Coronavirus live updates: New cases surge in Spain; Olympics organizers agree to a delay

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. 

  • Global cases: More than 387,382
  • Global deaths: At least 16,767
  • US cases: At least 46,450
  • US deaths: At least 593

The data above was compiled by Johns Hopkins University. 

Japanese Prime Minister Shinzo Abe said on Tuesday he and the head of the International Olympic Committee agreed on the idea of delaying the Tokyo Olympics by about one year.

Abe was speaking to reporters after a phone call with IOC President Thomas Bach on postponing the Games amid growing concerns over the coronavirus pandemic.

Tokyo had completed preparations when the virus started spreading across the world. Despite insisting for months the Games would go ahead as planned, Abe this week said a delay may be unavoidable if the events could not be held in a complete form. —Reuters

Futures contracts tied to the major U.S. stock indexes surged in early trading on hopes an agreement on a stimulus bill to rescue the economy from COVID-19 was close. As of 6:24 a.m ET., Dow Jones Industrial Average futures jumped 930 points, or 5%, to hit so-called limit up levels. S&P 500 futures and Nasdaq futures were also up 5% and “limit up.” The S&P 500 SPDR ETF was up 5.1% in premarket trading. —Thomas Franck

Gilead Sciences’ experimental drug remdesivir, seen as one of the more promising potential treatments for the coronavirus, on Monday received the orphan drug designation from the U.S. Food and Drug Administration. The announcement comes days after President Donald Trump called on the FDA to streamline its approval process for treatments such as remdesivir, which is currently being tested in clinical trials, with results expected as early as next month. The orphan drug status provides a seven-year market exclusivity period, as well as tax and other incentives for drug companies developing treatments for rare diseases that affect fewer than 200,000 people. —Reuters

Two months after Chinese authorities locked down the city at the center of the original outbreak, the end is in sight. Hubei province said that travel restrictions on the capital city of Wuhan will be removed starting Apr. 8, which would end a lockdown that began on Jan. 23. New confirmed virus cases in China have dwindled in the last several days, with all or the majority now attributed to travelers returning from overseas. —Evelyn Cheng

Source: https://www.cnbc.com/2020/03/24/coronavirus-live-updates.html

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