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 1,446,500
- Global deaths: At least 82,992
- US cases: More than 399,900
- US deaths: At least 12,911
The data above was compiled by Johns Hopkins University.
10:16 am: New York City sees slowing in coronavirus hospitalizations, city needs to ‘double down’ on suppression, Mayor de Blasio says
New York City has seen a slowing need for ventilators and a stabilized hospitalization rate for coronavirus cases — but the city should “double down” on efforts to suppress the pandemic, Mayor Bill de Blasio said Wednesday.
De Blasio said there is a risk that coronavirus cases could begin to increase at a faster rate if residents do not adhere to social distancing and shelter-in-place policies.
“We’re now seeing some leveling off,” de Blasio said at a press conference. “Something has started to move.”
De Blasio added, “We have to be careful not to take this initial information and make more of it than we should.”
New York City and surrounding counties in New York state have been the epicenter of the COVID-19 outbreak in the United States. —Dan Mangan, Noah Higgins-Dunn, William Feuer
10:13 am: Coronavirus outbreak should begin to turn around after ‘bad week for deaths,’ White House advisor Dr. Fauci says
Coronavirus deaths will continue to climb in the U.S. this week even as new cases near their peak and the rate of hospitalizations slow down, White House health advisor Dr. Anthony Fauci said Wednesday.
“It’s going to be a bad week for deaths,” Fauci, the director of the National Institute of Allergy and Infectious Diseases, said on Fox News.
Fauci said deaths generally lag behind other aspects of the outbreak such as new cases and hospitalization. New cases appear to be nearing their peak and the rate of hospitalizations is down, he said.
After this week, the U.S. should see the “beginning of a turnaround,” Fauci said. —Berkeley Lovelace Jr.
9:40 am: Treasury Secretary Mnuchin says the government won’t run out of money for small businesses
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that small businesses throughout the U.S. should not worry about their odds of receiving relief funding from the federal government.
Asked by CNBC’s Jim Cramer about the White House’s work with the Small Business Administration, Mnuchin said he’s confident Congress will approve additional funding on top of the original $350 billion already being distributed.
“Jim, we’re raising over $2 trillion for our COVID relief. We’re raising it all across the curve and we have tremendous demand for U.S. Treasurys,” Mnuchin said. “Everybody wants to buy U.S. Treasurys: It’s the safe haven.” —Thomas Franck
9:34 am: Dow jumps 300 points after Fauci says virus turnaround likely after this week
Stocks rose on Wednesday amid hope that the number of new coronavirus cases is starting to decline. The Dow Jones Industrial Average jumped more than 300 points at the open, or 1.4%. The S&P 500 climbed 1.1% while the Nasdaq Composite advanced 1.3%.
In the U.S., the number of daily increases in coronavirus cases has fallen since Friday, according to data from Johns Hopkins University. Daily increases in global cases have also fallen since then.
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Wednesday the U.S. death count related to the coronavirus is now lower than initially though, noting there should be a turnaround after this week. He added, however, virus efforts should be intensified. —Fred Imbert, Maggie Fitzgerald
9:25 am: Animated map showing the latest spread of the coronavirus worldwide
8:33 am: WHO responds to Trump’s threat to cut funding — ‘Now is not the time’
The WHO has responded to President Donald Trump’s threat to cut its funding, saying the move would not be appropriate during the global coronavirus pandemic.
“We are still in the acute phase of a pandemic so now is not the time to cut back on funding,” Dr Hans Kluge, WHO Regional Director for Europe, told a virtual briefing Wednesday, Reuters reported.
Trump on Tuesday blamed the United Nations’ health agency for getting “every aspect” of the coronavirus pandemic wrong and threatened to withhold funding from the body. —Holly Ellyatt, Dawn Kopecki, Berkeley Lovelace
8:22 am: Pelosi and Schumer push for emergency coronavirus bill with at least $500 billion more in aid
The top Democrats in Congress pushed for an “interim” emergency coronavirus bill to include at least $500 billion in relief for small businesses, hospitals, states and food assistance programs.
In a joint statement, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer supported another $250 billion in loans to small companies — a sum the Trump administration has requested and Senate Majority Leader Mitch McConnell aims to pass through the Senate on Thursday. It would add to the $350 billion in aid approved as part of the $2 trillion emergency package passed last month. The Trump administration has reported high demand for the loans.
Democrats want the stopgap legislation to go further as the coronavirus pandemic rips across the country, stretching health care resources and state budgets and shutting down schools and businesses. Here’s what Pelosi and Schumer called for. —Jacob Pramuk
8:07 am: UK’s Boris Johnson ‘responding to treatment’ after spending a second night in intensive care
U.K. Prime Minister Boris Johnson has spent a second night in an intensive care unit in hospital, but is “clinically stable.”
