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Coronavirus live updates: White House requires masks for employees, Western states ask for $1 trillion in aid


As extra international and state governments define the early levels of reopening, World Health Organization officers say nations which have already lifted lockdowns noticed a soar in Covid-19 circumstances. New York Gov. Andrew Cuomo mentioned a number of the state’s restrictions will elevate on Friday, and LA County seashores had been set to reopen Wednesday. Meanwhile the Food and Drug Administration continues to fast-track coronavirus-related therapies and checks: A quicker, cheaper Abbott Labs take a look at was granted emergency use approval. 

This is CNBC’s live weblog overlaying all the newest information on the coronavirus outbreak. All instances beneath are in Eastern time. This weblog can be up to date all through the day because the information breaks. 

  • Global circumstances: More than 4.1 million
  • Global deaths: At least 284,883
  • US circumstances: More than 1.Three million
  • US deaths: More than 80,000

The information above was compiled by Johns Hopkins University.

6:15 pm: Visitors flock to South Dakota casinos after reopening

Casinos noticed massive enterprise this previous weekend after being allowed to reopen in South Dakota. CNBC’s Contessa Brewer reviews {that a} purpose for the excessive occupancy at gaming resorts was “cabin fever.”

Casinos had been allowed to reopen in Montana as nicely, however usually are not but open in Nevada. —Hannah Miller

5:30 pm: Mark Cuban: White House safeguards must be US norm

Mark Cuban informed CNBC that the White House’s coronavirus prevention requirements should turn out to be “the national standard,” suggesting customers and employers alike won’t be snug till that occurs. “Whatever the White House is doing for the president and vice president, that’s the protocol I want to use for my employees. And if I can’t adhere to that, then why would I put them at risk?” Cuban mentioned on “Squawk Box.” 

The billionaire entrepreneur and “Shark Tank” investor mentioned he believes the U.S. may can get to that time. “I just don’t know when,” mentioned Cuban, who added he isn’t going out to eat at eating places in Texas but, regardless of restricted dine-in service being provided. Most Americans shouldn’t have entry to day by day Covid-19 testing, Cuban mentioned, and “that’s the problem.” —Kevin Stankiewicz 

Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank,” on which Mark Cuban is a co-host.

5:15 pm: Second examine in lower than every week concludes hydroxychloroquine might not be useful 

U.S. President Donald Trump speaks throughout a press briefing about coronavirus testing in the Rose Garden of the White House on May 11, 2020 in Washington, DC.

Drew Angerer | Getty Images

Another examine exhibits that hydroxychloroquine — a drug President Donald Trump mentioned confirmed promise in treating the coronavirus — seems to not assist Covid-19 sufferers and, as an alternative, locations them at elevated danger of coronary heart assault. The New York State Department of Health, in partnership with the University of Albany, had been conducting a so-called observational examine that researchers hoped may shed some perception into the drug’s potential effectiveness.

They analyzed greater than 1,400 medical data of hospitalized sufferers with Covid-19 throughout 25 hospitals in the New York metro space between March 15 and March 28. “This observational study has given us an important early look at some key questions related to prescribing patterns of hydroxychloroquine, azithromycin and chloroquine,” David Holtgrave, dean on the University of Albany’s School of Public Health and a researcher working with the state, mentioned in an announcement to CNBC. “Unfortunately, we did not observe benefits of the most used drug (hydroxychloroquine with or without azithromycin) in this group of seriously ill, hospitalized patients.” —Berkeley Lovelace Jr.

5 pm: LA County seashores to reopen on Wednesday

Lifeguards patrol an empty seaside in entrance of the Huntington Beach Pier on May 3, 2020 in Huntington Beach, California.

Michael Heiman | Getty Images

Los Angeles County officers introduced that seashores can be allowed to reopen with limitations beginning this Wednesday. Ocean and exercising actives like browsing, swimming, strolling and working can be allowed, whereas gatherings or sunbathing, picnicking and biking usually are not, in line with county officers.

