The Dow Jones Industrial Average dropped more than 700 points in its worst day since June 11 as the coronavirus continues to surge in states around the country, mostly in the South and West.
Florida and California, two of the largest economies in the U.S, reported a record number of new cases. There’s growing concern that the state governments in Tallahassee and Sacramento could be forced to implement stay-at-home orders and close nonessential businesses again if the outbreak isn’t brought under control.
The governors of New York, New Jersey and Connecticut are imposing a 14-day quarantine on travelers from coronavirus hotspots like Florida to prevent another outbreak in the northeastern region. The three neighboring states were once the epicenter of the epidemic in the U.S., but have since managed to contain the virus.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 9.3 million
- Global deaths: At least 479,215
- U.S. cases: More than 2.36 million
- U.S. deaths: At least 121,662
The data above was compiled by Johns Hopkins University.
Trump administration to cut federal funding to 13 testing sites
4:50 p.m. ET — The Trump administration is eliminating federal funding for 13 community-based Covid-19 testing sites by the end of June. The move comes as part of a previously announced plan designed to give financial support for testing through other means, CNBC’s Dan Mangan reports.
Seven sites in Texas will have their funding cut, NBC News confirmed, and the other six locations are in Illinois, New Jersey, Colorado and Pennsylvania. Sen. Ted Cruz, a Texas Republic, criticized the decision and urged health officials to extend funding for the sites in his state.
The administration’s testing czar Adm. Brett Giroir said on a call with reporters that the sites will remain open through state and local funding, and that there are hundreds of other testing locations supported with federal assistance.
However, the call grew tense when Michael Caputo, a top spokesman for the U.S. Health and Human Services Department, erupted into a tirade and said reporters were getting “spun” by what he claimed was a misleading portrayal of the 13 testing sites getting their funding cut.
“Somebody has given you disinformation,” Caputo said loudly during the call. “Do you understand? I’m old enough to remember it was considered dishonest to undermine public confidence in the public health system.”
Caputo emphasized that federal funding was being cut for “less than one one-thousandth” of the country’s testing facilities. His rant led to the abrupt termination of the press phone call.–Hannah Miller
Apple will re-close seven stores in Houston, Texas area
Curbside service at an Apple Store.
4:11 p.m. ET — Apple said on Wednesday that it will re-close seven stores in the Houston area as it sees a spike in Covid-19 cases.
Last week, Apple re-closed 11 stores in Florida, North Carolina, South Carolina, and Arizona. Apple is a leading retailer with locations in important shopping centers. It previously said it is monitoring conditions region by region and won’t hesitate to re-close its retail operations if local conditions deteriorated. —Kif Leswing
Americans are facing extended unemployment
3:56 p.m. ET — Many Americans face a particularly risky period of joblessness, at a time when enhanced aid will soon expire and jobs are scarce.
A recent federal law offered 13 weeks of unemployment benefits to workers who’ve exhausted their state allotment, which is typically six months.
Nearly 1.1 million Americans were collecting these expanded benefits as of May 30 — more than twice the prior week’s total. The figure is set to balloon in coming weeks.
Since many have been jobless for at least a half year, their odds of finding a job are lower relative to others, amid an employment crisis worse than any since the Great Depression. A $600 weekly supplement to jobless aid also expires after July 31. —Greg Iacurci
California reports more than 7,000 cases, biggest daily jump so far
3:30 p.m. ET — California reported an additional 7,149 Covid-19 cases since Tuesday, a 69% increase in two days, bringing the state’s total to 190,222 cases, according to the state’s health department.
While the daily case numbers are growing, Gov. Gavin Newsom said that the state performed a record number of tests in the last 24 hours. However, the percent of tests coming back positive has slightly increased in the last two weeks, sitting at 5.1% on a 14-day average, he said.
Hospitalizations from Covid-19 in California have also increased 29% in the last 14 days, totaling 4,095 as of Tuesday, Newsom said.
