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 219,400
- Global deaths: At least 8,946
- US cases: At least 9,159
- US deaths: At least 150
All data above is provided byÂ Johns Hopkins University.
Stocks opened lower, building on the previous session’s steep losses as the coronavirus crisis rages on.
“Markets are clearly in a state of panic and forced liquidations â but risks remain skewed to the upside and this should become much more apparent once some of the solvency issues are addressed,” Adam Crisafulli, founder of Vital Knowledge, said in a note.
The moves followed yet another violent day on Wall Street on Wednesday. The Dow dropped 1,338.46 points, or 6.3%, on Wednesday and clinched its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session. The S&P 500 dropped 5.2% to 2,398.10 and closed nearly 30% below a record set last month as both indexes sank further into bear markets. âFred Imbert, Thomas Franck
Darden Restaurants reported quarterly earnings and revenue that topped analysts’ expectations. The company also withdrew its fiscal 2020 outlook and suspended its quarterly dividend, citing the uncertainty it faces as states mandate the closure of dining rooms due the coronavirus epidemic.
Darden has fully drawn down its $750 million credit facility “out of an abundance of caution.”
“With the drawdown of our revolver, and cash on the balance sheet, we will have approximately $1 billion in cash on hand,” CFO Rick Cardenas said in a statement. “We believe this positions us well to deal with potential near term volatility under the current market conditions.”Â âAmelia Lucas
Investor Ray Dalio told CNBC the coronavirus outbreak will cost U.S. corporations up to $4 trillion, and “a lot of people are going to be broke.”
“What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said in a “Squawk Box” interview. “There will also be individuals who have very big losses. … There’s a need for the government to spend more money, a lot more money.”
The total U.S. GDP at the end of 2019 was more than $21 trillion. The founder of the Bridgewater Associates hedge fund also estimated the global corporate losses will amount to $12 trillion due to the pandemic.
Dalio said the fiscal stimulus package should be $1.5 trillion to $2 trillion at a minimum, depending on the form of the financial relief such as loan guarantees and credits.Â âJeff Cox
Airbnb hosts are beginning to feel the impact of the coronavirus pandemic following a change by the company to its cancellation policy that has allowed guests traveling over the next month to receive full refunds on their bookings, overriding existing policies put in place by hosts to protect themselves in such situations.Â
That change has already cost Airbnb hosts in California, Florida, Kansas, Utah, Michigan and the state of Washington to lose thousands of dollars in reservations, numerous hosts told CNBC.Â
Now, as cancellations continue and new bookings dry up, many hosts around the country have empty calendars for the coming weeks and are facing uncertain futures as the due dates for their mortgages, utilities bills, homeowners association fees and property taxes draw near.Â âSalvador Rodriguez