More and more state officials are pausing or pulling back efforts to reopen the economy as coronavirus spreads to new communities and gains speed in many parts of the U.S. government of Arizona. Doug Ducey became the last officer to reopen in his state last Monday after weeks of growing cases. On Tuesday, Dr. Anthony Fauci and other senior health officials will testify before lawmakers about the state of the epidemic.
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- Global cases: over 10.3 million
- Global deaths: at least 505,518
- U.S. cases: over 2.59 million
- Deaths in the United States: at least 126,141
The data above was compiled by Johns Hopkins University.
Stocks open flat as Wall Street closes its best quarter in recent decades
9:35 ET – Shares opened flat as major averages are headed towards their one-quarter higher gains over the years, reports CNBC’s Fred Imbert and Maggie Fitzgerald. The industrial average of Dow Jones fell by 52 points, equal to 0.2%. S&P 500 and Nasdaq Composite are both suspended around the flat line.
Both the Dow and the S&P 500 have been keeping up with the best quarterly performance since 1998, increasing by more than 16% each. Meanwhile, the Nasdaq Composite has grown 28.2% from quarter to quarter and has been heading to its biggest quarterly gain since 2001. —Melodie Warner
New cases on the rise in the United States
Goldman Sachs says national mask mandate could save economy from 5% hit
9:02 ET – Goldman Sachs told customers that a national face mask mandate could both reduce the daily growth rate of new confirmed cases of Covid-19 and save the U.S. economy from suffering a 5% hit. GDP instead of further blocks.
Jan Hatzius, Goldman’s chief economist, said that a national mask mandate could increase the percentage of people wearing masks by 15 percentage points and found that the norm could replace blocks that would subtract almost 5% from GDP growth . —Thomas Franck
An increase in nationalism could lead to an even more deadly pandemic, warns the professor
8:22 ET – An increase in nationalism and inner politics could lead to another, even more deadly, pandemic in the future, according to Ian Goldin, professor of Globalization and Development at the University of Oxford.
Goldin, who previously served as adviser to Nelson Mandela and former vice president of the World Bank, told CNBC that if more protectionism stems from the coronavirus crisis, the world will face a variety of risks including an even larger pandemic, more financial crisis and “Cold War 2.0”.
“We are faced with a choice,” he said. “Either the pandemic teaches us to be more globalized in politics, to stop the next pandemic, to cooperate, to restore global growth, or to become more national, in which case we are in a downward spiral.”
Goldin predicted a pandemic for several years, warning in his 2014 book The Butterfly Defect and a 2018 BBC series that an outbreak of disease would be the most likely cause of the next global economic crisis. —Chloe Taylor
Boris Johnson in the UK promises to “build, build, build” by announcing a wave of investment
British Prime Minister Boris Johnson speaks during a daily briefing to update on the coronavirus epidemic (COVID-19), at 10 Downing Street in London, Great Britain, 3 June 2020.
Andrew Parsons | 10 Downing St | through Reuters
7:34 ET – British Prime Minister Boris Johnson has announced a public investment program that the government hopes will help the British economy recover from the coronavirus crisis.
“We cannot simply continue to be prisoners of the crisis,” Johnson said as he announced £ 5 billion ($ 6.15 billion) of government spending on various public infrastructure projects, ranging from hospitals to roads and schools. “We have to work fast because we have already seen the dizzying drop in GDP (gross domestic product)”.
Promising to “build, build, build”, Johnson announced plans to increase government infrastructure spending and reduce construction and development bureaucracy. He compared his plan to the ex-US President Franklin D. Roosevelt’s “New Deal” public works program in the 1930s. –Holly Ellyatt
Fauci, other health officials to testify in Congress
The director of the National Institute for Allergies and Infectious Diseases dr. Anthony Fauci wears a mask as he waits to testify before the House’s Committee on Energy and Trade on the Trump administration’s response to the COVID-19 pandemic, on Capitol Hill in Washington, DC, USA, June 23, 2020.
Kevin Dietsch | Reuters
7:13 ET – White House health consultant Dr. Anthony Fauci is expected to testify before congressmen Tuesday at 10:00 ET.
Fauci will be joined by dr. Robert Redfield, director of the Centers for Disease Control and Prevention, and Admiral Brett Giroir, assistant health secretary in the Department of Health and Human Services. Food and Drug Administration Commissioner Dr. Stephen Hahn is also expected to testify.
The hearing, an “update on progress towards safe return to work and back to school,” will be held by the Senate Health and Education Committee.
All four officials scheduled to speak testified in a full-day hearing in front of House members just a week ago, when officials offered an overview of the U.S. response to the pandemic so far and warned of a difficult autumn season. –Will Feuer
Read the previous live coverage of CNBC’s coronavirus here: New flu strain found in China; WHO warns “the worst is yet to come”