“We cannot continue to do what we have done over the last number of weeks. Many of us understandably developed a little cabin fever, some I would argue developed a little amnesia, others have frankly taken down their guard,” Newsom said at press briefing. —Noah Higgins-Dunn
The pandemic still hasn’t peaked in the Americas, WHO says
2:30 p.m. ET — Coronavirus outbreaks in the Americas, which include North, South and Central America, haven’t reached their peaks yet, the World Health Organization warned.
Over a third of the new cases reported Tuesday were from five countries in the Americas, according to WHO data. The U.S. reported the most cases and is the worst-hit country in the world with more than 2.3 million cases and at least 121,279 deaths as of Wednesday.
The comment by the WHO came a day after Dr. Anthony Fauci, the United States’ leading infectious disease expert, expressed concern a “disturbing surge” in coronavirus infections as states continue to reopen.
One WHO official said that parts of the Americas had not “reached a low enough level of transmission “with which we can achieve a successful exit of successful and social distancing measures.” —Berkeley Lovelace Jr.
PGA Tour procures 1,000 smart bands to help detect coronavirus symptoms in golfers
The PGA Tour is giving WHOOP straps ot more than 1,000 employees, staff and players at upcoming events to help detect possible signs of COVID-19
1:45 p.m. ET — The sports world’s foray into the wearables space as a way to detect Covid-19 continues as the PGA Tour announces they have procured Whoop bands for its players and caddies.
On the same day that Brooks Koepka withdrew from the Travelers Tournament after learning his caddie tested positive for coronavirus, the PGA Tour announced the partnership. Anecdotally, the device has been found to be an early detector of coronavirus symptoms as users have noticed changes in their data ahead of testing positive.
The device is currently worn by several golfers including Rory Mcilroy and Justin Thomas. Last week, PGA Tour player Nick Watney tested positive for Covid-19. The golfer said it was his Whoop wearable device that first alerted him that he may be sick and prompted him to get tested. Golfer Justin Thomas said that the data from Whoop may have possibly saved the Tour as his positive test led to Watney being quarantined rather than playing in this week’s tournament. —Jessica Golden
Walt Disney World employees petition to delay reopening as coronavirus cases surge in Florida
The entrance to the Magic Kingdom at Disney World is seen on the first day of closure as theme parks in the Orlando area suspend operations for two weeks in an effort to curb the spread of the coronavirus (COVID-19). Paul Hennessy/SOPA Images/LightRocket via Getty Images)
Paul Hennessy | SOPA Images | LightRocket via Getty Images
1:04 p.m. ET — More than 7,000 people have signed an online petition urging Disney and local government officials to reconsider the reopening of Disney World next month.
The petition comes as coronavirus cases in the state are rapidly rising.
It is difficult to determine how many of the signees of the online petition are actually Walt Disney employees or if the petition is union-backed. There is no mention in the petition itself of any affiliation with an employee union.
“The safety and well being of our cast members and guests are at the forefront of our planning, and we are in active dialogue with our unions on the extensive health and safety protocols, following guidance from public health experts, which we plan to implement as we move toward our proposed, phased reopening,” Disney said in a statement to CNBC. —Sarah Whitten
Florida shatters record for new cases in a day
12:15 p.m. ET — The Florida Department of Health reported 5,508 new coronavirus cases, surpassing the previous record single-day increase of 4,049 new cases reported on Saturday.
Florida is among a handful of states that includes Arizona and Texas that are experiencing expanding outbreaks of the virus.
As cases continue to rise by the thousands every day in Florida, the percent of total tests coming back positive has also risen. On Wednesday, the state reported that 15.91% of all tests came back positive, up from 10.82%. That increase indicates that the surge in new cases is not due solely to ramped up testing. —Will Feuer
NY, NJ and CT impose quarantine on travelers from hotspot states
11:51 a.m. ET — The governors of New York, New Jersey and Connecticut jointly announced a 14-day quarantine for travelers entering the states from coronavirus hotspots.
The Northeastern bloc of states has successfully combated their own outbreaks, having brought peak infection rates down considerably, and are now worried about visitors reintroducing high transmission rates.
