Coronavirus live updates: Italy death toll overtakes China’s, 25 million jobs at risk

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

• Global cases: More than 229,000
• Global deaths: At least 9,300
• US cases: At least 10,755
• US deaths: At least 150

All data above is provided by Johns Hopkins University.

Amazon has temporarily closed its Prime Pantry delivery service as it faces a surge in orders tied to the coronavirus outbreak. 

A notice at the top of the Prime Pantry website reads: “Pantry is temporarily closed. We are busy restocking.” The service gives Prime subscribers access to discounted grocery and household items, which they can then have delivered to their door. 

Amazon said the closure was due to “high order volumes” and pointed to other areas of its site that offer similar items, including Amazon Fresh, Whole Foods and the Grocery and Household category. A spokesperson declined to comment on when Prime Pantry will reopen. —Annie Palmer 

Compass Airlines, a regional airline that flies for American and Delta said it is shutting down as demand tumbles.

The shuttering of Compass comes days after its parent Trans States Airlines told employees that it would push up a planned closure of its eponymous airline to April 1 after its customer, United, cut its network. The company still operates the regional airline GoJet.

Earlier on Thursday, American Airlines‘ CEO Doug Parker told CNBC he has never seen anything like this industry fallout, even after 9/11 when airlines were briefly shutdown following terrorist attacks using commercial airplanes. —Leslie Josephs, Phil LeBeau

Senate Democrats are proposing that the federal government cancel student loan payments throughout the outbreak and forgive at least $10,000 of the debt for each borrower. 

The plan by Senate Minority Leader Chuck Schumer, D-N.Y.,  and Sen. Elizabeth Warren, D-Mass., among other Democrats, also calls for halting the garnishment of wages, tax refunds and Social Security benefits for past-due borrowers. 

“Families and student loan borrowers desperately need our help right now and we’re only just at the beginning of the devastating economic impact of this crisis,” said Sen. Patty Murray, D-Wash., in a statement. —Annie Nova

The new coronavirus could claim up to 24.7 million jobs, according to International Labour Organization (ILO) estimates.

The United Nations’ labor agency suggested this was a worst-case, or “high,” scenario of global unemployment but said internationally-coordinated policy response could mean a significantly lower impact. In this case, it estimated a “low” unemployment scenario of 5.3 million. It therefore calculated a “mid” scenario of 13 million jobs lost, 7.4 million of which would be in high-income countries. —Vicky McKeever

The State Department is expected to announce a level four travel advisory applying to all U.S. citizens for international travel amid the deadly coronavirus outbreak, NBC News reported, citing two officials with knowledge of the matter. 

The advisory, the highest of its kind, would instruct all Americans abroad to either return to the U.S. or prepare to shelter in place. The level four advisory also dictates that Americans cannot travel abroad. Less than a week ago, the State Department upped the travel advisory to level three, which calls for U.S. citizens to reconsider travel. —Amanda Macias

Italy’s death toll has hit 3,405, meaning the country now has more reported deaths than China.

The death toll in China, where the coronavirus originated in Wuhan, in Hubei province late last year, currently stands at 3,249, according to data compiled by Johns Hopkins University. 

After sweeping through China in early 2020, the virus spread to Europe where Italy — and particularly the northern Lombardy region, which is home to financial hub Milan — became the epicenter. —Katrina Bishop

Staff at Charter Communications are continuing to report to the telecom’s corporate offices, shirking government guidelines that Americans avoid gatherings of more than 10 people, according to a Tech Crunch report. Staff in offices around the country have shown symptoms of the flu-like illness, according to internal communications seen by TechCrunch, and employees told the outlet that several have tested positive. Charter did not immediately provide a comment to CNBC but denied one of the positive tests reported by TechCrunch. —Lauren Feiner

A major retail trade group is asking the White House to clarify its guidance and help keep pet stores, truck rest stops and distribution centers open.

In a letter to President Donald Trump, the National Retail Federation’s CEO Matthew Shay said some state and local officials are ordering retailers to shut down to prevent the spread of the coronavirus – but closing businesses that should stay open. They said the government should also clarify CDC instructions to limit gatherings to less than 50 people, saying they should not apply to big-box stores, grocers or wholesale clubs where there’s space for people to spread out.

