Coronavirus are living updates: Best Buy to let shoppers browse the aisles, Starbucks expects benefit in fourth quarter
As U.S. states push deeper into reopening, several that were among the first to reopen have reported surges in cases and hospitalizations. Confirmed cases across the U.S. have been on a gradual rise since Memorial Day weekend, when packed beaches and crowded gatherings prompted warnings from officials.
Some officials have pointed to increased testing as the cause for rising case numbers, but hospitalization data isn’t nearly as dependent on testing. Texas has reported two consecutive days of record-breaking Covid-19 hospitalizations and hospitalizations are on the rise in Arizona, too, the state’s biggest health-care system, Banner Health, told CNBC earlier this week.
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 7.26 million
- Global deaths: At least 411,879
- U.S. cases: More than 1.97 million
- U.S. deaths: At least 112,006
The data above was compiled by Johns Hopkins University.
Starbucks loses as much as $3.2 billion in revenue in latest quarter due to virus
10:03 a.m. ET — Starbucks said it lost between $3 billion to $3.2 billion in revenue during the fiscal third quarter thanks to the coronavirus pandemic.
As the virus spread across the world, the global coffee chain temporarily shuttered many of its cafes, although most in the U.S. and China have reopened.
Starbucks, which pulled its prior outlook in April, expects to swing a loss for the quarter ending June 28. Store closures, as well as paying baristas while cafes were closed, weighed on profits. But it is forecasting a return to profitability by the fiscal fourth quarter. And by the end of June, Starbucks expects weekly cash flow to be positive. —Amelia Lucas
Regional report of new cases reported daily
Nasdaq Composite hits fresh record high ahead of Fed update
9:40 a.m. ET — Stocks opened slightly higher as investors waited for an update from the Federal Reserve on the state of the economy and status of any further stimulus from the central bank, reports CNBC’s Fred Imbert and Maggie Fitzgerald.
The Nasdaq Composite jumped 0.7% to a fresh all-time high. The S&P 500 climbed 0.3% while the Dow Jones Industrial Average traded 15 points higher, or 0.1%. —Melodie Warner
UK wouldn’t have coped with coronavirus without tech giants, official says
9:10 a.m. ET — Britain couldn’t have dealt with the coronavirus crisis if not for the help of tech giants, Health Minister Matt Hancock said.
Last week, contracts agreed to by the National Health Service and a number of tech firms were published online. One of the contracts showed that Palantir was charged just £1 ($1.27) for access to health data.
“There is no way we would have been able to cope with this pandemic, and deal with it in the way that we have been able to, without the support of tech companies,” Hancock said in an online talk at the CogX U.K. tech conference.
The government has been roundly criticized for its handling of the outbreak given that Britain is among the worst-affected countries. According to data from John Hopkins University, the country’s death toll is nearing 50,000, while more than 290,000 Brits have contracted Covid-19. —Ryan Browne
Best Buy customers can walk into stores, browse aisles again
A view of a Best Buy retail store on August 29, 2019 in San Bruno, California.
Justin Sullivan | Getty Images
8:50 a.m. ET — Best Buy will soon phase out a requirement that customers make an appointment before they visit a store. The company said in a news release that more than 800 of its stores will allow customers to walk in and shop starting June 15.
During the pandemic, the big-box retailer has changed how it operates. In late March, it closed stores to customers and switched to curbside pickup only. Starting in May, it allowed customers to shop in stores – but by appointment only.
Now, the company said customers can shop when they choose but they may have to line up outside. It will limit the store to about 25% of capacity or roughly 60 or more customers. Signs on the floor will encourage social distancing and all employees must wear masks.
The company furloughed about 51,000 employees in April. It said it’s bringing back more than 9,000 store employees and Geek Squad agents to help serve more customers. —Melissa Repko
AMC theaters to reopen in July
Theaters will reopen with limited capacity and blocked seating to prevent the spread of the coronavirus when customers return, Reuters reported. The company shuttered all of its theaters in mid-March as the pandemic set it in the U.S. —Sara Salinas
Indonesia reports consecutive days of highest one-day spikes in cases
Students, wearing face masks amid the COVID-19 coronavirus pandemic, sit by a mural depicting the Indonesian flag at an Islamic junior high school in Banda Aceh on June 10, 2020.
Chaideer Mahyuddin | AFP | Getty Images
7:13 a.m. ET — Indonesia reported 1,241 new infections, its highest one-day increase for the second day in a row, bringing total confirmed cases in the country to 34,316, Reuters reported. On Tuesday, the country of more than 260 million reported 1,043 new cases, according to Reuters, which was then a record spike.
The spikes come after some regional officials in the Southeast Asian country began to ease restrictions last week. On Monday, the country resumed domestic air travel with some modifications.
The country also reported 36 new deaths caused by Covid-19, bringing the total to 1,959, according to data compiled by Johns Hopkins University. —Will Feuer
No-deal Brexit would ‘significantly damage’ U.K.’s post-virus recovery, Moody’s says
Pro Brexit supporters gather ahead of the Brexit Day Celebration Party hosted by Leave Means Leave at Parliament Square on January 31, 2020 in London, England.
Jeff J Mitchell | Getty Images
6:57 a.m. ET — A no-deal Brexit would “significantly damage the U.K.’s potentially fragile recovery from its deepest recession in almost a century” following the coronavirus pandemic, Moody’s ratings agency warned in a report.
Although such an outcome is not Moody’s current baseline forecast, “it is becoming increasingly likely,” it said. The report comes as negotiations over the U.K. and EU’s post-Brexit relationship continue to yield little in the way of mutual agreements. The U.K. has so far refused to extend the current transition period beyond the end of 2020, despite the coronavirus pandemic throwing its economy, and the EU’s, into uncertainty.
“By the end of 2020, when a no-deal Brexit would occur, the size of the UK economy would still be significantly below the level expected in Moody’s pre-virus forecasts. Its resilience would also be diminished, with higher public debt and unemployment, and lower investment than expected prior to the pandemic,” Moody’s said.
Moody’s said that its base case scenario continues to assume that the U.K. and the EU will reach an agreement by the end of the year, “albeit a limited one focused on goods trade. But the risks of a no-deal outcome are rising.” —Holly Ellyatt
Read CNBC’s previous coronavirus live coverage here: Cases spike again in California; SF restaurants can offer outdoor dining starting Friday