Friday’s grim monthly jobs report confirmed a record number of Americans out of work, but the markets took the number in stride as investors bet the worst of the pandemic and the toll it’s taken on the economy has passed. The Dow Jones Industrial Average, the Nasdaq Composite Index and the S&P 500 all posted their first weekly advance in the last three weeks. The Dow and S&P 500 rose 2.5% and 3.5% for the week, respectively, while the tech-dominated Nasdaq jumped 6%.
Still, Covid-19 cases worldwide continue to rise, with the death toll in the United States swiftly approaching 80,000. As states begin to re-open their economies, officials are hoping it’s possible to get Americans back to work while preventing a surge in new cases of the virus.
- Global cases: More than 3.9 million
- Global deaths: At least 275,188
- U.S. cases: More than 1.2 million
- U.S. deaths: At least 77,180
The data above was compiled by Johns Hopkins University.
9:45 am: FDA approves emergency use of the first diagnostic ‘antigen’ test
The U.S. Food and Drug Administration on Friday authorized the first emergency use for a Covid-19 antigen test developed by diagnostic product maker Quidel Corp. This antigen test quickly detects fragments of proteins found on or in the virus by testing samples collected from the nasal cavity using swabs, the FDA said in a statement. The Sofia 2 SARS Antigen FIA test was designed for rapid detection of the virus that causes Covid-19. —Terri Cullen
9:12 am: Amazon and sellers struggle to adapt to demand amid the outbreak
Frustrated by long delays in receiving your online orders? Amazon is, too.
The retailing behemoth has been battling coronavirus-related problems on multiple fronts since the coronavirus outbreak in the U.S. began to take hold in March. The resulting surge in online orders tested the company’s supply chain as Americans rushed to buy essential items such as toilet paper and sanitizers. Meanwhile, Amazon found itself suddenly needed to police a widespread price gouging problem and its grocery delivery services were buckling under the weight of online orders.
Amazon said it can’t predict when things will return to normal for sellers, as many logistical challenges remain, CNBC’s Annie Palmer reports. —Terri Cullen
8:56 am: Coronavirus has taken millions of jobs, but here’s where they’re coming back
While Friday’s monthly jobs report highlighted the economic toll the coronavirus outbreak has taken on the economy, some sectors of the labor market are bouncing back and new occupations are emerging. A growing number of positions are needed for noncritical health care. For example, job openings for temperature takers and contact tracers at workplaces are needed to help institute guidelines for employees returning to work.
As CNBC’s Jeff Cox reports, there’s also is a growing demand for logistics and supply, finance, pharmaceutical and telecommunications positions. —Terri Cullen
8:45 am: Egypt’s president expands powers, citing the pandemic
Sefa Karacan | Anadolu Agency | Getty Images
Egypt’s President Abdel-Fattah el-Sissi approved amendments to the country’s state of emergency that grant him and security agencies additional powers amid the coronavirus outbreak.
The new amendments allow the president broad new powers, including the ability to suspend education and quarantine individuals returning to the country from abroad. The amendment also expands the authority to ban public and private meetings, protests, celebrations and other forms of assembly. —Associated Press
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia’s Victory Day celebrations pared back; Spain’s daily virus death tolls falls