Speaking to reporters, a Downing Street spokesman said Johnson was “responding to treatment” and “is in good spirits.”
However, they made clear he is “not working.”
Johnson was admitted to the unit in St. Thomas’ Hospital, London, on Monday evening after his coronavirus symptoms worsened. —Holly Ellyatt
7:21 am: Empty hotels convert into coronavirus quarantines, emergency housing to ‘keep the lights on’
The Kent quarantine motel is pictured in Kent, Washington state on March 9, 2020. A plan to set up “quarantine motels” in the US coronavirus epicenter of Washington state has infuriated local residents who fear they will be exposed to a high risk of infection.
Michelle W. Martin | AFP | Getty Images
Cash-strapped and empty hotels across the country are finding ways to keep the lights on by converting themselves into coronavirus wards or temporary housing for the National Guard or exhausted doctors and nurses.
It provides some much needed revenue for an industry that’s been brought to its knees by the COVID-19 outbreak that’s spread to more than 1.4 million people in nearly every country across the globe. World, national, state and local leaders have imposed various travel restrictions, shuttered tourist attractions, issued broad shelter-in-place orders and even authorized hefty fines for people who don’t adhere to social distancing rules.
Hotels big and small are looking for ways to survive the unprecedented economic fallout, with some finding financial relief in government partnerships housing frontline medical workers and military personnel. —Will Feuer, Emma Newburger
7:13 am: US announces contract with GM to produce ventilators
The Department of Health and Human Services announced the first contract for ventilator production with GM under the Defense Production Act, which President Donald Trump invoked last month. The Korean War-era statute can force certain American companies to produce materials that are in short supply in the face of the growing outbreak.
GM’s contract is worth $489.4 million, HHS said in a release, and the car-manufacturer is expected to produce 30,000 ventilators for the Strategic National Stockpile by August.
“GM and Ventec Life Systems are working with speed and urgency to arm front-line medical professionals with the critical care ventilators they need to treat seriously ill patients,” GM said in a statement. “We remain dedicated to working with the Administration to ensure American innovation and manufacturing meet the needs of the country during this global pandemic.” —Will Feuer
7:05 am: ‘Corona bonds’: Here’s why Germany and the Netherlands oppose the idea
6:55 am: Tesla will slash employee pay and furlough employees
SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, March 2, 2019.
Mike Blake | Reuters
Tesla will cut pay for all of its salaried employees and will furlough hourly workers until May 4, when it intends to resume production of electric cars, according to an internal e-mail that multiple employees shared with CNBC. The pay reductions are expected to be in place until the end of the second quarter.
Health orders, implemented to curb the spread of COVID-19, forced Elon Musk’s electric car company to wind down production at its main vehicle assembly plant in Fremont, California.
The new pay cuts follow Tesla’s first-quarter vehicle production and deliveries report, which pleased investors — the company said it delivered approximately 88,400 vehicles and produced 103,000 in Q1. Tesla has yet to withdraw guidance it gave investors for 2020, saying it should “comfortably exceed” 500,000 vehicle deliveries for the year. —Lora Kolodny
6:04 am: Daily death toll in Spain rises by 757 to 14,555 fatalities
The number of daily coronavirus deaths rose in Spain for the second day as 757 people died over the past 24 hours, the health ministry said. On Tuesday, the death toll had risen by 743 from the previous day.
The total number of fatalities has risen to 14,555, the ministry said. The overall number of confirmed cases in the country rose to 146,690 up from 140,510 on Tuesday, it added. —Sam Meredith
5:33 am: US coronavirus cases top 400,000, doubling in one week
The number of confirmed coronavirus cases in the U.S. surpassed 400,000, according to figures provided by NBC, with 12,864 fatalities nationwide.
The world’s largest economy has recorded by far the most COVID-19 infections of any country around the globe, with the total number of cases nationwide now almost five times that of China — where the virus was first identified in December. However, U.S. officials have questioned whether China has reported all of the confirmed cases in the country.
The U.S. confirmed an additional 169 cases in Missouri on Wednesday, data provided by NBC showed, taking the nationwide number of infections to 400,018. NBC’s count is slightly higher than that of Johns Hopkins University, which counted 399,929 cases as of Wednesday morning. —Sam Meredith
5:27 am: European markets decline as hopes for imminent recovery fade
European markets traded lower as optimism over an imminent recovery from the coronavirus started to fade.
The pan-European Stoxx 600 fell 1% in early trade, with oil and gas stocks shedding 2.7% to lead losses, while the tech sector bucked the trend to edge 0.3% higher.
Global markets continue to seesaw on hopes and fears over the direction that the coronavirus pandemic is taking. There was optimism that the virus could begin to slow its spread, but an end to the outbreak appears to be some way off. —Elliot Smith and Holly Ellyatt
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: US coronavirus cases top 400,000; Spain’s death toll rises above 14,500