Face coverings will even be required out of the water and beachgoers have to be 6 toes aside.Gov. Gavin Newsom has mentioned that seashores in the southern a part of the state, together with these in Orange, Los Angeles, and San Diego counties, have raised alarm bells after reviews confirmed giant gatherings of individuals not following social distancing tips. Newsom ordered the the seashores in Orange County to shut on April 30 however reversed his order after native officers made security modifications to seaside guidelines. —Noah Higgin-Dunn

4:45 pm: White House requires employees to put on masks in West Wing

U.S. Health and Human Services (HHS) Secretary Alex Azar wears a protecting face masks amongst different officers and media sporting masks as U.S. President Donald Trump holds a coronavirus illness (COVID-19) outbreak response briefing in the Rose Garden on the White House in Washington, May 11, 2020.

Kevin Lamarque | Reuters

The White House is issuing a requirement for all staffers to put on masks or facial coverings when getting into the West Wing of the constructing, NBC News reported, citing two sources conversant in the matter. The memo additionally informed employees members to not go to the West Wing, the place the Oval Office is positioned until crucial.The new regulation comes after two staffers near President Donald Trump and Vice President Mike Pence examined optimistic for Covid-19. —Kevin Breunninger

4:20 pm: Western States Pact asks for $1 trillion in aid

California Gov. Gavin Newsom introduced that 150 inns have agreed to present deep reductions to well being care employees logging lengthy hours in hospitals whereas coping with coronavirus outbreak, throughout his day by day information briefing on the Governor’s Office of Emergency Services in Rancho Cordova, Calif. Thursday, April 9, 2020.

Rich Pedroncelli | Pool | AP

California has joined with Oregon, Washington, Nevada and Colorado to ask the federal authorities for $1 trillion in aid, in line with a tweet from California Gov. Gavin Newsom. Newsom mentioned the funds will assist colleges, public well being and public security companies. These states make up the Western States Pact, a coalition that’s working collectively to ascertain a regional restoration amid the pandemic. —Hannah Miller

Four pm: WHO says discharged sufferers reporting extended signs, relapses

The World Health Organization is partnering with hospitals and governments all over the world to coordinate information assortment and achieve a extra full image of how Covid-19 impacts the human physique. Researchers are nonetheless studying each day about how the virus assaults the physique and what sorts of signs it causes.

Months into the pandemic, scientists are actually studying what restoration from Covid-19 seems to be like, and it has been longer than anticipated for many, govt director of the WHO’s emergencies program Dr. Mike Ryan mentioned.

“Certainly, there have been some reported cases of putative relapse, so, people who have fallen sick again,” he mentioned. “A lot of work is going now to see whether people have been reinfected or whether it’s just a chronic part of the condition.”It’s unclear whether or not individuals are really relapsing or some signs are sticking for longer than anticipated, Ryan mentioned. He added that many individuals “remain quite frail, quite without energy and struggle to get back to full health.” —William Feuer

3:56 pm: Choice Hotels CEO says enterprise is rising however can be ‘sporadic’

The return of journey in the United States can be “regional and sporadic,” however enterprise has elevated over current weeks, Choice Hotels CEO Patrick Pacious mentioned on “The Exchange.”

“It’s what we’re seeing today. The Southeast part of the country, where a lot of our hotels are located, did rebound sooner,” Pacious mentioned.

More than 90% of the corporate’s U.S. inns have stayed open throughout the pandemic, Pacious mentioned, although the corporate has made some cutbacks to preserve money. The firm has suspended its dividend and buybacks and lower govt pay. More than half of its U.S. inns have participated in authorities mortgage applications, Pacious mentioned. —Jesse Pound

3:31 pm: Stimulus checks have gone out to 130 million Americans — this is the place they went

Coronavirus stimulus checks totaling greater than $200 billion have been paid to roughly 130 million Americans, in line with the IRS.

