Dr. Fauci testifies on the hill

Businesses around the world are starting to plan for a restart to operations, as some executives hope the worst is behind us. President Donald Trump on Monday touted the country’s ability to test Americans for Covid-19 as central to reopening, however, health officials continue to warn about the potential for a resurgence in cases if economies are reopened too soon. Starting at noon, we’ll be covering all the news out of our virtual Healthy Returns Summit, which features in-depth interviews with health care CEOs and industry leaders fighting the pandemic.

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 4.1 million
  • Global deaths: At least 286,615
  • US cases: More than 1.3 million
  • US deaths: At least 80,684

The data above was compiled by Johns Hopkins University.

10:06 am: President Trump sides with Elon Musk over Tesla production

U.S. President Donald Trump speaks during a press briefing in the Rose Garden of the White House in Washington, D.C., on Monday, May 11, 2020.

Oliver Contreras | Sipa | Bloomberg via Getty Images

President Donald Trump backed Elon Musk’s calls to resume Tesla production at its California plant. “California should let Tesla & @elonmusk open the plant, NOW. It can be done Fast & Safely!” Trump said on Twitter. Musk has been pushing to resume its California production, but local officials have advocated against swift attempts to return. —Jessica Bursztynsky 

10:00 am: Toyota, Honda warn outbreak is devastating car sales

Toyota Motor and Honda Motor both issued bleak warnings on the coronavirus outbreak’s impact on global sales.

Toyota said it now expects quarterly earnings to plummet 80% to the lowest level in nine years, Reuters reported. Japan’s biggest automaker said it is facing weak demand as massive job losses and the global economic downturn have dampened consumer spending.

Separately, Honda refused to issue an outlook for the rest of the year, after reporting its weakest operating profit in four years, according to Reuters. —Terri Cullen

9:49 am: Boeing CEO says coronavirus ‘likely’ to put a U.S. airline out of business

Dave Calhoun, Chairman of Boeing.

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun said a major U.S. airline will likely go out of business this year because of the devastating impact of coronavirus on air travel. “I don’t want to get too predictive on that subject, but yes, most likely,” Calhoun said, in an interview with NBC’s “TODAY” show Tuesday. “You know, something will happen when September comes around.”

Airline passenger numbers have dropped to the lowest levels since the 1950s, according to Airlines for America trade group, and carriers are posting their first losses in years.

Calhoun said traffic levels aren’t likely to get back to even 25% of the norm in September. Airlines are required to keep their employees through the end of that month under the terms of $25 billion in federal payroll grants, which U.S. carriers started receiving portions of last month.

Airline executives have recently said that they have hit the low point but don’t expect demand to bounce back. The Transportation Security Administration said 215,645 passed through U.S. airport security checkpoints on Monday, the highest since March 25, but still down more than 91% from a year ago. —Leslie Josephs

9:36 am: Nasdaq heads for a seventh straight day of gains

Stocks rose slightly at the open as investors evaluated the latest attempts to reopen the economy. The Dow Jones Industrial Average gained 133 points, or 0.6%. The S&P 500 climbed 0.5% along with the Nasdaq Composite. 

Read a full report on markets activity from CNBC’s Fred Imbert and Yun Li. —Melodie Warner

9:29 am: Hot spots of new cases spread in South East 

9:22 am: Coronavirus crisis creates ‘perfect storm’ for suicide risk, report says

While stay-at-home orders aimed at containing the coronavirus outbreak by reducing human contact, shuttering schools, offices and other nonessential businesses have been effective, “the potential for adverse outcomes on suicide risk is high,” according to an article published in JAMA Psychiatry last month.

Stock market losses caused by the Covid-19 pandemic, combined with millions of people quarantining at home alone creates the “perfect storm” for an increased risk of suicide for many people, according to the JAMA article.

Suicide rates also tend to peak in the late spring and summer in the northern hemisphere, according to the JAMA article co-written by Dr. Mark Reger, a leading suicide prevention researcher and chief of psychology services at VA Puget Sound Health Care System.

The fact that this “will probably coincide with peak Covid-19 prevention efforts is concerning and deserves additional study,” he wrote. In March, two-thirds of surveyed adults feared the pandemic would have a long-lasting impact on the economy, according to a survey from the American Psychiatric Association. —Noah Higgins-Dunn 

9:00 am: Biden advises governors to ‘listen to Dr. Fauci’ as they reopen their states

Joe Biden in an interview on MSNBC.

Source: MSNBC

Biden, the apparent 2020 Democratic nominee, said that if he were president at this time, he would advise governors to consider Dr. Fauci’s warnings in their plans for reopening states.