“We worked very hard to get the viral transmission rate down. We don’t want to see it go up because a lot of people come into this region and they can literally bring the infection with them,” New York Gov. Andrew Cuomo said at a press conference with New Jersey Gov. Phil Murphy and Connecticut Gov. Ned Lamont.
The hotspot states included in the advisory so far are: Alabama, Arizona, Arkansas, Florida, North Carolina, South Carolina, Texas, Utah and Washington. —Sara Salinas
NYC considers 22,000 layoffs under budget constraints
10:50 a.m. ET — New York City may lay off 22,000 people in a “last resort” effort to save $1 billion, Mayor Bill de Blasio said during a press conference.
He said if the city cannot find $1 billion in savings for its budget, the layoffs will take effect this fall.
De Blasio previously warned of the city’s financial troubles in April when he said that New York City’s pandemic response will cost a projected $7.4 billion in lost tax revenue over the current and next fiscal year. —Hannah Miller
New York City Marathon canceled
Lelisa Desisa of Ethiopia crosses the finish line to win the Men’s Division during the 2018 TCS New York City Marathon in New York on November 4, 2018.
Timothy A. Clary | AFP | Getty Images
10:29 a.m. ET — The 2020 TCS New York City Marathon has been canceled amid the ongoing coronavirus pandemic, according to an announcement from the race’s organizers. Scheduled for Nov. 1, the event was supposed to commemorate the 50th running of the marathon.
New York Road Runners, which organizes the race, said the decision was made from a health perspective in partnership with the New York City Mayor’s Office.
“While the marathon is an iconic and beloved event in our city, I applaud New York Road Runners for putting the health and safety of both spectators and runners first,” said Mayor Bill de Blasio in a statement.
NYRR said runners will receive a full refund of their entry fee or complimentary entry for 2021, 2022 or 2023. They will also be invited to participate in a virtual marathon event taking place from Oct. 17 to Nov. 1.
The New York City race is the world’s largest marathon and counted 53,640 finishers in 2019, according to NYRR. —Hannah Miller
More states are reporting increases in new Covid-19 cases as U.S. 7-day average continues to grow
A patient is wheeled into Houston Methodist Hospital as storm clouds gather over the Texas Medical Center, amid the global outbreak of the coronavirus disease (COVID-19), in Houston, Texas, U.S., June 22, 2020.
Callaghan O’Hare | Reuters
10:11 a.m. ET — As of Tuesday, the seven-day average of daily new Covid-19 cases in the U.S. increased by more than 32% compared to one week ago, according to a CNBC analysis of data compiled by Johns Hopkins University.
Cases are growing by 5% or more in 30 states across the country, including Arizona, Texas, Montana and Idaho. Since Monday, four more states have seen growth in their 7-day average of daily new cases.
Texas health officials reported an all-time high of 5,489 new cases on Tuesday, surpassing 5,000 cases in a single day. The state has also been seeing record spikes in hospitalizations in recent weeks. As of Tuesday, there are 3,335 people currently hospitalized in Texas based on a 7-day moving average, which is a 49% increase compared with a week ago, according to Covid Tracking Project data.
California also broke its record for daily number of positive cases on Tuesday, adding 6,712 new cases, according to Johns Hopkins data. The state surpassed 6,000 new cases for the first time on Monday. —Jasmine Kim
Sonos cutting 12% of global employees and closing New York retail store
10:07 a.m. ET — Sonos plans to cut 12% of its global employees due to “uncertainty and challenges stemming from the Covid-19 pandemic,” the company said in a filing Tuesday. It’s also closing its retail store in New York City and six satellite offices.
The company’s stock was up more than 1% in early trading on Wednesday.
The Santa Barbara-based company said in a May letter to shareholders that it began a review of planned investments and implemented initial actions in March to reduce operating expenses and preserve liquidity. It said those actions included cutting marketing investments, managing and “tightening” inventory and eliminating some discretionary operating expenses. The latest cost cuts are part of those efforts, the company said. —Megan Graham
IMF slashes forecasts for U.S. economy, GDP
9:47 a.m. ET — The International Monetary Fund slashed its economic estimates for global GDP and the U.S. economy amid the ongoing coronavirus pandemic, and warned that governments’ debt levels will continue to soar as they combat the crisis.
