Sectors of the U.S. economy are starting to show signs of a rebound, with more retailers reporting strong quarterly sales and weekly mortgage applications pointing to a remarkable recovery in the housing market. Wall Street later Wednesday gets a more detailed look at the Federal Reserve’s most recent decision, with the release of the central bank’s meeting minutes. The Fed has rolled out historic aid and lending programs in an effort to prop up the economy.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 4.91 million
- Global deaths: At least 323,653
- U.S. cases: More than 1.52 million
- U.S. deaths: At least 91,938
The data above was compiled by Johns Hopkins University.
Coca-Cola CEO says he’s expected a “U”-shaped economic recovery
9:44 am ET — Coca-Cola CEO James Quincey said he’s expecting a long road to recovery for the economy. “The economic impact of the lockdown is just starting to begin,” Quincey said on CNBC’s “Squawk Box.”
Countries around the world are easing shelter-at-home orders and letting businesses gradually open. But Quincey said he’s forecasting a “U”- or “extended U”-shaped recovery rather than one shaped like a “V,” where the economy quickly snaps back to pre-crisis activity.
Coke is still seeing declining demand in May, compared to a year ago. Restaurants, movie theaters and other away-from-home occasions accounted for half of its revenue before the crisis. —Amelia Lucas
Dow jumps more than 300 points, lifted in part by solid retail earnings
Lowe’s sales soar, led by growth in online sales
The pandemic hit in the midst of the company’s turnaround plan that includes a revamping of its website.
Lowe’s kept its stores open as essential retailers as the coronavirus kept most brick-and-mortars closed through the beginning of Spring, the home improvement industry’s busiest time of the year. However, the company limited capacity in its stores and rolled out curbside pickup for online customers. —William Feuer
The latest hot spots of new U.S. cases
CDC publishes 60-page document of guidelines for reopening
9:02 am ET — The Centers for Disease Control and Prevention released 60 pages of guidance for reopening schools, mass transit and non-essential businesses. The plan outlines a “three-phased approach” for reducing social distancing measures and proposes the use of six “gating” indicators to assess when to move through another phase.
The health agency warned that some amount of community mitigation will be necessary until a vaccine or effective drug for Covid-19 is widely available. The document comes as the CDC has remained largely quiet on the coronavirus, which has infected more than 1.5 million people in the United States. Agency officials haven’t held a coronavirus-related briefing in more than two months. —Berkeley Lovelace Jr.
Voters in swing states are divided on coronavirus
8:20 am ET — Swing state voters are divided along party lines over the coronavirus pandemic and whether a second wave is likely to hit the country, according to a CNBC/Change Research poll.
Democrat and Republican voters in Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin — all key electoral states — disagree about the country’s trajectory in fighting the virus, and about who would be to blame if the U.S. did see a resurgence, the poll found. Those surveyed were also divided along partisan lines about whether they were wearing masks or eating out. Read more on the poll results from CNBC’s Tucker Higgins. —Sara Salinas
Strong retail sales continue with report from Target
A cyclist wearing a protective mask passes the future site of a Target Corp. store in Chicago, Illinois, U.S., on Thursday, May 7, 2020.
Christopher Dilts | Bloomberg | Getty Images
7:43 am ET — Target continued a strong week of retail earnings reports, posting quarterly sales growth of 10.8%.
Target saw a surge in online orders. Sales at brick-and-mortar stores open at least 12 months rose just 0.9% during the quarter on an annual basis. Online sales, in contrast, soared 141%. —Sara Salinas
Iconic New York steakhouse to start delivery and accept credit cards for first time
7:16 am ET — Peter Luger Steak House in Brooklyn is now offering delivery for the first time in its more than 130-year history. To make that happen, the iconic restaurant has partnered with delivery app Caviar, owned by Square. In another first, the steakhouse will accept credit cards.
“To best serve our customers, delivery was the best option for us,” General Manager David Berson told CNBC’s “Worldwide Exchange.” “As far as the best safety practice, credit cards only was the clear choice to us.”
Peter Luger’s dining room remains closed due to the coronavirus pandemic. In addition to delivery, customers can order and pickup at the Brooklyn location. —Matthew Belvedere
Germany will tighten rules on meat processing plants after coronavirus outbreaks
6:38 am ET — Germany has tightened up rules on meat processing plants, government sources told Reuters, after some coronavirus outbreaks in the country were linked to the food sector.
New rules agreed upon will ban the subcontracting of meatpacking work through agencies, meaning that people working in the processing facilities will have to be employed by the company itself, a move that will likely push up wage costs for the industry.
The majority of workers in the meat production industry are migrants, with many coming from Romania. More than 600 coronavirus cases have reportedly been among plant workers, government sources told Reuters. –Holly Ellyatt
Read CNBC’s previous coronavirus live coverage here: Brazil records largest single-day spike in cases; Russia’s top 300,000