“We’re in a situation where there’s a great crisis. Dr. Fauci talks about if we open needlessly or open soon, there’s gonna be needless deaths and we have to have things in place. Everybody wants to open,” Biden said in a “Good Morning America” interview.

President Donald Trump has been urging states to reopen businesses to prop up the U.S. economy, which has been ravaged by the coronavirus pandemic. —Yelena Dzhanova

8:53 am: Moderna gets FDA’s ‘fast track’ status for experimental coronavirus vaccine

Moderna‘s experimental coronavirus vaccine obtained the U.S. Food and Drug Administration’s “fast track” designation, which expedites the review of treatments and vaccines meant for serious conditions, Reuters reported

CEO Stephane Bancel told CNBC on Friday that the company anticipates working “very closely” with the U.S. government to determine who will get the first doses if the coronavirus vaccine proves to work. —Melodie Warner, Reuters

8:26 am: Global new cases, by region

8:16 am: Hyatt lays off 1,300 employees

Hyatt Hotels will lay off 1,300 employees around the world as the coronavirus pandemic halts global travel, the company said late Monday according to a report from Reuters. 

The hotel chain has also cut pay for board members, senior management and all employees, Reuters reported.

“Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020,” the company said in a statement. 

Hyatt had 55,000 employees at the end of last year. —Sara Salinas

7:52 am: Burger King parent announces changes coming to reopened dining rooms

A member of staff wearing a face mask and gloves is seen directing cars at the Burger King drive-through in Havant, their first branch to reopen during coronavirus lockdown on May 01, 2020 in Havant, Portsmouth.

Naomi Baker | Getty Images

Restaurant Brands International, which owns Burger King, Tim Hortons and Popeyes Louisiana Kitchen, is reopening dining rooms across the country with plans to maintain socially distancing.

Signs will indicate if a table is open or closed, and customers won’t be able to use self-serve soda machines. Most of the company’s restaurants have also erected plexiglass shields, according to an open letter from CEO Jose Cil.

Nearly 1,000 of the company’s almost 15,000 dining rooms in North American Restaurant Brands locations are fully open, as of Monday. —Amelia Lucas

7:15 am: Cases will rise as states reopen, former FDA chief says

Public health officials and epidemiologists expected to see a steady decline in new U.S. cases by this month, but cases continue to rise in many states, former Food and Drug Administration Commissioner Scott Gottlieb said. He added that states that have eased restrictions, including Alabama, South Dakota and Texas, have already shown an uptick in cases.  

“We’re going to see cases go up now that we’re reopening,” he told “Squawk Box.” “You’ve seen an uptick in cases. That was expected. We know cases are going to go up as we start to resume activity.”

“The bottom line is a lot of states are now reopening activity against a backdrop that doesn’t meet the criteria that the White House set out in terms of when it would be safe to reopen,” he added. —Will Feuer

Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.

7:10 am: WHO sees some positive data in potential treatments

In this photo illustration the World Health Organization Director General Tedros Adhanom Ghebreyesus is seen on a screen of pc and a coronavirus image displayed on a screen of a smartphone in Kiev, Ukraine.

Pavlo Gonchar | SOPA Images | Getty Images

The World Health Organization’s global “Solidarity Trial” has yielded “potentially positive data” on several treatments, the international body said, according to Reuters. Some treatments included in the trial appear to limit the severity or length of Covid-19, spokeswoman Margaret Harris said at a news briefing, Reuters reported.

Treatments included in the global study include remdesivir, ritonavir, Interferon beta-1a and hydroxychloroquine.

“We do have some treatments that seem to be in very early studies limiting the severity or the length of the illness, but we do not have anything that can kill or stop the virus,” Harris said. “We do have potentially positive data coming out, but we need to see more data to be 100% confident that we can say this treatment over that one.” —Will Feuer

7:00 am: German economy contracted by up to 25% during outbreak’s peak, bank says

BERLIN, GERMANY – APRIL 23: German Chancellor Angela Merkel (CDU) sits at the Bundestag on April 23, 2020 in Berlin, Germany. Germany is still at the beginning of the coronavirus pandemic and will have to live with it for a long time, the Chancellor said.

Maja Hitij

German economic output probably declined by some 20-25% for several weeks due to the coronavirus outbreak, the KfW state development bank said, according to Reuters. It said that activity likely reached a trough in April, barring a second wave of infections.

Germany went into lockdown in March to contain the outbreak but started to reopen its economy in late April. Chancellor Angela Merkel announced steps to ease more restrictions but also said an “emergency brake” mechanism would be in place to re-impose restrictions if infections pick up again. —Holly Ellyatt

Read coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Ryanair plans to resume 40% of flights in July; Russia reports deadly hospital fire

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