The U.S. authorities is in the method of sending out funds of as much as $1,200 per particular person primarily based on their revenue. More than 150 million funds whole are anticipated to exit.

The IRS’ newest replace additionally contains information on how a lot Americans have obtained in stimulus funds by state. Unsurprisingly, massive, high-population states together with California, Texas and Florida lead the pack.

But damaged down per capita, the numbers inform a unique story of which states obtained the best funds primarily based on their inhabitants, in line with a CNBC evaluation of the information. 

Meanwhile, the IRS is asking people to submit their direct deposit data by Wednesday, May 13, in order to get their cash quicker. Individuals who don’t submit their data by then must wait for mailed paper checks. —Lorie Konish

3:22 pm: Have we hit backside? Some executives say they’ve seen ‘inexperienced shoots,’ whereas others warn of years-long restoration

After a pointy decline in March and April, some firm executives say they see indicators that their companies are on the trail to restoration — or at the very least that the worst is over. 

Uber and Lyft mentioned trip quantity grew in late April and early May. Some retailers, corresponding to Target and CVS, mentioned gross sales have began to choose up with the elevate of stay-at-home orders. Automakers are starting to see a rebound, in line with trade information and executives.

But these hopeful numbers include caveats: The reopening of the financial system in some states brings the danger of additional outbreaks, as individuals regularly return to shops, eating places and barber retailers. With no vaccine or medical remedy, individuals should still keep away from public locations. And U.S. unemployment of practically 15% revealed in the April jobs report, could trigger individuals to rein in spending. 

In the hard-hit airline trade, leaders of JetBlue, American Airlines and United have acknowledged that days of journey demand really feel removed from returning. Their hope has been easier: affirmation that passenger numbers will not drop additional. —Melissa Repko

3:18 pm: Pentagon Inspector General to look at Navy’s response

The Department of Defense Inspector General will consider the U.S. Navy’s response to coronavirus outbreaks on ships and submarines.

In a May 11 memo to the Department of the Navy, the Pentagon’s Inspector General’s workplace wrote that it’ll examine “whether mitigation measures that are effective in preventing the spread of COVID-19 were implemented across the fleet.”

The U.S. Navy reported a complete of two,162 confirmed circumstances of the coronavirus. More than half of these circumstances had been from sailors assigned to the USS Theodore Roosevelt or the USS Kidd. —Amanda Macias

2:43 pm: Some restrictions to elevate in New York this week

Certain low-risk companies and actions can resume throughout New York on Friday, in line with Gov. Andrew Cuomo. Recreational actions like tennis and drive-in film theaters in addition to landscaping and gardening companies can reopen, CNBC’s Noah Higgins-Dunn, Kevin Breuninger and Berkeley Lovelace Jr. report. Three areas in upstate New York — the Finger Lakes, the Southern Tier and Mohawk Valley — can enter part one among New York’s reopening plan, which means they’ll resume manufacturing, development and agriculture, and permit curbside pickup at non-grocery retailers. —Hannah Miller

2:33 pm: Health officers determine greater than 5,000 deaths in NYC which will have been associated to coronavirus

Funeral house employees wheel a casket containing a COVID-19 sufferer as residents type a line ready for meals distributed by a area people group on May 8, 2020 in the Midwood neighborhood in Brooklyn, New York.

Andrew Lichtenstein | Corbis | Getty Images

The CDC recognized extra than 5,000 extra deaths in New York City between March and early May which will have been instantly or not directly attributable to the coronavirus pandemic. The extra deaths could embody individuals with the virus who didn’t have entry to testing, who died exterior of a well being facility, or who turned contaminated after receiving a damaging take a look at consequence, CNBC’s Berkeley Lovelace Jr. reviews. As the epicenter of the outbreak in the U.S., New York City has seen greater than 184,000 coronavirus circumstances and at the very least 19,789 deaths since March 1, in line with information from Johns Hopkins University. —Hannah Miller

2:15 pm: WHO says nations that lifted lockdowns noticed soar in circumstances

The World Health Organization mentioned a number of nations that eased coronavirus restrictions, together with China, have seen will increase in the variety of optimistic Covid-19 circumstances.