The group called for a broader definition – of “essential retail businesses.” They listed retailers that should be exempt from mandated closures, including pet stores, distribution centers, farm stores with livestock feed, hardware stores, gas stations and highway rest areas for truck drivers. —Melissa Repko

Dr. Allen Ghorashi reduced his dental practice’s hours this week because of the coronavirus, but he hoped he could still help patients who needed fillings, dental implants or other routine procedures.

He changed his mind after seeing the most recent guidelines from the American Dental Association urging dentists in the U.S. to postpone elective procedures and only offer emergency care. Ghorashi’s practice, Valley Dental Group in Ramsey, N.J., will only see emergency patients for the next two weeks.

Dentist offices across the country are changing their practices to align with these guidelines. Others are shutting down completely. —Hannah Miller

European markets closed higher, after some volatility during the session, with investors monitoring the coronavirus outbreak and digesting new policy announcements from the European Central Bank (ECB) and the Bank of England (BOE).

The pan-European Stoxx 600 closed up 2.9% after rebounding either side of the flatline throughout the day. Telecoms stocks jumped 5% to lead gains while basic resources fell 0.4%. —Holly Ellyatt, Elliot Smith

President Donald Trump said that he would not oppose barring companies that receive federal assistance during the coronavirus pandemic from conducting stock buybacks.

“It takes many many people in this case to tango, but as far as I’m concerned conditions like that would be okay with me,” Trump said during a White House press conference. —Tucker Higgins

Tesla is taking extra precautions at its Fremont car assembly plant to prevent the spread of the COVID-19 coronavirus, according to an e-mail the company’s North American head of human resources, Valerie Workman, sent to employees overnight. Among other measures, employees will have their temperatures taken before they enter the factory. 

The e-mail to employees from HR also said Tesla would rearrange operations as much as possible to enable “social distancing,” allowing people to keep 6 feet apart from one another. Masks would also be distributed to workers throughout the day, the e-mail promised. —Lora Kolodny

President Donald Trump said he directed the Food and Drug Administration to investigate whether an existing drug given to malaria patients can also be used to treat the novel coronavirus.

The announcement at the daily coronavirus briefing came hours after Treasury Secretary Steven Mnuchin said that the White House’s massive economic stimulus proposal would include $500 billion for direct payments to Americans. —Berkeley Lovelace Jr., Kevin Breuninger

Major League Soccer extended the postponement of its matches in order to follow CDC guidance to postpone events involving more than 50 people over the next eight weeks. MLS said in a statement that it is focused on playing the entire 2020 season. The league is currently evaluating options such as pushing back the end of the season and playing the MLS Cup in December, which is when it was held prior to the 2019 season. —Hannah Miller

U.S. oil jumped 23%, putting it on track for its best day on record, clawing back more than half of the losses from Wednesday’s steep slide.

U.S. West Texas Intermediate crude rose 23.4%, or $4.77, to trade at $25.12 per barrel. International benchmark Brent crude jumped 9.5%, or $2.37, to trade at $27.29 per barrel. —Pippa Stevens

CNBC’s Jim Cramer said that whatever happens on the other side of the coronavirus crisis CEOs should not benefit more than their employees.

“I like anything that protects the workers,” Cramer said on “Squawk on the Street.” “We cannot have the fat cats make money at the expense of the workers.”

The “Mad Money” host was lamenting the moral hazards of the 2008 financial crisis, when companies got bailouts and chief executives got incentives as many workers lost their jobs. —Matthew J. Belvedere

Disney is warning investors that the coronavirus pandemic has affected so many of its business segments that it’s becoming more challenging for the company to estimate its future performance.

“We have closed our theme parks; suspended our cruises and theatrical shows; delayed theatrical distribution of films both domestically and internationally; and experienced supply chain disruption and ad sales impacts,” the company said in a filing with the Securities and Exchange Commission. —Sarah Whitten

The Bank of England (BOE) cut interest rates to 0.1% and ratcheted up its bond-buying program, in an effort to offset the economic impact of the coronavirus outbreak.

At an emergency meeting, the central bank’s monetary policy committee voted unanimously to lower borrowing costs by 15 basis points and to increase the BOE’s bond-buying program to £645 billion ($752 billion US), up £200 billion.

The BOE had previously cut rates to 0.25% from 0.75% on March 11. —Sam Meredith

New York Gov. Andrew Cuomo ordered 75% of the workforce in non-essential services to stay at home, approved mortgage relief and took other measures.

