars of in Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.
In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said. The PPP was designed to help the nation's smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country amid the coronavirus pandemic.
But the research shows that several of the companies that have received aid have market values well in excess of $100 million, including DMC Global ($405 million), Wave Life Sciences ($286 million) and Fiesta Restaurant Group ($189 million). Fiesta, which employs more than 10,000 people (per its last reported annual number), received a PPP loan of $10 million, per Morgan Stanley research. —Thomas Franck
10:27 am: Hair dye, cookie dough, canned meat — what people in the US and Europe are buying in lockdown
Lockdown life looks very different depending on where you are in the world.
When widespread restrictions were imposed globally in response to the coronavirus pandemic last month, people started stockpiling goods. Psychologists told CNBC that people were panic buying to feel more in control of their emotional states.
Now, instead of hoarding toilet paper and pasta, consumers' buying habits have changed: Sales of goods like brewer's yeast, beauty products and egg substitutes are going through the roof — but new data reveals that different nations have very diverse habits. Read this story link to see what types of products people are buying based on where they live. —Lucy Handley
10:15 am: Georgia got lifting restrictions backward, Connecticut Gov. Ned Lamont says
As states across the U.S. weigh lifting coronavirus restrictions and reopening the economy, Connecticut Gov. Ned Lamont told CNBC that Georgia is reopening the wrong businesses first.
Georgia Gov. Brian Kemp announced Monday that the state will reopen businesses on Friday, starting with gyms, barbershops, fitness centers, bowling alleys, and other retail locations.
"I think the things that come later are the things that Georgia opened up first, which surprised me, those things that have very close personal contact," Lamont said on CNBC's "Squawk Box." —Will Feuer
10:09 am: March home sales drop 8.5% as sellers take properties off the market
Sales of existing homes fell a wider-than-expected 8.5% in March from a month earlier to an annualized pace of 5.27 million units, according to the National Association of Realtors' seasonally adjusted index.
These sales figures are based on closings that represent contracts signed mostly in late January and February, before the coronavirus shut down so much of the economy.
"We saw the stock market correction in late February," said Lawrence Yun, chief economist for the NAR. "The first half of March held on reasonably well, but it was the second half of March where we saw a measurable decline in sales activity." Yun indicated sales could fall as much as 30% to 40% in the coming months. —Diana Olick
9:58 am: Coronavirus deepens political fragmentation in Italy as anti-EU sentiment rises
Political fragmentation is intensifying in Italy as the coronavirus pandemic gives new ammunition to anti-establishment parties and challenges its European membership.
Italy has the highest death toll from the Covid-19 outbreak in Europe and has desperately lobbied its partners in the region for financial support to deal with the impact of the health crisis. However, northern European nations have been reluctant to give the Italian government everything it wants — which in turn has fueled a toxic debate back in Rome.
"It is a debate to a large extent detached from reality," Wolfango Piccoli, co-president at risk advisory Teneo, told CNBC's Squawk Box Europe. —Silvia Amaro
9:49 am: Recovering from coronavirus, PM Johnson to talk to Trump, Queen
Prime Minister Boris Johnson will speak to President Donald Trump on Tuesday and meet Queen Elizabeth later this week, his spokesman said, adding that the British leader is still not "formally doing government work."
Johnson is recovering at his country residence after he was hospitalized with Covid-19. His foreign minister, Dominic Raab, is standing in for him while he recovers.
"Yesterday he sent a message of condolence to (Canadian Prime Minister) Justin Trudeau after the very sad loss of life in the shooting in Canada," the spokesman told reporters, referring to the shooting rampage in Nova Scotia. "Later today ... he will be speaking to President Trump."
Later this week, the prime minister is expected to have an audience with Queen Elizabeth, the spokesman said, adding that it would be the first such meeting in three weeks. —Reuters
9:40 am: McDonald's giving away meals to health-care workers and first responders
McDonald's will give health-care workers, police officers, firefighters and paramedics free meals between Wednesday and May 5.
The "Thank You Meal" will feature a choice of sandwiches, drinks and a side of small fries or hash brown. A work badge or uniform is all that is needed to receive the free meal. Some McDonald's franchisees have already been giving away meals during the crisis. —Amelia Lucas
9:34 am: Dow tumbles more than 500 points for a second day amid relentless oil drop
U.S. stocks fell sharply once again as oil prices continued their unprecedented wipeout.