“In Wuhan, China, the first cluster of cases since the lockdown lifted was identified. Germany has also reported an increase in cases since the easing of restrictions,” WHO Director-General Tedros Adhanom Ghebreyesus mentioned throughout a press convention. Bars and golf equipment had been additionally shut down in South Korea as a confirmed circumstances led to many contacts being traced.

Before any nation begins to elevate restrictions, it ought to have the epidemic underneath management, be certain that its well being programs are ready to deal with a possible resurgence, and have crucial testing, tracing and isolating infrastructure in place, Tedros mentioned. —Jasmine Kim

1:55 pm: UK PM Boris Johnson’s new ‘keep alert’ coronavirus warning criticized as ‘confused’ and ‘nonsensical’

The U.Ok. has modified its total coronavirus security message from “stay home,” to “stay alert,” resulting in criticism from devolved nations Scotland and Wales in addition to communications specialists.

Prime Minister Boris Johnson urged the general public to “Stay alert, control the virus, save lives,” in a televised deal with on Sunday night time, changing the earlier mandate: “Stay at home, protect the NHS (the National Health Service), save lives.”

Joe Stubbs, VP and Global Brand Director at consultancy Interbrand, mentioned that readability is required.″’Stay alert’ is open to misinterpretation. It’s not absolute — at a vital second, when individuals are trying for certainty. What are the general public meant to be alert to — different individuals, indicators of sickness, a failure to social distance?” he wrote in an email to CNBC.O n Sunday, Scottish First Minister Nicola Sturgeon stated on Twitter that “Stay house” would continue to be her message to Scotland, while her Welsh counterpart Mark Drakeford said the “Stay house” directive would remain the same. —Lucy Handley

1:40 pm: Pickups are outselling passenger cars for the first time ever in the US

General Motors Co. Chevrolet pickup trucks sit on display for sale at a car dealership in Louisville, Kentucky, U.S., on Wednesday, Jan. 31, 2018. General Motors Co. is scheduled to release earnings figures on February 6.

Luke Sharrett| Bloomberg | Getty Images

Not even the coronavirus can deter America’s love of pickup trucks.While retail sales of cars were cut in half during the crisis in March and April, J.D. Power reports sales of pickups were down less than 10% during that time compared to the previous year.

Boosted by 0% financing for up to 84 months, J.D. Power reports U.S. sales of pickups are outselling all passenger cars for the first time on record. Retail sales were expected to slow this year before the pandemic, but the outbreak caused demand to plunge even more. Retail sales do not include sales to fleet customers such as the government or businesses.

The continued demand for large pickups could soon turn into a problem, specifically for General Motors, Ford Motor and Fiat Chrysler, which dominate the segment. J.D. Power says inventory levels are nearly half of what they would typically be due to the coronavirus, which has forced shutdowns of U.S. plants since March. —Michael Wayland

1:27 pm: Disney will increase Shanghai theme park capacity by 5,000 per week

SHANGHAI, CHINA –

Hu Chengwei

Disney CEO Bob Chapek said the company will up the attendance at its reopened Shanghai theme park by 5,000 each week, until it reaches the capacity set by the Chinese government.

Disney is mandated to operate the park at 30% capacity, or about 24,000 visitors, though Chapek said the company is currently operating well below that limit. Disney declined to provide specific attendance figures at Shanghai Disney. —Jessica Bursztynsky

1:07 pm: NYC kids suffering serious health issues from coronavirus inflammatory syndrome

Dr. Oxiris Barbot attends Mayor bill de Blasio briefing on first registered community transfer covid-19 patient in New York at City Hall.

Lev Radin | Pacific Press | Getty Images

Children affected with coronavirus inflammatory syndrome are experiencing severe health conditions such as heart and kidney failure, according to New York City Health Commissioner Dr. Oxiris Barbot.

