America’s retail sales collapsed 16.4% in April, the lowest level since the data series began in 1992, according to the Census Bureau. The unprecedented month-to-month drop was worse than economists had expected and shines a light on how fragile consumer spending is during the pandemic.
Here's where things opened:
The Dow opened down 0.9%, or 217 points.
The S&P 500 fell nearly 1%.
The Nasdaq Composite opened 1.1% lower.
All three major indexes are on track for a weekly loss.
9:47 a.m. ET, May 15, 2020
Trump's making a vaccine announcement today, and Dr. Fauci is expected to be there
From CNN's Jim Acosta, Nikki Carvajal and Betsy Klein
US President Donald Trump speaks following a tour of medical supply distributor Owens and Minor Inc. in Allentown, Pennsylvania on May 14. Mandel Ngan/AFP/Getty Images
Dr. Anthony Fauci is expected to attend the vaccine event in the Rose Garden at noon ET today, CNN's Jim Acosta reported.
Dr. Fauci — who testified before a Senate committee earlier this week — has not appeared alongside President Trump at the White House since April 29, when he delivered some good news on promising results of remdesivir clinical trials during a meeting in the Oval Office with Gov. John Bel Edwards.
However, he has been spotted at the White House multiple times, including in a Tuesday meeting with the Vice President and other task force members.
About the event: Earlier today, Trump adviser Kellyanne Conway told reporters President Trump will announce a development in the race to develop a vaccine for coronavirus,
"He’ll have a great announcement in the Rose Garden around the lunch hour about this vaccination development update," Conway said on the North Lawn of the White House. "He’ll be unveiling two professionals leading the effort, but that comes very quickly on the heels of the FDA cutting a ton of red tape and regulations to allow us to already be developing vaccines."
9:35 a.m. ET, May 15, 2020
The House will vote today on another stimulus bill. Here's what you need to know.
From CNN's Haley Byrd
House Speaker Nancy Pelosi holds a news conference at the Capitol on May 14. Alex Wong/Getty Images
House Speaker Nancy Pelosi sent a letter appealing to her caucus to vote for the HEROES bill today–– a $3 trillion coronavirus stimulus package that was announced by Democrats earlier this week.
The House will vote today on the stimulus bill and a historic rules change to allow lawmakers to vote remotely amid the coronavirus pandemic.
Pelosi said the bill will make “a tremendous difference not only in the budgets of the states but in the lives of the American people.”
She urged members to consider the younger generation and the well-being of their own constituents when they cast their vote this afternoon.
Some background: The legislation — which provides funding for state and local governments, coronavirus testing and a new round of direct payments to Americans, sets up an immediate clash with the Senate — where Republican leaders have said another round of emergency funding is not yet needed.
Sen. John Barrasso, a member of Republican leadership in the chamber, warned that the new bill is dead on arrival. "That will not pass. It's not going to be supported," he said of the new legislation.
9:25 a.m. ET, May 15, 2020
Clothing store sales down almost 90% in April
From CNN’s Anneken Tappe and Nathaniel Meyersohn
A clothing store remains closed in New York on May 12. Rob Kim/Getty Images
America's retail sales collapsed to a historic low last month, underscoring just how badly retailers are struggling during the coronavirus crisis.
An advance reading from the Census Bureau showed US retail sales plummeted by 16.4% in April, the largest since this data series began in 1992. It's also significantly higher than the revised 8.3% sales drop in March.
As people continue to stay at home across much of the country, they're spending more on food than before but little on other things. And with mass layoffs leaving millions of Americans out of work, discretionary spending has been crunched.
Excluding autos, the overall drop in retail sales was even steeper at 17.2%. Many Americans are putting big purchases like cars on the back burner.
Particularly weak were sales at clothing and accessories stores, which were down a whopping 89.3% in April.
Retailers have been forced to shutter hundreds of thousands of stores during the crisis. Several have filed for bankruptcy in recent weeks, including Neiman Marcus and J.Crew. JCPenney is expected to file for bankruptcy in the coming days.
Some chains, however, have bucked the trend. Walmart, Target, Kroger and others are growing sales, as they benefit from Americans buying more groceries and home essentials as they are sheltering in place. Online shopping for essentials continues to boost Amazon.
In the long-term, analysts expect the crisis to further widen the gap between the industry's winners and losers.
9:11 a.m. ET, May 15, 2020
Some Florida counties are reopening restaurants at 50% capacity
From CNN’s Rosa Flores and Sara Weisfeldt
While all other counties in Florida have reopened restaurants at 25% capacity under phase one of the state’s reopening plan, restaurants in Broward County will be reopening at 50% capacity starting Monday, according to a press release from county government.
Miami-Dade County will also reopen restaurants Monday at 50% capacity, Miami Dade Mayor Carlos Gimenez announced yesterday during a press conference alongside Gov. Ron DeSantis.