Cuomo said the state confirmed 1,769 new cases in the last day, bringing the number of confirmed cases in New York to 4,152 and pushing the total number of COVID-19 infections in the U.S. well over 10,000, based on the state’s new case count and data compiled by Johns Hopkins University.

Due to the spike in COVID-19 cases, Cuomo ordered 75% of the workforce in non-essential services to stay at home, a 25% increase from a day earlier. Essential services include businesses dealing with food, pharmacies, healthcare, shipping, and supplies. —Berkeley Lovelace Jr., Noah Higgins-Dunn

Millions of U.S. households are expected to face financial burdens in the wake of the coronavirus pandemic. If you are facing reduced hours or job loss and are worried about making your rent or mortgage payment this month, stay calm — President Donald Trump said Wednesday that the Department of Housing and Urban Development will suspend “all foreclosures and evictions” through the end of April.

That said, you will still want to discuss your options with your mortgage lender or landlord if you have experienced a disruption in your income. CNBC’s Make It offers advice on how to deal with landlords and lenders. —Alicia Adamczyk

Restaurant reservations made through OpenTable ground to a halt in five U.S. cities on Tuesday as restaurant dining room restrictions go into place, according to data from the company. Honolulu’s restaurant bookings have fallen the least, with a decline of 55% compared to a year ago. The Bookings Holdings platform only tracks reservations, not takeout or delivery. —Amelia Lucas

The owner of Victoria’s Secret and Bath & Body Works said it is suspending all “new” online orders for lingerie in the U.S. and Canada from March 17 through March 29.

L Brands said, instead, its Bath & Body Works business online will be prioritizing hand sanitizer and soap sales. It said this business is being fulfilled by a third party.

L Brands said all workers will receive pay and benefits during the shutdown. It had already announced earlier in the week it was closing all of its stores temporarily. But it is trying to get some Bath & Body Works locations back up and running sooner. — Lauren Thomas

Uber stock rose as much as 35% after the company held a call with investors before trading began and said the company has plenty of cash on hand to get through the coronavirus crisis and is seeing growth in other areas of the business as rides fall dramatically as people stay home.

CEO Dara Khosrowshahi said the company’s rides segment is seeing a 60% to 70% decline in areas hit hardest by the coronavirus pandemic, but has also seen growth in its food delivery business Uber Eats.

“We believe we’re already seeing worst of the impact and the recovery in some places,” Khosrowshahi said on a call with analysts. “Once things start moving, Uber will too.” —Jessica Bursztynsky

Treasury Secretary Steven Mnuchin laid out details of the Trump administration’s plan to send Americans relief money as part of a massive stimulus package to blunt the impact of the novel coronavirus crisis. Mnuchin said in a Fox Business Network interview that the plan would send payments directly to Americans totaling $500 billion.

That money would be divided into two large tranches.

“The first one would be $1,000 per person, $500 per child. So for a family of four, that’s a $3,000 payment,” Mnuchin said. “As soon as Congress passes this, we get this out in three weeks. And then, six weeks later, if the president still has a national emergency, we’ll deliver another $3,000,” Mnuchin said. —Kevin Breuninger

The new coronavirus could kill millions across the U.S., said Dr. Kathleen Neuzil, director of the Center for Vaccine Development at the University of Maryland’s School of Medicine.

“It would not surprise me,” she told CNBC when asked whether the U.S. could see millions of deaths. “We need to prepare for the worst.”

Neuzil sits on the Centers for Disease Control’s Advisory Committee on Immunization Practices and is part of the leadership team of infectious disease experts working with NIH to test a coronavirus vaccine and therapies to treat those sick with COVID-19.

“We have 350 million people in the United States, and you do the math,” she said on CNBC’s “Squawk Box.” If 70 million people are eventually infected with this virus and again if there are multiple waves of this virus, then you can do the math and then you can get there.” —Will Feuer

Early each morning, customers at Stop & Shop who are older or more vulnerable to the coronavirus will have a new way to fill up their refrigerator and pantry: An hour and half when they can shop before other customers arrive.

Stop & Shop, Target, Walmart, and Amazon-owned Whole Foods are among the grocers testing the new approach to try to protect people with a higher risk of getting sick as confirmed cases of COVID-19 rise across the U.S. As Americans prepare for prolonged stays inside of their homes, grocery stores have drawn large crowds and frenzied shoppers.