The syndrome is similar to Kawasaki disease, which is common in young children and can cause a high fever among other symptoms, CNBC’s Berkeley Lovelace Jr. and Jasmine Kim report.

Early diagnosis through testing can help children escape the syndrome’s most serious consequences, according to Barbot. —Hannah Miller

12:19 pm: New home listings are down while potential buyers begin searching as pandemic restrictions ease

As stay-at-home restrictions are loosened across the country, homebuyers are touring residences while wearing masks or through virtual open houses.

However, while homebuyers may be eager, sellers have been reluctant to put their houses on the market, CNBC’s Diana Olick reports.

In the week ending May 2, total listings were down 19% annually and new listings were down 39%, according to data from realtor.com. —Hannah Miller

12:07 pm: House will vote on its next coronavirus relief bill Friday at the earliest

The House will not vote on its next coronavirus rescue bill until Friday at the earliest because it is still working on the package.

House Majority Leader Steny Hoyer told representatives that they will get 72 hours notice before returning to Washington for votes. On Thursday, he told lawmakers he hoped the House would vote on its next aid plan this week.

Democrats have pushed for an additional emergency package to provide relief to state and local governments and build up U.S. Covid-19 testing capacity, among other measures. Republicans have shown little appetite for quickly passing another rescue plan as the federal tab for the coronavirus response approaches $3 trillion.

If the House passes a Democratic-written rescue proposal, it is unlikely to get through the GOP-controlled Senate. —Jacob Pramuk

11:53 am: CityMD admits mistake in telling 15,000 people they’re immune to coronavirus

A medical worker organizes antibody tests on April 29, 2020 in White Plains, NY. One possible option in the treatment of COVID-19 is to give patients the plasma of those who have already recovered from the disease, in the hope that the blood will have the antibodies.

Pablo Monsalve | VIEW press | Getty Images

Urgent care provider CityMD has acknowledged that it mistakenly told about 15,000 people who received positive antibody test results that they’re immune to the coronavirus.

Public health officials and researchers have said there’s not enough data to conclude that those with antibodies are immune to reinfection.

In a statement to CNBC, CityMD said has corrected the information and is reaching out to affected patients. The mistake underscores the level of confusion that surrounds the nature of the new virus as debate rages on social media.

Serological, or antibody, tests can indicate whether someone has previously been infected by the coronavirus. Public health specialists have cautioned that the tests should not be used for individual diagnosis because of potentially inaccurate results. Instead, the tests should generally be used for population-wide studies to determine how broadly the virus has spread throughout the population. —Will Feuer

11:37 am: BioAegis readies to test its ‘inflammation regulator’ as coronavirus therapy

BioAegis Therapeutics, a New Jersey-based private clinical-stage company that focuses on infectious, inflammatory and degenerative diseases, believes its plasma gelsolin therapy is a viable therapeutic option for treating Covid-19 patients.

The company is awaiting FDA approval to accelerate its clinical trial of the therapy on Covid-19 patients.

Plasma gelsolin is an abundant, naturally occurring circulating protein found in the human body’s immune system. The late Dr. Thomas Stossel, a Harvard medical professor and head of translational medicine at Brigham and Women’s Hospital in Boston, discovered plasma gelsolin in his Harvard lab nearly two decades ago and founded BioiAegis Therapeutics in 2011 to build a portfolio of therapies around it. The company holds 50 patents and has studied this unique inflammatory’s effects on a wide range of conditions, including influenza, pneumonia, arthritis, Alzheimer’s, lupus, inflammatory bowel disease and multiple sclerosis. In its Phase 1b/2a clinical trials, BioAegis’ lead product, recombinant human plasma gelsolin therapy (rhu-pGSN), proved to help individuals suffering from pneumonia and severe lung injury, two complications caused by the coronavirus, with no side effects.

