Stocks have extended their losses with the Dow falling more than 500 points, or 2%.
Concerns about a second wave of Covid-19 infections coupled with trade tensions between the United States and the European Union are weighing on the market.
June 24 coronavirus news
By Julia Hollingsworth, Adam Renton, Melissa Macaya, Mike Hayes, Zamira Rahim and Meg Wagner, CNN
Updated 12:02 a.m. ET, June 25, 2020
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The Dow falls more than 500 points
From CNN's Richard Davis
New York City beaches will reopen for swimming starting next month, mayor says
From CNN's Kristina Sgueglia
New York City beaches will be reopen for swimming starting on July 1, Mayor Bill de Blasio officially announced today,
Social distancing and face coverings, when social distancing is unavailable, will still be required on the beach.
Patrons will need to refrain from group activities. Beach chairs and blankets must be 10 feet apart. He noted lifeguards are being trained in preparation for the opening.
“It will be a great day for NYC, another part of our comeback to have our beaches up again," the mayor said.
The city's latest figures: The daily Covid-19 indicators of the city are all under desired thresholds, de Blasio said.
The daily number of people admitted to hospitals for Covid-19 is at 75, under the 200 threshold. The number is up but not a “huge amount,” he noted.
The daily number of people at health and hospitals ICU’s is at 315, under the 375 threshold.
The percent of people who tested positive for Covid-19 which is at 2% under the 15% threshold.
A “good number” and “consistent for a while now,” he adds.
New York City may need to layoff 22,000 employees due to coronavirus pandemic, mayor says
From CNN's Kristina Sgueglia
New York City may need to layoff as many as 22,000 city employees to cover a billion dollar budget gap due to the pandemic, Mayor Bill de Blasio said today.
De Blasio opened his Wednesday presser addressing “tough” news discussing the potential option of furloughs and layoffs as the city addresses its revenue shortfall.
“We are dealing with the greatest economic crisis this city has known in almost 90 years,” on top of the healthcare crisis, he said.
The city estimates a minimum of $9 billion of lost revenue, with the possibility that it may be more.
In a matter of days the city has to pass the budget. They have adjusted it down to an $87 billion budget — down from a $95 billion-plus budget in February.
De Blasio said it’s getting to the point where the city will have to make “very very difficult choices”
He continued: “The last resort would be layoff and furloughs,” of city workers, he said, adding he doesn’t want to do it but “we are running out of options here, that is the blunt truth.”
When asked which agencies would see layoffs the mayor said, “If we get to that level” it would “literally be every single agency, and the mayor’s office.”
He added that the city is in deep conversations with labor unions trying to find better alternatives.
Study shows Black Lives Matter protests have not led to a jump in coronavirus cases
From CNN's Leah Asmelash
Despite warnings from public health officials, new research suggests Black Lives Matter protests across the country have not led to a jump in coronavirus cases.
A new study, published this month by the National Bureau of Economic Research, used data on protests from more than 300 of the largest US cities, and found no evidence that coronavirus cases grew in the weeks following the beginning of the protests.
The study comes as new data shows that more and more young people are testing positive for coronavirus, particularly in states that have opened back up.
In fact, researchers determined that social distancing behaviors actually went up after the protests — as people tried to avoid the protests altogether. But obviously, these demonstrations caused a decrease in social distancing among actual protesters.
"Our findings suggest that any direct decrease in social distancing among the subset of the population participating in the protests is more than offset by increasing social distancing behavior among others who may choose to shelter-at-home and circumvent public places while the protests are underway," the report reads.
Keep in mind: It's still possible that protests may have caused an increase in the spread of the virus among those who attended protests, according to the report.
Researchers also noted that the effect of protests on social distancing and stay-at-home orders may fade as the violence and scope of protests decline.
As the protests begin to lessen or become less intense, non-protesters will feel safer leaving their homes.
Read more about the study here.
New York City Marathon canceled because of coronavirus
This year's New York City Marathon has been canceled because of coronavirus concerns, event organizers announced today.
The annual event, considered the world’s largest marathon, was scheduled for Nov. 1, but was called off "due to coronavirus-related health and safety concerns for runners, spectators, volunteers, staff, and the many partners and communities that support the event," the New York Road Runners announced today.