By designating special time slots, retailers aim to make it easier for senior citizens and shoppers with medical conditions to safely navigate stores and buy food and household necessities. —Melissa Repko

Democrats are gearing up for a fight over whether direct payments to Americans struggling with the economic fallout of the coronavirus pandemic will be enough. Senate Minority Leader Chuck Schumer is among those arguing for expanded unemployment insurance as a source of relief.

“A single $1,000 check would help someone pay their landlord in March but what happens after that?” the New York Democrat said on the chamber floor Wednesday. “A thousand dollars goes by pretty quickly if you’re unemployed. In contrast, expanded unemployment insurance — beefed-up unemployment insurance — covers you for a much longer time and would provide a much bigger safety net.”

An aide for Schumer did not immediately answer whether the senator opposed to the concept of direct payments entirely, or just the form currently outlined. —Lauren Hirsch, Kevin Breuninger

The U.S. unemployment rate will rise swiftly and dramatically as the coronavirus brings the American economy to a stop, former top White House economic advisor Gary Cohn told CNBC. “I believe that we are going to have massive unemployment very, very quickly,” Cohn said on “Squawk Box.”

Cohn’s comments came shortly after the Labor Department said jobless claims rose to 281,000 last week, an increase of 70,000 from the week prior.

The former Goldman Sachs president is not alone in forecasting a continued jump in unemployment. Pantheon Macroeconomics’ Ian Shepherdson earlier told CNBC he thought next Thursday’s jobless claims could soar to around two million. —Kevin Stankiewicz

General Motors and Ford Motor are studying whether they can use their auto factories to support production of ventilators and other medical equipment to help combat the coronavirus pandemic sweeping across the nation.

GM CEO Mary Barra spoke with the Trump administration Wednesday about the automaker’s decision to pause production, the company said in a statement. “She also indicated GM is working to help find solutions for the nation during this difficult time and has offered to help, and we are already studying how we can potentially support production of medical equipment like ventilators,” according to the statement.

Ford also confirmed the company has had preliminary discussions with the government and is looking into the feasibility of producing medical equipment. —Noah Higgins-Dunn, Phil LeBeau

The World Health Organization has repeatedly underlined the importance of “flattening the curve” in order to tackle the coronavirus outbreak, calling on countries around the world to impose sweeping public health measures.

In epidemiology, the curve refers to the projected number of new cases over a period of time.

In contrast to a steep rise of coronavirus infections, a more gradual uptick of cases will see the same number of people get infected, but without overburdening the health-care system at any one time.

The idea of flattening the curve is to stagger the number of new cases over a longer period, so that people have better access to care. —Sam Meredith

In just over a month, the three pillars underpinning President Donald Trump’s argument for reelection have all collapsed. Trump’s reelection campaign was designed under the premise that the economy would be strong through November, but that’s not true anymore.

Trump also planned to make socialism a central focus of his attacks. But without Bernie Sanders to run against, this argument becomes a lot less potent.

Finally, Trump campaigned on “draining the swamp” of big government. Now he wants Americans to trust in big government to fight coronavirus and save the economy. —Christina Wilkie

Bank of America warned investors that a coronavirus-induced recession is no longer avoidable — it’s already here.

“We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said. —Pippa Stevens

Stocks opened lower, building on the previous session’s steep losses as the coronavirus crisis rages on.

“Markets are clearly in a state of panic and forced liquidations – but risks remain skewed to the upside and this should become much more apparent once some of the solvency issues are addressed,” Adam Crisafulli, founder of Vital Knowledge, said in a note.

The moves followed yet another violent day on Wall Street on Wednesday. The Dow dropped 1,338.46 points, or 6.3%, on Wednesday and clinched its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session. The S&P 500 dropped 5.2% to 2,398.10 and closed nearly 30% below a record set last month as both indexes sank further into bear markets. —Fred Imbert, Thomas Franck

Darden Restaurants reported quarterly earnings and revenue that topped analysts’ expectations. The company also withdrew its fiscal 2020 outlook and suspended its quarterly dividend, citing the uncertainty it faces as states mandate the closure of dining rooms due the coronavirus epidemic.

Darden has fully drawn down its $750 million credit facility “out of an abundance of caution.”

“With the drawdown of our revolver, and cash on the balance sheet, we will have approximately $1 billion in cash on hand,” CFO Rick Cardenas said in a statement. “We believe this positions us well to deal with potential near term volatility under the current market conditions.” —Amelia Lucas

Investor Ray Dalio told CNBC the coronavirus outbreak will cost U.S. corporations up to $4 trillion, and “a lot of people are going to be broke.”

