White House won’t talk stimulus until July

White House won’t talk stimulus until July

Confirmed coronavirus cases in the U.S. topped two million as the virus begins to spread more rapidly in some states that aggressively reopened, such as Texas, Arizona, North Carolina and others. While health officials expected cases to rise as states reopened, the focus now is on ensuring that surges don’t boil over into uncontrolled outbreaks. Biotech company Regeneron announced it has started to test its potential coronavirus drug on humans to evaluate if it can effectively treat and even prevent Covid-19. 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 7.4 millionGlobal deaths: At least 417,174U.S. cases: More than 2 millionU.S. deaths: At least 112,924The data above was compiled by Johns Hopkins University.5 New York regions to open more businessesSource: The State of New York1:42 p.m. ET — More businesses will be allowed to reopen in five central and upstate New York regions on Friday, Gov. Andrew Cuomo announced.The North Country, Mohawk Valley, Southern Tier, Finger Lakes and Central New York regions will move to phase three of reopening, allowing restaurants to reopen for indoor dining at 50% capacity and personal care facilities like spas to reopen also at 50% capacity.The decision comes as the virus recedes in New York, once the epicenter of the country’s outbreak, but gains speed in some other states that were among the first and most aggressive to reopen, such as Texas, Arizona and North Carolina.”We are the exception. To date, we are the exception. And that can change and that can change over night,” Cuomo said Thursday. “It’s the same story. ‘We want to reopen, we want to reopen. It’s fine, it’s fine, it’s fine.’ No, it’s fine until it’s not fine.” —Will Feuer, Noah Higgins-DunnDelta CEO says all employees will be tested for virus, antibodies1:26 p.m. ET — Delta CEO Ed Bastian said in a memo Thursday that all employees will be tested for the coronavirus and antibodies. The announcement comes as Delta and other airlines begin adding summer flights as passengers start returning.Bastian said Delta is partnering with the Mayo Clinic and Quest Diagnostics to facilitate the testing. The program will begin in Minneapolis, Atlanta, Detroit and New York starting next week, then will evolve into a company-wide testing protocol.The company also announced the creation of the Delta Global Cleanliness organization, which will review Delta’s standards and policies to ensure customers and employees are safe. –Alex HarringRyanair rejects U.K. guidance for passengers to check in all luggageRyanair planes are seen at Dublin Airport, following the outbreak of the coronavirus disease (COVID-19), Dublin, Ireland, May 1, 2020.Jason Cairnduff | Reuters1:02 p.m. ET — Irish budget airline Ryanair said it will not follow new British government guidance recommending passengers check in all luggage. Instead, Ryanair will ask passengers to minimize check-in luggage, according to Reuters.The guideline on luggage from Britain’s Department of Transport is intended to reduce the spread of Covid-19. The agency is also recommending that people wear face masks in airports and on planes.Ryanair rejected the check-in guideline and said cabin bags are handled only by the passenger, limiting any risk of physical contact with others, Reuters reported.Flying in and out of Britain has decreased since the coronavirus pandemic, because of new U.K. rules for international arrivals to quarantine for 14 days.”We are taking the necessary steps to ensure a framework is in place for the aviation industry to bounce back,” said Transport Minister Grant Shapps in a statement. —Suzanne Blake, ReutersMortgage rates hit new record low12:34 p.m. ET — Mortgage rates hit a record low amid concerns over a second wave of the coronavirus, which has helped spur a market sell-off. Though rates saw a boost last week, the 30-year fixed mortgage rate now hovers at 2.97%, CNBC’s Diana Olick reports. Low mortgage rates have driven a fast recovery in the housing market and mortgage applications for home purchases were up 13% annually last week, according to data from the Mortgage Bankers Association. —Hannah MillerMnuchin warns against shutting down economy for second waveNoon ET — Treasury Secretary Steven Mnuchin is warning against imposing lockdowns again even as states like Texas report record coroanvirus hospitalizations as businesses reopen. “We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” Mnuchin said in an interview with CNBC’s Jim Cramer on “Squawk on the Street.” “And not just economic damage, but there are other areas and we’ve talked about this: medical problems and everything else that get put on hold,”  he added. “I think it was very