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 169,387, according to Johns Hopkins University.
- Global deaths: At least 6,513,Â according toÂ Johns Hopkins University.
- US cases: At least 3,813, according to Johns Hopkins University.
- US deaths: At least 69, according to Johns Hopkins University.
The market’s blistering sell-off over the last month is so bad that investors have already pretty much priced U.S. stocks as if the economy is headed for a recession, based on a history of past declines around economic downturns by RBC.
The median and average recession-related market declines see the S&P 500 plunge 24% and 32%, peak to trough, respectively, RBC research shows. And with the broad index already down about 28% from its record close in February, it looks like investors think the U.S. is headed for a significant downturn in economic output.
The blue-chip, 30-stock Dow Jones Industrial Average is more than 29% off its own record close.
While the federal government weighs closing restaurants and bars amid the coronavirus outbreak, restaurant companies and at least 11 states are already closing dining rooms.
Photos of Americans in restaurants and bars circulated on social media over the weekend, leading many to call for mandated closures to enforce “social distancing.”
Starbucks and Chick-fil-A, two of the three biggest U.S. restaurant chains by sales, are only letting customers receive their food and drinks to go. Both said Sunday that they will pause the use of seating in their restaurants.Â âAmelia Lucas
The World Health Organization’s top official criticized some nations for not doing enough to detect and contain the deadly coronavirus that’s infected more than 174,000 people across the world.Â
There’s been a rapid escalation of COVID-19 cases over the past week, WHO Director-General Tedros Adhanom Ghebreyesus told reporters at a virtual press conference Monday. “But we have not seen an urgent enough escalation in testing, isolation and contact tracing, which is the backbone of the response,” he said.
“We have a simple message for all countries: test, test, test. Test every suspected case, if they test positive, isolate them and find out who they have been in contact with two days before they developed symptoms and test those people, too”, Tedros said. âWill Feuer, Noah Higgins-Dunn, Berkeley Lovelace
If you don’t have an emergency fund and are struggling to make ends meet during these uncertain times, here are eight steps to take.
- Contact creditors right away
- Create an “emergency” budget
- Consider a personal loan
- Use the product with the lowest interest rate
- Send temporary hardship letters
- Use community and government assistance programs
- Draw on retirement savings
- Avoid payday loans
With the coronavirus pandemic causing many workers to lose hours, it’s more important than ever to know what financial options you have.Â âAlicia Adamczyk