“What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said in a “Squawk Box” interview. “There will also be individuals who have very big losses. … There’s a need for the government to spend more money, a lot more money.”

The total U.S. GDP at the end of 2019 was more than $21 trillion. The founder of the Bridgewater Associates hedge fund also estimated the global corporate losses will amount to $12 trillion due to the pandemic.

Dalio said the fiscal stimulus package should be $1.5 trillion to $2 trillion at a minimum, depending on the form of the financial relief such as loan guarantees and credits. —Jeff Cox

Airbnb hosts are beginning to feel the impact of the coronavirus pandemic following a change by the company to its cancellation policy that has allowed guests traveling over the next month to receive full refunds on their bookings, overriding existing policies put in place by hosts to protect themselves in such situations. 

That change has already cost Airbnb hosts in California, Florida, Kansas, Utah, Michigan and the state of Washington to lose thousands of dollars in reservations, numerous hosts told CNBC. 

Now, as cancellations continue and new bookings dry up, many hosts around the country have empty calendars for the coming weeks and are facing uncertain futures as the due dates for their mortgages, utilities bills, homeowners association fees and property taxes draw near. —Salvador Rodriguez

Jobless claims rose to 281,000 last week, reflecting only the first indications of the impact the coronavirus will have on the U.S. employment picture. 

That number reflected a significant rise from the previous week’s 211,000.

Companies are just starting to announce coronavirus-related layoffs, many of those in the hospitality industry, so the real damage probably won’t start showing through until next week’s count, which will entail the period through this Saturday. —Jeff Cox

Futures contracts tied to the major U.S. stock indexes pointed to more losses at the open, building on the previous session’s steep losses as the coronavirus crisis rages on.

As of 7:58 a.m. ET, Dow Jones Industrial Average futures were down more than 500 points, implying an opening loss of more than 400 points. S&P 500 and Nasdaq 100 futures also fell.

“Markets are clearly in a state of panic and forced liquidations – but risks remain skewed to the upside and this should become much more apparent once some of the solvency issues are addressed,” Adam Crisafulli, founder of Vital Knowledge, said in a note.  —Fred Imbert, Thomas Franck

COVID-19 kills one person every 10 minutes in Iran, the health ministry spokesman tweeted, as the death toll in the Middle East’s worst-affected country climbed to 1,284.

“Based on our information, every 10 minutes one person dies from the coronavirus and some 50 people become infected with the virus every hour in Iran,” Kianush Jahanpur tweeted. —Reuters

Spain’s health ministry said its national death toll soared by 209 to 767 fatalities from the previous day as the total number of coronavirus cases climbed by a quarter to 17,147. On Wednesday, there were 13,716 cases in Spain. —Reuters

The first wave of bad economic news directly related to the coronavirus crisis is likely to come from the jobs market, and that could be delivered sooner rather than later.

Virtually all of the economic data releases out now cover periods before the COVID-19 spread began to zero in on the U.S.  Some of those reports have hinted at a slowdown heading into the worst of the virus period, but the extent of the damage has been hard to gauge. That will change over the next week or so when the Labor Department releases the tallies for weekly jobless claims. The latest weekly unemployment numbers are expected out at 8:30 a.m. ET. —Jeff Cox

Italy’s lockdown is set to be extended beyond the current end-date of April 3, Prime Minister Giuseppe Conte said as its death toll rises at a record rate. Speaking to Italian newspaper Corriere della Sera, Conte said measures taken to close schools and universities and to restrict movement throughout Italy would have to be prolonged.

“The total blockade will go on,” Conte said. “The measures taken, both the closure of [public] activities and the ones concerning schools, can only be extended,” he told the paper. —Holly Ellyatt

Michel Barnier, who leads the EU’s Brexit negotiations, has said he has contracted the virus.
Announcing the news on Twitter, he said he was “doing well and in good spirits.” —Holly Ellyatt

Luxury brand Burberry said sales in the final weeks of March would plunge by up to 80% as the impact of coronavirus on consumers, already seen in China, has spread to Europe and the U.S. The British brand said like-for-like sales in the final weeks of its financial year to March 28 would be down 70% to 80%, and as a result fourth-quarter sales would be 30% lower, Reuters reported. —Holly Ellyatt