“We’ve been learning this very same situation — not with this explicit virus, however with extreme flu, extreme pneumonia — for years, so we really feel like we’re in the proper place to deal with this illness,” said BioAegis CEO Dr. Susan Levinson. —Barbara Booth

11:19 am: UK government reveals details of how its lockdown will be relaxed

Britain’s Prime Minister Boris Johnson records a televised message to the nation released on May 10, 2020 in London, England.

No 10 Downing Street | Getty Images

In a 50-page document released Monday, the U.K. government published details of how the country’s lockdown will start to be lifted.

Changes outlined in the document include:

  • Those who cannot work from home are being “actively inspired” to go back to work
  • Primary schools could be reopened from June 1
  • People in England are advised to wear a face-covering in enclosed public spaces.
  • Citizens are allowed to meet up with one person from outside their household, as long as they’re outdoors.
  • People traveling from abroad — who are not coming from countries on a short list of exemptions — will soon be required to self-isolate for two weeks on arrival in the U.K.

The measures are conditional on key criteria being met, such as the rate of infection remaining low. It also largely focuses on England, with the devolved governments in the U.K. having their own guidelines. —Matthew Clinch and Katrina Bishop

11:07 am: Governments could raise taxes on the rich to mitigate coronavirus impact, economist says

The world’s wealthiest people could be about to see tax hikes, according to one economist, who told CNBC that governments may do this to bolster their finances following the coronavirus crisis.

Roger Bootle, chairman of Capital Economics, said that if countries’ deficits don’t come down dramatically on the back of economic growth, “then one thing must be carried out.”

He said a number of countries “may really feel that taxes must go up for some social purpose. … In explicit, it is fairly potential in some nations you will see the highest taxes — wealth taxes — go up.” —Katrina Bishop

10:58 am: Treasury Secretary Mnuchin sides with Tesla CEO on plant reopening

Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.

Mandel Ngan | AFP | Getty Images

Treasury Secretary Steven Mnuchin told CNBC that California ought to assist Tesla resume production at its Fremont plant.

“I agree with Elon Musk. He’s one of many largest employers and producers in California, and California ought to prioritize doing no matter they should do to unravel these well being points in order that he can open rapidly and safely,” Mnuchin said.

Tesla’s CEO has been pushing to resume production at the plant despite local officials arguing against a sudden move. Musk threatened on Saturday to pull the company out of the state due to the closure. —Jessica Bursztynsky

10:36 am: Toyota plans to cut North American production by 29% through October

Toyota Motor plans to reduce production in North America by nearly a third through October and said it anticipates that it’s going to take some time for output to return to normal, Reuters reported, citing a source.

Toyota will build around 800,000 vehicles through October at plants in the U.S., Canada and Mexico, the person told Reuters. That is down 29% from the same period last year. —Terri Cullen

10:27 am: Detroit automakers weathering pandemic

General Motors Chairman and CEO Mary Barra (and Ventec Life Systems CEO Chris Kiple talk with a worker while touring the GM manufacturing facility in Kokomo, Indiana on April 14, 2020.

GM

No one could have prepared for Covid-19, but Detroit automakers are weathering the storm without talk of bankruptcies or the need for the same level of assistance the airline industry just received.

It’s a stark contrast from 2008 and 2009. Much of the optimism now is the result of the Great Recession. During that time, Detroit automakers were forced to shed billions in capital expenditures and structural costs. From then on, executives such as General Motors CEO and Chairman Mary Barra made it their mission to fortify balance sheets in preparation for the next downturn, despite not knowing when or how it would occur.

Morgan Stanley conducted a “shutdown evaluation” that gave it “confidence” that GM, Ford and others “can largely keep away from the destiny many firms skilled in 2008/2009.” GM was ahead of the curve in preparing for a downturn. It exited unprofitable markets like Europe, and in November 2018 announced plans to shed thousands of jobs and close factories as part of a $6 billion cost-saving plan through 2020, which remains on track. —Michael Wayland

10:22 am: Consumer advocate fears rise of ‘vehement’ debt collectors

Debt collectors could present a new threat to consumers as unemployment woes worsen, says Richard Cordray, consumer advocate and former director of the Consumer Financial Protection Bureau. He sat down with CNBC to discuss the coronavirus downturn and its effect on consumers.