The IMF forecast a contraction of 4.9% in global GDP and estimated that the U.S. economy will contract by 8% in 2020, CNBC’s Silvia Amaro reports. The new estimates were downward revisions from what the IMF forecast in April.
The Washington-based institution said the new figures were due to expectations that social-distancing measures will likely remain in place during the second half of 2020, hurting productivity and supply chains.
The Fund also downgraded its 2020 estimates for the euro zone and its GDP forecast for 2021. —Hannah Miller
The U.S. will eclipse its first peak, Dr. Scott Gottlieb says
8:20 a.m. ET — Daily new cases of coronavirus will surpass the country’s first peak in April, former Food and Drug Administration Commissioner Dr. Scott Gottlieb told CNBC.
“We’re going to eclipse the totals in April, so we’ll eclipse 37,000 diagnosed infections a day,” he said on CNBC’s “Squawk Box.” “But in April we were only diagnosing 1 in 10 to 1 in 20 infections, so those 37,000 infections represented probably half a million infections at the peak.”
Since April, the U.S. has significantly ramped up the country’s capacity to test broadly for the virus, including among asymptomatic and pre-symptomatic patients. That means even though confirmed cases will likely peak again, the underlying outbreak probably isn’t as large as it was in April, Gottlieb said.
“The total number of deaths is falling because the total infection burden in the country is a lot lower now than it was in April,” he said. —Will Feuer
Most recent 1 million cases were reported in just a week, WHO says
8:08 am ET — The pandemic is still accelerating, with the most recent 1 million cases being reported in one week, World Health Organization Director-General Tedros Adhanom Ghebreyesus said, according to Reuters.
During a virtual conference on vaccine development and access across the continent, Tedros added that every country in Africa has now developed laboratory capacity to conduct diagnostic testing for the virus.
The virus has sickened more than 9.27 million people around the world and killed at least 477,807 people. There is still no U.S.-approved treatment or vaccine for the disease. —Will Feuer
India reports record single-day spike in cases
Health workers wearing Personal Protective Equipment (PPE) carry the body of a person who who died due to the coronavirus disease (COVID-19), at a crematorium in New Delhi, India, June 24, 2020.
Anushree Fadnavis | Reuters
7:12 a.m. ET — India has reported its highest spike of new cases of infections since the virus took hold in the country of more than 1.3 billion people, according to The Associated Press.
In 24 hours, the country reported 15,968 new cases and 465 deaths, the AP reported. That means the virus has now infected more than 456,183 people in India, killing at least 14,476, according to data compiled by Johns Hopkins University.
Maharashtra, New Delhi and Tamil Nadu are the hardest-hit states, making up almost 60% of all confirmed cases in the country. New Delhi, in particular, is emerging as a cause for concern in the federal government, the AP reported, due to poor contact tracing infrastructure and limited hospital capacity.
India has the fourth worst coronavirus outbreak in the world, based on total number of confirmed cases, behind only the U.S., Brazil and Russia. —Will Feuer
The EU is discussing reopening its borders, but US citizens could remain barred
A general view of almost deserted Pantheon square during Italy’s lockdown due to Covid-19 pandemic.
Andrea Staccioli | Getty Images
6:51 a.m. ET — The European Union is discussing how to reopen its external borders as the region looks to revive its economies, but visitors from the U.S., and elsewhere, could be barred from entering the bloc for now.
Thirty European countries decided to close their external borders back in March to contain the spread of Covid-19, but that measure is due to be lifted on Tuesday. Representatives of the EU governments are discussing the criteria to lift the travel restrictions from abroad, and at the moment, the main requirement is the coronavirus infection rate in the country of origin.
This means that countries with high rates, such as the United States and Brazil, could remain barred from entering European nations, at least for some time. —Silvia Amaro
Read CNBC’s previous coronavirus live coverage here: Germany faces further outbreaks; Russia brushes off virus threat at military parade