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 114,578, according to data compiled by Johns Hopkins University.
- Global deaths: At least 4,028, according to data compiled by Johns Hopkins University.
- US cases: At least 755, according to data compiled by Johns Hopkins University.
- US deaths: At least 26, according to data compiled by Johns Hopkins University.
8:13: White House plan for economic response to coronavirus is ‘not there right now,’ officials say
The White House is far from ready to roll out specific economic proposals in its response to the widening impact of the coronavirus outbreak, administration officials said. The revelation comes as U.S. stock futures pointed toward a rebound at the open Tuesday following President Donald Trump’s suggestion Monday night that a payroll tax cut and other stimulus measures may be in the works.
However, inside the administration, some officials were stunned by Trump’s claim that he would hold a press conference Tuesday to announce an economic plan as the actual details remain up in the air. “That was news to everyone on the inside,” one official said. The actual details of any plan remain up in the air. “It’s not there right now,” an official said. “A lot of details need to be worked out.” —Javers, Calia
7:51 am: American Airlines to slash flights as demand falls
American Airlines is slashing international and domestic flights as demand falls amid the coronavirus epidemic, the carrier said Tuesday. The move follows similar measures announced last week by JetBlue and United.
U.S. carriers had previously reduced flying to China, where the virus was first detected, and elsewhere in Asia, but its rapid spread has hurt demand for flying more broadly, prompting deeper and more generalized cuts. American said it will shave 10% off its peak summer international flying, one of the clearest signs yet that airline executives expect the coronavirus’ impact on the business to last longer than expected. —Josephs
7:41 am: Olive Garden parent Darden to provide paid sick leave to its hourly workers
Darden Restaurants said it is providing paid sick leave for hourly workers across all of its chains, which include Olive Garden and Longhorn Steakhouse. Employees will accrue one hour of sick leave for every 30 worked, and the pay rate will be based on the worker’s 13-week average.
The company said it has been working on the policy for a while, but sped up the process due to the outbreak. Popular Information, a politics-focused newsletter, recently reported on Darden’s lack of paid sick leave, which is common in the restaurant industry but could deter ill employees from calling out sick. —Lucas
7:20 am: Stock futures set to pop as Trump eyes payroll tax cut
A man wears a mask on Wall St. near the New York Stock Exchange, March 3, 2020.
Brendan McDermid | Reuters
Stock futures rallied back after the S&P 500′s worst day since the 2008 financial crisis as investors cheered potential stimulative measures to stem the economic downturn from the coronavirus. Around 7 a.m. ET Tuesday, futures on the Dow Jones Industrial Average indicated an opening surge of about 1,000 points on Tuesday. S&P 500 futures and Nasdaq 100 futures also pointed to a sharply higher open.
President Donald Trump on Monday floated the idea of “a payroll tax cut or relief” to offset the negative impact from COVID-19. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month. —Imbert
7:15 am: Deaths climb in Iran
Iran’s death toll climbed by 54 to 291 total, Health Ministry spokesman Kianoush Jahanpour said. That’s an 18% increase in death from the day before. The virus has infected at least 8,040 people across the country, he said, which is the hardest-hit country in the Middle East by the virus. —Feuer
6:44 am: Virus slows return of poor Chinese migrant workers to their jobs
It’s taking longer for Chinese migrant workers this year to return to their jobs in larger cities, as the virus outbreak has restricted travel throughout the country. As of March 5, the number of migrant workers from poor households was 14.2 million, 52% of what it was last year, Su Guoxia, spokeswoman of the State Council’s Poverty Alleviation Office, said Tuesday at a press conference.
“Not only have they left later, but there’s not as many as last year,” she said, according to a CNBC translation of her Mandarin-language remarks. She also noted that spring plowing has been affected, while blocks in logistics channels have prevented the flow of agricultural products, directly affecting the income of poor households.
Chinese President Xi Jinping has announced 2020 is the year China will eliminate poverty. As of the end of last year, 5.51 million people still lived in poverty, according to official figures. Su said Tuesday that the start of some poverty alleviation programs have been delayed, and only about a third have begun work. —Cheng
6:16 am: Wuhan city closes all makeshift hospitals
Government workers walk out of Jianghan Fangcang temporary hospital for COVID-19 patients, which is being shut down, in Wuhan in central China’s Hubei province Monday, March 09, 2020. As the number of patients drops, the city has begun closing the temporary hospitals built to treat patients with the coronavirus.
Feature China | Barcroft Media | Getty Images
The last of the 14 makeshift hospitals in Wuhan city, the epicenter of the new coronavirus outbreak, discharged its final patient on Tuesday afternoon, according to state media. The city had opened the makeshift, or “cabin” hospitals, on Feb. 5 and these re-purposed venues have treated more than 12,000 people with mild cases of the virus, according to CCTV. Last week, other Chinese media reports noted that at least one such hospital warned of an increasing number of relapses among discharged patients. —Cheng