More and more state officials are pausing or rolling back efforts to reopen the economy as the coronavirus spreads to new communities and picks up speed in many parts of the U.S. government, Arizona. Doug Ducey became the last official to back down from his state Monday night. after weeks of increase in cases. On Tuesday, Dr. Anthony Fauci and other top health officials will testify before lawmakers about the state of the outbreak.
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 comes out.
- Global cases: more than 10.4 million
- Global deaths: at least 509,516
- US cases: more than 2.68 million
- Deaths in the United States: at least 129,545
The above data was compiled by Johns Hopkins University.
US Consumer Confidence for June Jumps
Women wearing masks carry shopping bags outside the Jacadi clothing store as the city moves to Phase 2 of reopening following restrictions imposed to curb the coronavirus pandemic on June 22, 2020 in the city of New York.
Alexi Rosenfeld | fake pictures
10:57 am ET – Consumer confidence rose more than expected in June as the US lifted some restrictions on quarantine and staying home.
The Conference Board’s Consumer Confidence Index rose to 98.1 for the month, compared to economists’ expectations of a reading of 91 and above the May reading of 85.9, reported Fred Imbert of CNBC.
“The reopening of the economy and the relative improvement in unemployment claims helped improve consumers’ assessment of current conditions,” said Lynn Franco, chief director of economic indicators for The Conference Board.
Franco noted, however, that “the Current Situation Index suggests that economic conditions remain weak. Looking ahead, consumers are less pessimistic about the short-term outlook, but do not anticipate a significant recovery in economic activity.” . –Terri Cullen
About 25% of New York City is probably infected, says Dr. Gottlieb
10:50 am ET – About 25% of people in the New York City area have likely already been infected with the coronavirus, former Food and Drug Administration Commissioner Dr. Scott Gottlieb said Tuesday.
Gottlieb cited a study published Monday by researchers at the Mount Sinai Health System in New York City, which suggested that 19.3% of people in the city had already been exposed to the virus as of April 19.
However, the researchers noted that even if that part of people has antibodies against the coronavirus, it would still be well below the estimated 67% required to achieve the so-called collective immunity, which is necessary to stop the spread of the virus. And scientists are still investigating the relationship between coronavirus antibodies and immunity, which is not yet clear. –William Feuer
US hot spots stretch into the sunbelt
The UN labor agency estimates that 400 million jobs were lost in the second quarter due to the coronavirus
9:49 am ET – The coronavirus pandemic is estimated to have resulted in a 14% drop in global working hours in the second quarter of 2020, the International Labor Organization said.
This equates to 400 million full-time jobs, marking a “sharp increase” in his previous forecast of 305 million potential job losses.
The UN labor agency described three scenarios for the labor market in the second half of 2020 and in the “pessimistic” model, projected an 11.9% decrease in working hours, the equivalent of 340 million jobs. —Vicky McKeever
Stocks open as Wall Street ends its best quarter in decades
9:35 am ET – Shares opened unchanged as the leading averages are heading for their biggest one-quarter earnings in years, report Fred Imbert and Maggie Fitzgerald of CNBC. The Dow Jones Industrial Average was down 52 points, or 0.2%. The S&P 500 and Nasdaq Composite floated around the flat line.
Both the Dow and S&P 500 were on track to achieve their best quarterly performance since 1998, up more than 16% each. Meanwhile, the Nasdaq Composite was up 28.2% quarterly to date and headed for its biggest quarterly gain since 2001. Melodie Warner
New cases arise in the U.S.
Goldman Sachs says national mask mandate could save economy from 5% hit
9:02 am ET – Goldman Sachs told clients that a nationwide face mask mandate could reduce the daily growth rate of new confirmed cases of Covid-19 and prevent the US economy from taking a hit from the 5% of GDP instead of additional blocks.
Jan Hatzius, chief economist at Goldman, said a national mask mandate could increase the percentage of people wearing masks by 15 percentage points, and found that the rule could replace locks that would subtract nearly 5% of GDP growth. —Thomas Franck
An increase in nationalism could lead to an even more deadly pandemic, professor warns.
8:22 am ET – An increase in nationalism and inward politics could lead to another even more deadly pandemic in the future, according to Ian Goldin, professor of Globalization and Development at the University of Oxford.
Goldin, who previously served as an adviser to Nelson Mandela and a former vice president of the World Bank, told CNBC that if more protectionism emerges from the coronavirus crisis, the world will face a host of risks, including an even bigger pandemic, more financial crisis. and “Cold War 2.0”.
“We are faced with a choice,” he said. “Either the pandemic teaches us to be more globalized in politics, to stop the next pandemic, to cooperate, to restore global growth, or we become more national, in which case we are on a downward spiral.”
Goldin has been predicting a pandemic for several years, warning in his 2014 book “The Butterfly Defect” and a 2018 BBC series that a disease outbreak would be the most likely cause of the next global economic crisis. —Chloe Taylor
British Boris Johnson promises to ‘build, build, build’ by announcing increased investment
British Prime Minister Boris Johnson speaks during a daily briefing to update on the outbreak of coronavirus disease (COVID-19), at 10 Downing Street in London, Britain, on June 3, 2020.
Andrew Parsons | 10 Downing St | via Reuters
7:34 am ET – UK Prime Minister Boris Johnson announced a public investment program that the government hopes will help the British economy recover from the coronavirus crisis.
“We cannot simply continue to be prisoners of the crisis,” Johnson said in announcing £ 5 billion ($ 6.15 billion) of government spending on various public infrastructure projects, ranging from hospitals to roads to schools. “We must work fast because we have already seen the dizzying drop in GDP (gross domestic product).”
Vowing to “build, build, build,” Johnson announced plans to increase government infrastructure spending and cut construction and development bureaucracy. He compared his plan to the “New Deal” public works program of former President of the United States Franklin D. Roosevelt in the 1930s.Holly Ellyatt
Fauci, other health officials will testify in Congress
The director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci, wears a face mask while waiting to testify before the House Energy and Commerce Committee on the Trump Administration’s response to the COVID-19 pandemic, in the Capitol of Washington, DC, United States, June 23, 2020.
Kevin Dietsch | Reuters
7:13 am ET – White House health adviser Dr. Anthony Fauci will testify before members of Congress on Tuesday at 10:00 am ET.
Fauci will be joined by Dr. Robert Redfield, director of the Centers for Disease Control and Prevention, and Admiral Brett Giroir, deputy secretary of health, Department of Health and Human Services. Dr. Stephen Hahn, commissioner of the Food and Drug Administration, is also scheduled to testify.
The Senate health and education committee will hold the hearing, an “update on progress toward safe return to work and back to school.”
The four officials scheduled to speak testified in a full-day hearing before members of the House just a week ago when officials offered an overview of the United States’ response to the pandemic thus far and warned of a difficult fall season. . –Will Feuer
Read CNBC’s previous live coverage of coronavirus here: New strain of flu found in China; The WHO warns that “the worst is yet to come”