NYC confirms new cases, Southwest slashes revenue forecast

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 95,700, according to data compiled by Johns Hopkins University.
• Global deaths: At least 3,280, according to data compiled by Johns Hopkins University.
• US cases: At least 159, according to data compiled by Johns Hopkins University.
• US deaths: At least 11, according to the CDC and state health officials.

Stocks plunged immediately after markets opened for trading, following a massive relief rally in the previous session. The Dow Jones Industrial Average dropped about 765 points at the open. The S&P 500 dropped 2.1%, while the Nasdaq Composite traded 2.3% lower. The market moves came amid a roller-coaster week on Wall Street, which saw the 30-stock Dow swinging 1,000 points or higher twice in the past three days. The Dow posted its second-biggest point gain on Wednesday as major wins from former Vice President Joe Biden during Super Tuesday sparked a relief rally, especially in the health-care sector. —Li, Huang

BJ’s Wholesale Club says the impact from coronavirus on its business is too fluid to gauge so it’s not baked into its financial forecasts right now. The company has canceled a leadership meeting that was planned for next week in Orlando, Florida, and it is stepping up cleaning and hygiene at its facilities. The company expects to see shipping delays for a “minor portion” of its summer seasonal items but warned the full impact on its supply chain is uncertain. “In the short-term we’re working to manage our inventory appropriately to respond to short-term member demands for some stock-up items such as cleaning supplies and canned goods,” CEO Lee Delany said on the company’s fiscal fourth-quarter call. Shares are down about 5% after BJ’s same-store sales growth failed to boost profits.—Lasky

The bipartisan National Governors Association sent a letter to Congress on Wednesday urging the Senate to pass an $8.3 billion emergency supplemental request to help local and state governments fight the coronavirus’ spread. States have seen their costs escalate as they help federal health officials combat COVID-19, according to the letter, which was signed by 38 governors. The spending package passed the House earlier Wednesday and is awaiting Senate action. “Congress must assure states and territories that necessary resources will be provided to address the multitude of costs associated with a public health emergency,” the governors wrote. The current bill allocates $2.2 billion for the Centers for Disease Control and Prevention, with nearly $1 billion meant for state and local preparedness response. —Higgins-Dunn

New York Mayor Bill de Blasio confirmed two new cases of COVID-19 — a man and a woman with no connection to other people recently diagnosed with the virus.The new cases bring the city’s total to four, according to de Blasio. The city is also checking at least five other people for the virus, according to city’s website. Earlier Thursday, de Blasio told MSNBC’s “Morning Joe” that local health officials had found “4 people as of this morning who have tested positive.” 

Southwest Airlines warned investors that the outbreak will cost the U.S. carrier up to $300 million during the first quarter. “In recent days, the company has experienced a significant decline in customer demand, as well as an increase in trip cancellations, which is assumed to be attributable to concerns relating to reported cases of COVID-19,” the airline said. It said its revenue per available seat mile, a key measure of performance, was slashed. The company now says it will fall to somewhere between a 1% gain and a 2% decline. It previously said its year-over-year revenue per seat mile would rise 3.5% to 5.5%. —Kopecki

South Africa’s health ministry confirmed its first case of coronavirus. “The patient is a 38-year-old male who traveled to Italy with his wife. They were part of a group of 10 people and they arrived back in South Africa on March 1, 2020,” the health ministry said. —Reuters

The Department of Health and Human Services said it plans to purchase 500 million N95 respirator masks for health-care workers over the next 18 months. HHS said the masks will be purchased as part of the Strategic National Stockpile. Private-sector orders will be filled first, HHS said, but these “guaranteed orders” will encourage manufacturers to increase production. HHS said earlier this week the U.S. has about 1% of the required respirator masks that would be needed for medical professionals if the coronavirus outbreak were to erupt into a pandemic here. —Feuer

An employee in HSBC’s research department in London has tested positive for coronavirus, three sources told Reuters on Thursday. The employee informed the bank over the weekend, and staff who came into contact with him have been told to work from home, a source familiar with the matter said. —Ellyatt

Iran has updated its latest coronavirus numbers, with 3,513 people infected with the virus and 107 deaths, Health Ministry spokesman Kianush Jahanpur announced on state TV on Thursday, Reuters reported. —Ellyatt

Iran’s health minister says authorities will begin manning checkpoints to limit travel between major cities amid the virus outbreak, The Associated Press reported. Schools and universities are to be shut until March 20. —Ellyatt