Coronavirus cases are confirmed worldwide past 5 million Thursday morning because infections continue to increase in America. Drug maker AstraZeneca say it received more than $ 1 billion from the U.S. Biomedical Advanced Research and Development Authority, part of the Department of Health and Human Services, to develop vaccines in partnership with Oxford University. The company says it will start shipping the first dose in September 2020, but must first prove the potential of its vaccine to be safe for humans and effectively prevent infection.
This is CNBC’s direct blog which covers all the latest news on the Internet coronavirus epidemic. This blog will be updated throughout the day when the news is broadcast.
- Global case: More than 5 million
- Global Death: At least 328,471
- U.S. Case: More than 1.5 million
- U.S. Deaths: At least 93,439
The above data was compiled by Johns Hopkins University.
Stocks slipped as investors digested the latest weekly jobless claims data.
9:37 ET. Stocks fell slightly as investors digested a sharp rise from the start of the week along with the latest weekly jobless claims data. The Dow Jones Industrial Average is trading only 28 points lower, or 0.1%. The S&P 500 was down 0.1% as well while the Nasdaq Composite was flat.
Read updates on stock market activity from CNBC Fred Imbert and Thomas Franck. —Melodie Warner
The summer driving season has begun, but it’s not clear how many people will leave
A customer prepares to fill his car with gasoline at a Shell gas station in San Francisco, California.
9:15 ET – Commemoration Day is a traditional start to summer, however it is not clear whether the driver can, or will, take to the streets as the country reopened.
Gasoline demand is still down by around 30% even as all 50 countries continue at some level of activity. How many drivers refuel is an important indicator that is closely related to work. U.S. gasoline usage also very important for oil prices because American drivers usually calculate around 10% of world oil demand every day.
Analysts who oversee the gasoline market track mobility data and traffic congestion data, in addition to traditional supply and demand metrics. The uneven reopening of the economy makes it difficult to judge what fuel demand is like.
AAA, which usually projects Memorial Day trips, said it would not make estimates this year. 43 million people traveled last year, according to AAA. —Patti Domm
The vaccine may be ready by 2021. This is far from guaranteed
9:08 ET – US officials and scientists hope the vaccine to prevent the virus will be ready early next year. But it is far from guaranteed, scientists warn. The fastest vaccine development, mumps, took more than four years and was licensed in 1967.
In addition, scientists still do not fully understand key aspects of the virus, including how the immune system responds once a person is exposed. The answer may have major implications for vaccine development, including how quickly it can be used publicly. —Berkeley Lovelace Jr.
More than half of small businesses seek forgiveness of PPP funds, the survey said
9:00 ET. – National Federation for Independent Businesses find at new survey about its membership that 80% of the businesses surveyed had applied for a PPP loan and 90% had received funding. But while more than half believed they would forgive all borrowing costs, many struggled to obey the law as written.
Nearly half said using loans within the eight-week window was difficult and the same amount said it was difficult to get the number of employees back to where they were before the crisis. This comes ahead of a vote in the House of Representatives next week on the possibility of a PPP amendment on guidelines for forgiveness and use. —Kate Rogers
Weekly jobless claims rose by 2,438 million, the seventh consecutive week of declining speed
8:52 ET – Initial claims for unemployment insurance amounted to 2.44 million last week, representing the seventh consecutive week of declining speed following a record peak of 6.9 million at the end of March. Economists surveyed by Dow Jones had sought 2.4 million claims.
In the nine weeks since the lockdown caused by coronavirus closed most of the US economy, around 38.6 million workers have filed claims.
Read more about U.S. weekly jobless claims from Jeff Cox from CNBC. —Melodie Warner
Most Americans will be vaccinated in the summer of 2021, predicted biotech analyst Morgan Stanley
07:17 ET – Most Americans will be vaccinated against Covid-19 in the middle of next year, Morgan Stanley biotechnology analyst Matthew Harrison told CNBC’s “Worldwide Exchange. “
“We have talked about spring to summer 2021 like when we hope to see a large portion of the US population being vaccinated,” he said, adding that he was watching Moderna, Johnson & Johnson, AstraZeneca, CanSino and GSK–Sanofi as a major player in the race to get the vaccine.
The vaccine can be approved for wider distribution more quickly, he said, but it will take time for any company to increase production and distribution capacity. Moderna, which is leading the package, has already built manufacturing and can produce tens of millions of doses by the end of 2020, with that increase to the level of 1 billion doses per year by mid-2021. –Will Feuer
“The worst is behind us,” the Italian prime minister said
A food driver delivering Just Eat operates in Piazza Duomo on April 23, 2020 in Milan, Italy.
Marco Tacca Pier
07:09 ET – Italian Prime Minister Giuseppe Conte said Italy, which was the center of Europe’s first epidemic, had overcome the worst part of the crisis.
“We can say that the worst is behind us … we cannot stop waiting for the vaccine, otherwise we will find ourselves with a society and a production system that cannot be improved,” Conte told the Italian parliament, Reuters reported, when the country is looking to lift more lockdowns.
He also warned the public that “now is not the time for parties” after scenes of young people gathering at night in several cities, and also urged people to take their vacations in Italy. –Holly Ellyatt
Graceland is set to reopen
6:42 am ET – Elvis Presley’s Graceland in Memphis, Tennessee, reopens Thursday. The rocker house turned into a museum runs a tour with a 25% capacity, requiring employees to wear masks and encourage visitors to do the same. This will also limit restaurant capacity to 50%. “We will lose money for the future, but we need to show the way forward,” Joel Weinshanker, managing partner of Graceland Holdings, told CNBC’s “Worldwide Exchange“Weinshanker also said that the Graceland workers were ready to return.” People cry they are very happy “when they know they will return, he added. —Matthew Belvedere
Read the previous CNBC coronavirus live coverage here: Eurozone decline eases; The US gives AstraZeneca $ 1 billion for the vaccine