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 428,400
- Global deaths: At least 19,120
- US cases: At least 55,225
- US deaths: At least 802
The data above was compiled by Johns Hopkins University.Â
The coronavirus crisis has brought another first to U.S. financial marketsÂ â negative yields on government debt.
Yields on both the one-month and three-month Treasury bills dipped below zero, a week and a half after the Federal Reserve cuts its benchmark rate to near-zero and as investors have flocked to the safety of fixed income amid general market turmoil.Â âJeff Cox
U.S. auto sales are expected to fall at least 15% this year as the country implements more aggressive restrictions to prevent the spread of theÂ coronavirus, threatening anÂ already-stressed autos industry, according toÂ new research from IHS Markit.Â
The COVID-19 pandemic that has spread to nearly every country on the globe has forced a number of governments to implement drastic measures to slow its spread. This has posed the single biggest risk factor for the autos industry in years as consumer demand stalls, according to IHS Markit.Â
IHS Markit forecasts 2020 U.S. auto sales to be 14.4 million units, down by at least 15.3% year-over-year. The global auto sales forecast is expected to decline more than 12% from last year to 78.8 million units, according to IHS Markit, which would be a larger decline than the 8% drop during the Great Recession a decade ago.Â âNoah Higgins-Dunn
Russian President Vladimir Putin on Wednesday said he was postponing a nationwide vote on constitutional changes that would allow him to extend his rule due to the worsening situation with coronavirus.
The vote, on changes that include scrapping a constitutional ban on Putin running again for president in 2024, had been planned for April 22.
Putin did not name a new date for the vote, saying only that he and others would evaluate the situation to decide when the time for a new vote was right.Â âReuters
Hospitals in New York City are nearing capacity due to an influx of coronavirus patients,Â former Food and Drug Administration CommissionerÂ Scott GottliebÂ told CNBC on Wednesday.Â
COVID-19 has killed 192 people in New York City, according to Johns Hopkins University, but Gottlieb said that number rill rise if the hospitals become overwhelmed.Â
“New York City hospitals right now are on the brink of what I would call being maxed out in terms of their available capacity,” he said on “Squawk Box.” “New York has another about five weeks to go for this between now and when they’re going to reach peak hospitalizations, so the fact that they’re stretched right now is worrisome.”Â âWilliam Feuer