Some 20.5 million jobs were lost in April, bringing the unemployment rate to 14.7%, according to the Labor Department. Persistent unemployment will lead to debt collectors taking a tougher stance on borrowers, he said.

“They’ll doubtlessly go over the authorized strains they don’t seem to be speculated to cross in phrases of pursuing debt assortment,” said Cordray.

“It’s one factor to fall behind in your payments and doubtlessly have a while to determine it out and make amends for funds,” he said. “It’s one other factor to have large disruptions that come from dropping your own home, or your automotive, or being pressured into chapter 11, or having your credit score ruined, which is able to begin taking place to customers as this persists over time.” —Darla Mercado

10:15 am: Working from home is here to stay, even when the economy reopens

As the U.S. economy began to go into lockdown, forcing many Americans to work from home, companies in technology, insurance and financial services invested heavily in remote work tools.

As workers and managers began to adapt to the new normal, it seems unlikely companies will be returning to the old way of doing business. The first batch of employees to return to the office will be the ones who are itching to get back, but even that won’t start happening for weeks or months.

“We’re going to see this come again extra slowly than you may need anticipated,” said Liz Fealy, who runs the global workforce advisory group at EY. As part of the series “The Next Normal,” CNBC’s Ari Levy examines what happens when office life reopens and what becomes of remote work. —Terri Cullen

10:04 am: Abbott Labs wins FDA emergency use for antibody test

Abbott Laboratories was granted emergency use approval by the Food and Drug Administration for a new coronavirus antibody test the company says can exclude false positives 99.6% of the time and exclude false negatives 100% of the time.

The authorization means laboratories will be allowed to use the test even though it has not been formally approved or cleared by the FDA. Last week, the FDA tightened rules for coronavirus antibody tests, ordering manufacturers to submit emergency use authorization forms and data proving the tests work within 10 days or face possible removal.

The tests can indicate whether a person has had Covid-19 and was either asymptomatic or recovered.

Abbott plans to ship nearly 30 million tests  in May and will have the capacity to ship 60 million tests in June, the company said. —Berkeley Lovelace, Jr. 

9:55 am: White House advisor Navarro threatens China with retaliation over virus

White House advisor Peter Navarro threatened unspecified retaliation towards China over coronavirus, warning throughout an interview with CNBC that “a invoice has to come back due” for the country. 

“They inflicted super injury on the world, which remains to be ongoing,” Navarro said in the “Squawk Box” interview. “We’re as much as near $10 trillion we have needed to acceptable to battle this battle.”

The comments come as tensions escalate between the U.S. and China, the world’s two largest economies, with each seeking to pin blame on the other for the spread of Covid-19. The phase one trade deal reached earlier this year seems to hang in the balance. While trade negotiators for the two countries continue to project confidence, President Donald Trump said Friday he was “very torn” over whether to scrap the pact. —Tucker Higgins

9:38 am: Tudor Jones says US could have the ‘Second Depression’ if lockdown remains a year from now

Paul Tudor Jones speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020.

Adam Galica | CNBC

Hedge fund investor Paul Tudor Jones told CNBC if the coronavirus pandemic doesn’t get contained for another year and the lockdown remains in place, we will have the “Second Depression.”

“Just is determined by whether or not, sadly, this goes to a yr with this sort of a lockdown,” Jones said on CNBC’s “Squawk Box.”

The Great Depression from 1929 to 1939 was the worst economic downturn in U.S. history. The founder and CEO  of Tudor Investment said the country may have trouble than others following contact tracing to quickly contain the virus because of how America feels about individual freedoms.

