Coronavirus live updates: Trump meets with Wall Street execs, March Madness closed to fans

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern daylight time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 124,000, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 4,589, according to data compiled by Johns Hopkins University.
  • US cases: At least 1,110, according to data compiled by Johns Hopkins University.
  • US deaths: At least 32, according to data compiled by Johns Hopkins University.

The National Collegiate Athletic Association has announced the upcoming men’s and women’s basketball tournaments will be played with “only essential staff and limited family attendance,”  NCAA president Mark Emmert said.

“The NCAA continues to assess the impact of COVID-19 in consultation with public health officials and our COVID-19 advisory panel,” Emmert’s statement said. “Based on their advice and my discussions with the NCAA Board of Governors, I have made the decision to conduct our upcoming championship events, including the Division I men’s and women’s basketball tournaments, with only essential staff and limited family attendance.

“While I understand how disappointing this is for all fans of our sports, my decision is based on the current understanding of how COVID-19 is progressing in the United States.  This decision is in the best interest of public health, including that of coaches, administrators, fans and, most importantly, our student-athletes.

“We recognize the opportunity to compete in an NCAA national championship is an experience of a lifetime for the students and their families. Today, we will move forward and conduct championships consistent with the current information and will continue to monitor and make adjustments as needed.” – Young

Citigroup CEO Michael Corbat said that the current turmoil caused by the coronavirus isn’t stemming from the financial system. 

“This is not a financial crisis,” Corbat said during the White House meeting. “The banks and the financial system are in strong shape and we are here to help.”

Leaders of the biggest U.S. banks were summoned to Washington by President Trump to discuss ways to support small businesses and markets. Brian Moynihan of Bank of America, Charles Scharf of Wells Fargo, David Solomon of Goldman Sachs and Stephen Schwarzman of alternative investments giant Blackstone were among the CEOs present at the meeting. —Son

The Dow Jones Industrial Average tumbled 1,467 points, or 5.9%. The 30-stock average closed more than 20% below the record highs set last month. A 20% decline is considered a bear market on Wall Street. However, most investors don’t recognize it officially until the index does it on a closing basis. The Dow did so on Wednesday, whereas the S&P 500 is just above that closing threshold. 

The S&P 500 is more than 19% from its closing record and ended the day 4.9% lower. The Nasdaq Composite fell 4.7% and was also about 19% below its all-time high. — Imbert

The coronavirus outbreak is hitting the entertainment industry hard.

China and Italy’s theaters are closed, French cinemas are only open at 50% capacity (every other row must be empty) and South Korea has seen its lowest box office tally in years.

And more countries could be next as the pandemic spreads and large gatherings become taboo.

Already analysts have predicted that the global film industry is facing a $5 billion loss because of diminished box office revenue and the impact of restrictions on production, according to The Hollywood Reporter. That number could grow even more if more countries add countermeasures that force people to remain home or order public gathering places, like theaters, to shutter.

Around 44% of U.S. adults said they would oppose the temporary shutdown of movie theaters, but around 38% said they would support closures, according to a report from Morning Consult and The Hollywood Reporter. The survey of 2,200 U.S. adults was conducted from March 5-7. — Whitten


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