The Dow Jones Industrial Average slid 510 points, or more than 2%. The S&P 500 dropped 1.7% while the Nasdaq Composite dropped 1.1%. (Get the latest market news here.)
Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. On Monday, the May contract for oil futures expiring Tuesday fell to zero and then went to an actual negative price, meaning producers would pay for someone to take the oil off their hands. The bizarre move has to do with the fact that because of the coronavirus shutdowns, big buyers of oil like refineries don't need any more oil because their tanks are nearly filled. —Fred Imbert, Yun Li
9:26 am: Hackers targeted Britain's virus furlough scheme just hours after it went live
Within minutes of the U.K. government's furlough scheme going live, it was targeted by opportunistic hackers impersonating the country's tax collection agency.
Hundreds of phishing emails landed in people's inboxes inviting them to click on a link that takes them to what looks like an HMRC (HM Revenue and Customs) furlough claim website.
"This is a scam," an HMRC spokesperson told CNBC via email. "The website associated with the scam is in the process of being taken down. Fraudsters are taking advantage of the package of measures announced by the Government to support people and businesses affected by coronavirus."
The phishing campaign was spotted by cybersecurity firm Mimecast. Researchers at the firm said they detected 840 phishing emails within hours of the furlough scheme going live. —Sam Shead
9:16 am: Map of US coronavirus hot spots, as of Monday
9:12 am: US car rental company Hertz to lay off 10,000 staff on coronavirus hit
Car rental company Hertz said on Monday it plans to lay off 10,000 employees across its North America operations to cut costs amid the economic fallout of the COVID-19 pandemic.
Hertz had about 38,000 employees as of Dec. 31, of which 29,000 were at its U.S. operations.
The company, which counts billionaire investor Carl Icahn as its largest shareholder, will incur employee termination costs of about $30 million, it said in a regulatory filing. —Reuters
9:04 am: US Treasury releases $2.9 billion in airline support, finalizes payroll agreements
The U.S. Treasury Department said it has disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.
The Treasury is initially giving major airlines 50% of funds awarded and releasing the rest in a series of payments. In total, Treasury is awarding U.S. passenger airlines $25 billion in funds earmarked for payroll costs. Major airlines must repay 30% of the funds in low-interest loans and grant Treasury warrants equal to 10% of the loan amount, while airlines receiving $100 million or less do not need to repay any funds or issue warrants to the government.
Treasury said Monday it had finalized grant agreements with Allegiant Air, American Airlines, Delta Air Lines, Southwest Airlines, Spirit Airlines, and United Airlines.
Air carriers have been devastated by the coronavirus pandemic and seen U.S. travel demand fall by 95%. —Reuters
8:58 am: Two-thirds of voters back vote-by-mail in November
A majority of voters favor nationwide reform of election rules that would allow all eligible voters to cast their ballots by mail, a new NBC News/Wall Street Journal poll finds. And nearly 10% more say that, while the rules should not be permanently changed, all voters should be able to mail in their ballots this November because of concerns that the coronavirus may still be a major public health threat this fall.
The survey shows that 58% of voters support allowing voting by mail generally, while 39% do not support it. —NBC News
8:51 am: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic
Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores in the wake of the coronavirus outbreak, people familiar with the matter said Monday.
It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, some of the sources said, adding that no final decisions have been made.
The sources requested anonymity because the deliberations are confidential. Lord & Taylor did not immediately respond to a request for comment. —Reuters
8:48 am: Schumer says he believes small business bill will pass today, with 'agreement on just about every issue'
Senate Minority Leader Chuck Schumer said he believes the Senate will pass an additional relief bill for small businesses later Tuesday
Schumer, D-N.Y., told CNN he spoke "well past midnight" with House Speaker Nancy Pelosi, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin, and "came to an agreement on just about every issue."
The government has been under pressure to replenish a fund allocated to small businesses as part of a Paycheck Protection Program program created by the $2.2 trillion relief bill President Donald Trump signed late last month. The program offers forgivable loans to companies that agree to maintain payroll. Its funds, which totaled $349 billion, ran out last week putting pressure on businesses that had been holding onto employees in hopes of obtaining the loan.
