This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.Â
- Global cases: More than 111,300, according to data compiled by Johns Hopkins University.
- Global deaths: At least 3,892,Â according toÂ data compiled by Johns Hopkins University.
- US cases: At least 566, according to data compiled by Johns Hopkins University.
- US deaths: At least 22, according to Johns Hopkins University.
U.S. stocks cratered at the market open as investors braced for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety. The Dow Jones Industrial Average tanked more than 1,900 points, while the S&P 500 plunged more than 7%. The massive sell-off triggered a key market circuit breaker in morning trading. Trading was halted for 15 minutes until reopening at 9:49 a.m. ET.Â Investors continued to seek safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The yield on the benchmark 10-year Treasury note dropped below 0.5% for the first time ever, while the 30-year rate breached 1%. âLi
The IMF’s chief economist urged policymakers to implement “substantial” fiscal and monetary policies to help consumers and businesses cope with the economic harm of the coronavirus outbreak. In a blog post published Monday, IMF chief economist Gita Gopinath said the human costs of the coronavirus epidemic have risen “at an alarming rate.” She said governments should consider measures like cash transfers, wage subsidies or tax relief, while central banks should be prepared to provide liquidity to banks and companies, as the epidemic disrupts supply chains and consumer demand around the world.Â âSchulze
The number of people infected with the new coronavirus in the Netherlands increased to 321 on Monday, up from 264 a day earlier, Dutch health authorities said. The authorities reported no new deaths because of the coronavirus, after the first three patients in the Netherlands died in recent days.Â âReuters
The U.S. will need a “massive financial package” to curb the spread of COVID-19, former Food and Drug Administration commissioner Scott Gottlieb told CNBC on Monday.Â The virus has spread past the point of containment, Gottlieb said, and hard-hit regions should be moving toward easing efforts such as school and business closures. He said a bailout now to encourage those steps would cost less than one after the outbreak spreads beyond control. “We’re going to end up with a massive fiscal package, a bailout on the back end of this,” he said on “Squawk Box.” “We are better off using that money up front to help buy some of the actions that we need to mitigate this epidemic rather than spending that money on the back end after we’ve had a very large epidemic.”Â âFeuer