Coronavirus live updates: Fed cuts interest rates, New York state confirms second case

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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 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

A man north of New York City is hospitalized with the COVID-19 virus, the second confirmed case in the state, Gov. Andrew Cuomo said.  Cuomo told Long Island radio station 103.9 that the unidentified man from Westchester County commuted to work in Manhattan and lives in a home with school-age children.
Cuomo said the man apparently had an underlying respiratory illness and no known travel history to China or other countries on the virus watch list.  The governor said more cases are expected as the outbreak spreads and testing ramps up. “You cannot contain the spread. You can slow it, you can limit it, but you cannot contain the spread,” Cuomo told reporters at a press conference. “It is inevitable that it will continue to spread.”  –Associated Press


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