Coronavirus live updates: Fed cuts interest rates, COVID-19 almost a global pandemic

This is a live blog. Please check back for updates.

All times below are in Eastern time.

  • Global cases: At least 91,300, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 3,110, according to data compiled by Johns Hopkins University.
  • US cases: At least 91, according to the CDC. 
  • US deaths: At least 6, according to the CDC and state health officials.

The World Health Organization will likely deem the COVID-19 coronavirus a global pandemic once sustained person-to-person spread takes hold outside China, a Centers for Disease Control and Prevention official said. The current outbreak already meets two of the three main criteria under the technical designation of a pandemic, Dr. Anne Schuchat, principal deputy director of the CDC, said in prepared remarks to be presented before the Senate Committee on Health, Education, Labor, and Pensions. “It is a new virus, and it is capable of person-to-person spread,” she said. “If sustained person-to-person spread in the community takes hold outside China, this will increase the likelihood that the WHO will deem it a global pandemic.” —Lovelace

The Federal Reserve cut interest rates by half a percentage point, immediately reversing a more than 300-point drop in the Dow Jones Industrial Average. The Dow swung to a 371-point gain in intraday trading. Markets had priced in a 0.5% rate cut for the central bank’s meeting next month. The move comes after the G-7 said in a statement earlier on Tuesday they will use policy tools to curb an economic slowdown. However, the statement contained no specific actions. —Kopecki, Imbert

Qorvo, a radio frequency chip supplier for Apple’s iPhones, lowered its fourth-quarter revenue expectations to $770 million. The company predicted revenue of $800 million to $840 million on Jan. 29. “The novel coronavirus (COVID-19) has impacted the smartphone supply chain and customer demand more than anticipated,” Qorvo said. “The full impact of COVID-19 remains difficult to forecast given the uncertainty of the magnitude, duration and geographic reach of the outbreak,” according to a press release. — Bursztynsky

World Health Organization officials are holding a press conference at 10:30 a.m. ET to update the public on the coronavirus outbreak, which has infected more that 91,300 people and killed at least 3,110 across the world. WHO official announced Monday that number of new coronavrius cases outside China was almost 9 times higher than that inside the country over the last 24 hours. They  of the coronavirus Friday to “very high” at the global level, its highest warning. In January, it declared the virus a global health emergency, while urging the public against over-reacting to the virus. Watch the live press conference here. —Higgins-Dunn

Source: https://www.cnbc.com/2020/03/03/coronavirus-latest-updates-outbreak.html

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