Other businesses that will reopen in Broward County starting Monday include, retail stores, barber shops and drive-in movie theaters.
All establishments that will be allowed to reopen will have restrictions that will be enforced.
"County and Health Department officials will continue to closely monitor results of antibody testing to ensure that a quick response to hot spots. Law enforcement agencies as well as municipal law enforcement and code enforcement officers are authorized to enforce the requirements of the Emergency Order," Broward County said in a statement.
9:02 a.m. ET, May 15, 2020
Michigan governor says reopening protests are "essentially" political rallies
From CNN's Adrienne Vogt
Michigan’s Capitol was shut down yesterday as a few hundred demonstrators gathered around the building to protest the governor’s stay-at-home order — but Gov. Gretchen Whitmer said their actions aren’t just about her mandate.
“I think that these are not just citizens who are unhappy about having to stay home. This is a political rally, essentially,” Whitmer said. “When the big float rolls in that is about Donald Trump, when people are showing up with guns, when people are showing up with things like Confederate flags, it tells you that it really isn’t about the lockdown … It’s really an organized political statement.”
In an interview with CNN’s John Berman, Whitmer said she has asked Vice President Mike Pence for assistance in discouraging the protests.
“It was acknowledged that I had made the request. But I think that … anyone with a platform has a responsibility to try to encourage people to do the right thing and to stay safe,” she said.
While Whitmer said the state has been successful in bringing down coronavirus cases, there is still a need to practice vigilance to prevent a second wave.
“This is still a very real threat. This is still prevalent across our country and it could still could be unchecked community spread if we don't continue to be vigilant,” she said.
Whitmer said the state’s stay-at-home order is apolitical.
“This is about the public health … Everything I’m doing is trying to save your life, keep you and your family safe,” she said.
Watch more:
9:28 a.m. ET, May 15, 2020
US retail sales collapsed to record low last month
From CNN’s Anneken Tappe
A man walks in front of an Express clothing store in Chicago on May 9. Nam Y. Huh/AP
US retail sales dropped 16.4% in April, according to the Census Bureau. The dramatic decline was the largest since the data series began in 1992.
Excluding cars and parts, sales declined by 17.2%.
9:36 a.m. ET, May 15, 2020
Restarting college sports will be up to individual schools, NCAA president says
From CNN's Elise Hammond
The University of Southern California Trojans and the UCLA Bruins play an NCAA basketball game in Los Angeles on March 7. Kirby Lee/AP
As colleges and universities across the country decide if in-person classes will be held on campus in the fall, they will also have to decide if athletic programs will resume, NCAA President Mark Emmert said.
Emmert said the decision to restart college athletics will be up to each individual school, but he said he thinks at least some students must be allowed to return to campuses for some sports to be able to take place
"These are college students that are playing these sports. The one thing that we have been saying loud and clear is you can't put a student athlete at any greater risk than you would a normal student," he told CNN on Friday.
Emmert said the NCAA is working with medical advisors and experts to "try to set parameters that allow student athletes to return safely along with classmates."
"They're college students that were athletes on their campuses and so you have to have the campuses open in one fashion or another for students before you can have college athletics going on on those campuses," he said.
Emmert, who is a former university president, acknowledges the challenges universities face and said there is going to be many different systems in place in the fall, both academically and athletically.
"I think that we're going to see quite an array of openings this fall with schools opening in a variety of different ways. Some totally online, some partially online, some trying to do as much normal, if you will, as they can and mostly it's going to be a hybrid of all of those things," he said.
"Nothing I think is going to be typical this fall and sports are likely to be the same," Emmert added.
Watch:
8:45 a.m. ET, May 15, 2020
It's Friday morning in the US. Here's where things stand now.
Customers wear protective masks and follow social distancing guidelines as they shop at a Trader Joe's in Los Angeles on May 14. Damian Dovarganes/AP
Here's the latest updates on the coronavirus pandemic to start your day:
New case counts are dropping in almost half of US states: In 24 states, the number of new coronavirus cases reported each day is generally going down, according to Johns Hopkins University. But remember: that doesn't mean it's time to celebrate and take off face masks in public. As states remove more stay-at-home restrictions, it will take weeks to learn the health effects.
Children and coronavirus: The CDC has issued a health advisory over the mysterious childhood disease doctors think could be linked to the coronavirus. The syndrome, which is being called multisystem inflammatory syndrome in children, has been seen in kids across Europe and in at least 18 US states.
The latest numbers. Almost 86,000 people have died in the US, and there are at least 1,417,889recordedcases of the disease in total, according to the latest tally from Johns Hopkins.
Beijing hopes to maintain bilateral ties with US: China's remarks come after President Trump heavily criticized the country on Friday.
Nevada's casino restaurants permitted to reopen: Although casinos themselves remain closed in the state food outlets inside can open under phase one of the governor's reopening plan.