prudent what the president did, but I think we’ve learned a lot.” — Spencer KimballWhite House plan coronavirus stimulus talk for late July11:18 a.m. ET — The White House will not discuss a fourth coronavirus stimulus package until late July, when Congress returns from recess, CNBC’s Kayla Tausche reports.Both the Senate and House of Representatives are set to return to Washington on July 21, which is 10 days before programs under the CARES Act, including increased unemployment insurance payments, will expire. The Trump administration estimates that more than half of funds from the last three stimulus packages have not been spent.A breakdown from the Office of Management and Budget found that just $22 billion of $500 billion designated to Treasury Department for business loans has been spent. In formulating a future stimulus bill, Republican leaders and the administration do not have a uniform stance yet on what would should be included, but many want to provide liability protection to businesses that reopen. —Suzanne BlakeDow plunges more than 900 points on worries of second coronavirus wave 9:33 a.m. ET — Stocks fell sharply at the open as coronavirus cases increased in some states that are reopening up from lockdowns, reports CNBC’s Fred Imbert and Yun Li. The Dow Jones Industrial Average traded more than 900 points lower, or over 3%. The S&P 500 slid 2.5% while the Nasdaq Composite slid 2.1%. —Melodie WarnerAlitalia to resume international flights from Milan in July9:23 a.m. ET — Alitalia intends to resume international flights from Milan next month, according to a Reuters report. The Italian carrier plans to operate 52 routes to 37 airports — including 19 in Italy and 18 abroad — about 60% more flights compared to June. Seats offered in July will grow by 60% compared to the previous month, Reuters reported. —Melodie WarnerModerna to launch coronavirus vaccine trial in July8:58 a.m. ET — Moderna is set to start a 30,000-person trial of its coronavirus vaccine in July, the company confirmed to Reuters. The trial comes as the biotechnology company enters the final stage of testing for the potential coronavirus vaccine.Moderna selected a100-microgram dose of the vaccine for the study, for which the primary goal would be to prevent symptomatic Covid-19. The secondary goal would be the prevention of severe disease, as defined by people being hospitalized. The company aims to deliver around 500 million — and potentially up to 1 billion — doses per year beginning 2021, Reuters reported. —Alex HarringPace of U.S. weekly jobless claims continues to decelerate8:48 a.m. ET — The pace of unemployment claims decelerated for the 10th straight week as the U.S. jobs market continued its plodding recovery from the coronavirus pandemic, reports CNBC’s Jeff Cox. Labor Department data showed initial claims totaled 1.54 million, compared to the 1.6 million expected from economists surveyed by Dow Jones and a drop of 355,000 from the previous week’s total that was just short of 1.9 million. —Melodie WarnerThe latest on daily new casesRegeneron begins testing potential treatment7:24 a.m. ET — Regeneron announced the start of the first human trial of its antibody cocktail that the company hopes will effectively treat and even prevent Covid-19.The drug, REGN-COV2, which is a combination of two antibodies, is the latest potential therapy to enter clinical trials. The only drug that has so far proven to effectively treat Covid-19 patients is Gilead Sciences’s Remdesivir. “REGN-COV2 could have a major impact on public health by slowing spread of the virus and providing a needed treatment for those already sick – and could be available much sooner than a vaccine,” Dr. George Yancopoulos, co-founder and chief scientific officer of Regeneron, said in a statement. —Will FeuerWHO warns of increasing ‘hotspots’ in AfricaNAIROBI, Kenya – Health workers carry out coronavirus screening on residents in the Kibera settlement.Kelvin Juma/SHOFCO7:00 a.m. ET — Africa will experience a “steady increase” in coronavirus cases until a vaccine is developed, the World Health Organization warned, according to Reuters. The global health body said that robust public health measures are needed in virus “hotspots” in the continent.”Until such time as we have access to an effective vaccine, I’m afraid we’ll probably have to live with a steady increase in the region, with some hotspots having to be managed in a number of countries, as is happening now in South Africa, Algeria, Cameroon for example, which require very strong public health measures, social distancing measures to take place,” Matshidiso Moeti, WHO’s Africa regional director, told a briefing in Geneva, Reuters said. —Holly Ellyatt


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