Wall Street got a fresh look at the retail sector Friday morning, with April sales posting another record drop. Restaurants, bars and nongrocery retailers are just starting to reopen in parts of the country — with varying levels of safety measures in place. In Washington, the House is set to vote on a new $3 trillion relief bill, and sources tell CNBC the White House would likely support a second round of stimulus checks for Americans.
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 4.5 million
- Global deaths: At least 305,395
- US cases: More than 1.4 million
- US deaths: At least 86,744
The data above was compiled by Johns Hopkins University.
Stocks rise slightly, but post big weekly losses
The market ended Friday’s volatile session up slightly with the Dow Jones Industrial Average climbing 60 points and the S&P 500 up 0.4%. The Nasaq Composite eked out a 0.8% gain. Still, the major equity averages posted big weekly losses amid trade worries and weak economic data. The Dow and the S&P 500 both shed more than 2%, while the tech-heavy Nasdaq fell 1.1% this week.
More companies are filing for bankruptcy amid the pandemic
Companies across multiple industries have been pushed into bankruptcy because of the coronavirus. There were 560 commercial Chapter 11 filings in April, a 26% increase from last year, according to the American Bankruptcy Institute.
Big names in retail like J. Crew and Neiman Marcus have entered bankruptcy proceedings after having to close stores amid the pandemic. Energy companies like Whiting Petroleum cited low oil demand stemming from the outbreak as a factor in their bankruptcy decisions. Meanwhile, other companies like J.C. Penney and Hertz teeter on the verge of a potential filing as the virus continues to spread economic uncertainty.
Food delivery fees capped temporarily in some cities to help struggling restaurants
Cities across the country are imposing limits on the fees that third-party delivery companies like DoorDash and Grubhub can charge restaurants for the duration of the pandemic.
Jersey City, Seattle and San Francisco capped delivery fees through emergency orders last month, and New York City could be the next to follow the trend.
Restaurants typically pay between 15% to 30% on orders placed with delivery providers, eating into their razor-thin profits.
Delivery companies say that limits on commission fees just passes along the cost of delivery to consumers, leading to reduced orders for the restaurants it was supposed to help and hurting their delivery drivers’ earnings. —Amelia Lucas
Doctors struggle to access patients’ medical information, even in pandemic
Even in the midst of the pandemic, doctors say that there are still challenges in accessing their patients’ medical information. It takes a lot of time and energy, in particular, to move records from one vendor to another. Medical experts say this is causing unnecessary waste and creating delays in care.
The CEO of one of the largest vendors, Epic Systems, told CNBC at Healthy Returns that interoperability has been an ongoing challenge.
“We can’t send a fax to someone who doesn’t have a fax machine, so you can’t interoperate with someone who doesn’t interoperate,” Epic CEO Judy Faulkner said.
Phones are ‘ringing off the hook’ at southern Connecticut real estate offices, governor says
Connecticut Gov. Ned Lamont told CNBC that the phones at real estate offices in the southern part of the state are “ringing off the hook,” as people from New York City consider a move due to the Covid-19 pandemic.
“People are realizing that telecommuting doesn’t mean you have to be in New York City five days a week,” the Democrat argued on “Squawk Box.” “It means that if you have to stay home for a period of time, having a nice little backyard is not a bad way to do it.”