"Staff were up all night, writing. There's still a few more I's to dot and T's to cross, but we have a deal. And I believe we'll pass it today," Schumer said. —Lauren Hirsch, Yelena Dzhanova
7:48 am: Oil drops 18%, May contract still in negative territory
West Texas Intermediate crude futures for May delivery reversed gains to trade in negative territory again, one day after plunging below zero for the first time in history. The contract expires Tuesday, which means that thin trading volume has contributed to the wild price action.
The contract for June delivery, which is the more actively traded and therefore a better indication of how Wall Street views the price of oil, slipped more than 18% to $16.73 per barrel. Earlier in the session, it had dipped below $15, before paring some of those losses. The contract for July delivery fell roughly 10% to $23.68. —Pippa Stevens, Sam Meredith
7:30 am: Lululemon apologizes after staffer offends with 'bat fried rice' T-shirt
Canadian exercise apparel brand Lululemon issued statements apologizing for, and distancing itself from, a T-shirt design promoted by one of its art directors that triggered outrage and accusations of racism.
The hashtag "Lululemon insults China" was viewed 204 million times on China's Weibo platform by Tuesday afternoon local time, with some commentators demanding a boycott of the brand. The furor started Sunday, with an Instagram link posted by the Lululemon official, Trevor Fleming, that promoted the sale of a T-shirt on the website of California artist Jess Sluder, under the name "bat fried rice."
The long-sleeved T-shirt, bearing an image of a pair of chopsticks with bat wings on the front and a Chinese takeout box with bat wings on the back, riled critics who said the two were trying to stir anti-Asian sentiment during the coronavirus pandemic.
"We acted immediately, and the person involved is no longer an employee of Lululemon," the firm said in an Instagram response to a customer on Tuesday, without identifying the individual.
It called the image and the post inappropriate and inexcusable, and apologized that one of its employees had been affiliated with promoting the offensive T-shirt. —Reuters
Correction: This entry was corrected to reflect that Lululemon is a Canadian company.
7:06 am: Rockefeller Foundation plan would test 30 million per week and cost up to $100 billion
An ambitious new plan to radically increase the number of coronavirus tests in the United States would see up to 30 million people screened each week and cost up to $100 billion to implement, the Rockefeller Foundation said.
But the effort for what some said would be the largest public health testing in history is necessary to stem the $300 billion to $400 billion in American economic losses each month as a result of the Covid-19 pandemic, the foundation contended.
It said the sooner coronavirus tests become much more widely available, the quicker the U.S. economy can start getting back to normal. —Dan Mangan
7:00 am: Coca-Cola says April demand weakened, volume off 25% so far this month
Coca-Cola said in its first-quarter earnings report that the closure of movie theaters, restaurants and stadiums is hurting its business, with a significant impact expected on its second-quarter results.
The beverage company's global volumes have plunged 25% since the start of April.
"The ultimate impact on the second quarter and full-year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery," the company said in a statement. "However, the impact to the second quarter will be material." —Amelia Lucas
6:20 am: WHO says virus likely to have come from animals, not a lab
The World Health Organization said evidence suggests that the coronavirus originated in bats in China in late 2019 and it was not manipulated or constructed in a laboratory, Reuters reported.
The comment from the United Nation's health agency comes after President Donald Trump said last week that his government was trying to determine whether the virus originated from a lab in Wuhan in central China. —Holly Ellyatt
5:40 am: Singapore extends 'circuit breaker' measures until June 1
Singapore Prime Minister Lee Hsien Loong said partial lockdown measures to stem the spread of the coronavirus will be extended by four weeks to June 1.
Some of those measures, which the Singaporean leader calls a "circuit breaker," involve shutting schools and most workplaces temporarily. Those measures, which were implemented two weeks ago, were supposed to end on May 4.
The announcement after the country's Ministry of Health said another 1,111 cases of the coronavirus disease have been reported, according to its preliminary count, taking its total number of cases to 9,125 since the outbreak began. The government sometimes releases an update before confirming the cases later in the day. — Yen Nee Lee
5:20 am: Spain's daily death rate rises slightly
Spain's daily death toll has risen slightly from Monday, with 430 additional deaths reported in the last 24 hours, up from 399 deaths reported the previous day.
The Spanish health ministry said Tuesday the total number of fatalities had risen to 21,282, up 430 from 20,852 a day earlier. The total number of confirmed cases stands at 204,178. —Holly Ellyatt
Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: Spain's daily death rate rises slightly; Singapore extends 'circuit breaker' measures until June 1