“If you take a look at the Asian nations which can be succeeding and beating this, they’re doing it as a result of they place a a lot better emphasis on society values than they do on particular person rights,” Jones said. “Americans are too completely different. I do not assume we’d have the ability to come collectively and do this.” –Yun Li

9:30 am: How shopping for clothes is going to change in a post-Covid-19 world

A new study by retail predictive analytics company First Insight found 65% of women and 54% of men said they will not feel safe trying on clothes in dressing rooms due to Covid-19. 

Clothing retailers are trying to figure out how to adapt and to make sure their stores and dressing rooms are safe. Some, such as Kohl’s, are closing fitting rooms until further notice. Many retailers are also holding aside merchandise that has been tried on by shoppers or returned to the stores for at least 24 hours before putting them back on shelves. Suitsupply is installing clear partitions to separate employees from customers during alterations.

“The coronavirus has moved the trade away from excessive contact to low contact,” First Insight Chief Executive Greg Petro said. —Lauren Thomas

8:19 am: Shanghai Disneyland reopens at 30% capacity 

8:05 am: Under Armour sales take a hit amid pandemic

Under Armour reported an adjusted loss of 34 cents per share on revenue of $930.2 million during its fiscal first quarter ended March 31. Sales were down 23% overall from a year earlier, as fewer people stocked up on its sneakers and workout garb. Under Armour said roughly 15 percentage points of that decline stemmed from the Covid-19 crisis. The athletic apparel and sneaker maker ended the first quarter with cash and cash equivalents of $959 million.

As some retailers such as Macy’s are already reopening stores, hoping to bounce back from the crisis sooner rather than later, Under Armour also said, “the tempo and timing of retailer openings, and site visitors patterns when the shops re-open, stay extremely unsure.” —Lauren Thomas

7:09 am: New antigen tests are ‘another tool,’ former FDA chief says

A new coronavirus test is rolling out that could cost just $5 and offer results in minutes, former Food and Drug Administration Commissioner Scott Gottlieb said.

The FDA on Saturday issued emergency use authorization for Quidel‘s new antigen test. The diagnostic tests quickly detect fragments of proteins known as antigens found on or within the virus by testing samples collected from the nasal cavity using swabs.

Gottlieb, a CNBC contributor who sits on the boards of Pfizer and biotech firm Illumina, said some 40,000 doctors already have the equipment needed to process the tests because it’s the same machine that would be used for flu and strep throat. 

However, the new test is only about 85% sensitive, Gottlieb said, so test results will still need to be confirmed with another kind of test like the more standard diagnostic PCR test. He added that the test is best used to confirm that symptomatic individuals are in fact infected with the coronavirus, but not for screening potentially healthy people.

“But the advantage is, for the primary 85 sufferers, you’ve got now successfully identified them instantly in the physician’s workplace in about 5 minutes, very inexpensively with out having to reflex, with out having to ship off a PCR-based take a look at,” he said. “So this actually does increase the flexibility to check throughout the physician’s workplace. And it is one other device, one other layer of testing.” —Will Feuer

6:45 pm: Germany says it takes uptick in virus reproduction rate seriously

Citizens stand in a queue to buy anti-aerosol masks and disposable medical masks at a sales booth in front of the Beuel town hall during the novel coronavirus crisis on April 29 2020 in Bonn, Germany.

Andreas Rentz

Germany’s health ministry said Monday it takes a rise in the country’s virus reproduction rate seriously, but a higher number does not mean there is an uncontrolled outbreak, according to a Reuters report.

The reproduction number is a measure of how many people an infected individual will go on to infect, on average. Health authorities have aimed to keep the number below 1 in order to gradually reduce the number of infections, but in Germany, the number has risen to 1.1, according to the Robert Koch Institute for disease control.

A number above 1 means the number of infections is increasing. Germany started to lift lockdown restrictions around three weeks ago. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia sees document day by day rise in new circumstances; Spain demise toll at seven-week low



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New York state begins to ease some coronavirus restrictions this week, allows some outdoor businesses and activities

Marriott CFO expects regional business to pick up first as states relax coronavirus restrictions