"While the marathon is an iconic and beloved event in our city, I applaud New York Road Runners for putting the health and safety of both spectators and runners first,” New York City Mayor Bill de Blasio said in a statement. "We look forward to hosting the 50th running of the marathon in November of 2021."
Former Florida data official says her own Covid-19 site is more transparent than state reports
From CNN's Aditi Sangal
Rebekah Jones, the data official behind Florida's Covid-19 dashboard, has launched her own dashboard, which reports more cases than the state reports.
She attributes these differences to including non-residents who test positive or die of coronavirus in Florida.
“If you were sick in Florida and you died in a Florida hospital, you should be included in that total," she told CNN.
“They're not people who got sick and then went home to Massachusetts and died,” she explained why she chose to include non-residents. “I think that people care more about where the virus is in their community than they do whether or not somebody has a permanent legal address in Florida.”
Another point of differentiation is including everyone who tested positive, regardless of the type of tests that they have received.
Some background: Jones was removed from the state's scrutinized dashboard project after she questioned other officials' commitment to accessibility and transparency, according to Florida Today.
She tweeted several tweets yesterday claiming that the the state’s health department officials have been instructed to change and delete numbers of Covid-19 cases and deaths to make it looks like “Florida is improving next week in the leadup to July 4."
“I wouldn't come forward with anything unless I had vetted it myself fully. There was a lot of pressure when I was first fired for not changing the numbers,” she said. “There are a few brave souls at DOH who still talk to me and communicate with me. They’ve forwarded me emails, communications, other documentation. I have checked my numbers myself through the data and the information that the DOH publishes and unfortunately, that does seem to be what's going on.”
Watch the interview:
US stocks open lower over rising Covid-19 cases and renewed trade fears
From CNN’s Anneken Tappe
US stocks ticked lower on Wednesday as investors grapple with rising Covid-19 cases as well as worries about a second lockdown.
Trade wars are also worrying investors as the US weighs an additional $3.1 billion of European imports with tariffs.
Here is where things stood at opening:
- The Dow opened 0.9%, or 244 points, lower.
- The S&P 500 dropped 0.7%.
- The Nasdaq Composite slipped 0.4%. The index is now on track to break an eight-day winning streak, which was its longest since December.
Coronavirus cases are increasing in more than half of US states — and just 1 has a 50% decrease
There is only one state in the US right now that is reporting at least 50% decrease in new coronavirus cases
Connecticut reported at least a 50% drop in news cases in the past week compared to the previous week, according to data from Johns Hopkins University.
Another 13 states are reporting decreasing case counts at a rate between 10% and 50%, including New York, Massachusetts, Alaska and both North and South Dakota.
But more than half of US states — 26 of them — are seeing new coronavirus cases increase compared with the prior week. Among those states, at least 10 are reporting a 50% increase or higher.
Here's the full breakdown of where cases are trending across US states:
US gasoline demand more than halfway back from pandemic induced lows
From CNN’s Alison Kosik
Gasoline consumption in the United States has just hit a big milestone. It is now more than halfway back to pre-Covid-19 levels as drivers get back on the road again.
According to the Oil Price Information Service (OPIS) gasoline sales have been rising at an average of 6.4 % per week since the low point in April when demand was “sliced in half.”
“There is still more ground to cover, but the positive trends are a sign of recovery,” said Fred Rozell, president of OPIS.
In a release, OPIS fill-ups at the pump hit the rock bottom in the second week of April, down 49% from 2019 volumes, as spiking Covid-19 cases led to the shutdown of the economy and stay-at-home orders across the nation.
That was also the week that oil exporting countries hammered out the OPEC+ deal—with the direct involvement of the United States—to reduce production in a greatly oversupplied market experiencing record-low crude prices.
The most recent OPIS survey shows that in the second week of June demand was down 22%, compared to the same week in 2019, but regional disparities are still prevalent.
“Although people talk about ‘demand destruction’, it’s actually been ‘demand contraction’ in response to the economic shutdown,” said Daniel Yergin, vice chairman, IHS Markit. “And now we’re seeing demand ‘uncontracting’ as people get back into their cars.”