US hospitals seek $100 billion in aid

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Medical workers and other officials gather outside of the Brooklyn Hospital Center where testing for the coronavirus has started on March 19, 2020 in the Brooklyn borough of New York City.

Spencer Platt | Getty Images

This is CNBC’s 24-hour blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This live blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 278,000
  • Global deaths: At least 11,576
  • U.S. cases: At least 19,624
  • U.S. deaths: At least 260

The data above is from Johns Hopkins University

11:44 am: Stitch Fix temporarily closes two distribution centers due to coronavirus

Stitch Fix announced Friday that it will temporarily close two of its distribution centers, one in California and the other in Pennsylvania, due to the coronavirus.

“As a result, please bear with us if your Fix arrives a little later or your return is processed later than planned while we manage through these changes. We will be doing our best to communicate with you individually in these cases, please know our team is working hard to make sure your experience is still the best it can possibly be,” Stitch Fix CEO Katrina Lake said in a statement.

The online personal styling service has four other facilities in the U.S. The company also said it plans to pay its employees impacted by the closures in the near term and “will continue to evaluate doing so if the closures are extended.” Founded in 2011, Stitch Fix went public in 2017. – Amanda Lasky, Jade Scipioni 

10:50 am: Facebook’s response to coronavirus could improve its reputation 

10:17 am: Google launches coronavirus information site to help find testing  

Google dropped its much anticipated website for coronavirus testing on Friday night. The platform allows users to fill out a questionnaire and learn how to obtain a test for the virus. It also provides resources for safety and prevention and a donation option to the UN Foundation’s COVID-19 Solidarity Response Fund for the World Health Organization. — Emma Newburger  

10:05 am: Congress is working on a $1 trillion rescue package, but it might not be enough for US businesses

Congress is scrambling to put together a third coronavirus relief package − and lobbyists are flooding the phones. 

Lawmakers this weekend are pushing to meet the White House’s Monday deadline of coming to an agreement on a rescue package likely to top $1 trillion.  Executives have zeroed in on language in Senate Republicans’ initial proposal allocating a portion of those funds to Big Business.

The proposed bill funnels $50 billion to airlines, $8 billion to cargo air carriers, and $150 billion for other “distressed businesses” — a category it leaves notably undefined. But companies have no interest in leaving the definition of “severely distressed business” up to Treasury. — Lauren Hirsch 

10:04 am: S&P 500 could post record highs early next year, JPM says 

The S&P 500 could return to record highs by early next year if U.S. efforts to contain the coronavirus outbreak work and the government can quickly move forward with fiscal stimulus to cushion the impending economic blow, JPMorgan’s chief U.S. equity strategist said Friday. Dubravko Lakos-Bujas wrote in a note to clients he expects the S&P 500 to reach 3,400 in early 2021. That would top an all-time high of 3,386 set on Feb. 19. – Fred Imbert 

9:19 am: German cases rise by more than 2,000

The number of confirmed coronavirus cases in Germany has risen by 2,705 within a day to reach 16,662, the Robert Koch Institute for infectious diseases said on Saturday.

It said a total of 47 people had died after testing positive, an increase of 16 from a tally of 31 published on Friday. —Reuters

8:30 am: WHO offers tips for living under quarantine

Don’t smoke, limit drinking, exercise and try not to watch too much news.

These are some of the recommendations from the World Health Organization to stay physically and mentally healthy while living under quarantine. The new coronavirus that originated in Wuhan, China less than three months ago has spread to more than 300,000 people in nearly every country across the world. 

More than 100 million people across the world are living under some form of social confinement as public officials struggle to contain the COVID-19 outbreak that’s already claimed more than 12,000 lives. —Dawn Kopecki

8:15 am: Hospitals seek emergency credit and $100 billion in US aid

U.S. hospitals are setting up coronavirus wards and tents, seeking emergency credit lines and lobbying Washington for a $100 billion stabilization fund to help meet an expected onslaught of patients as the pandemic sweeps the nation.

“We believe hospitals and health systems should be top priority number one for the Congress, at this moment,” said Robyn Bash, vice president for government relations at the American Hospital Association. 

The AHA estimates that some hospital systems are losing up to $1 million a day, and the costs are mounting. In many states hospitals have been forced to cancel all elective surgeries, along with non-emergency procedures which generate higher revenues for their facilities. At the same time, they are ramping up staffing to handle the expected influx of acute care patients and spending on as much acute care equipment as they can find.  —Bertha Coombs

7:43 am: Confirmed cases in Spain nears 25,000 as more than 1,300 people die

The Spanish health ministry said Saturday that 1,326 people had now died from the coronavirus in the country, a rise of 324 on the day before.  The total number of confirmed cases now stands at 24,926. 

It comes after Isabel Diaz Ayuso, the president of the region of Madrid, said Friday that the majority of people in Spain’s capital city will get the coronavirus. Speaking to state radio Thursday, she said eight out of 10 people in the city would contract COVID-19.

Spain is second only to Italy for coronavirus-related cases and deaths in Europe, which has become the epicenter of the outbreak. The WHO has advised all countries to adopt a mix of interventions based on an analysis of the local situation and context, with containment as a major pillar. —Katrina Bishop and Sam Meredith

6:21 am: Iran’s death toll tops 1,500 as confirmed cases in the country continue to rise

The number of people who have died from the coronavirus in Iran has reached 1,556 — a rise of more than 100, a health ministry spokesman said on Saturday, Reuters reported.

Speaking on state TV, Kianoush Jahanpour said the total number of confirmed cases was now at 20,610.

Iran has the fifth-highest number of cases of the virus in the world, according to data compiled by Johns Hopkins University. It comes behind China, Italy, Spain and Germany.

Iran’s President Hassan Rouhani said Saturday that the country had to “do everything necessary to return economic production to normal,” Reuters reported. Rouhani said that social distancing measures would likely be lifted in two-to-three weeks. — Katrina Bishop

2:40 am: Starbucks to shut most cafes in US and Canada

Starbucks said it will close most company-operated cafes across North America for two weeks, and service will be limited to drive-throughs, in helping to slow the spread of the virus, according to a Reuters report.

Cafes in or near hospitals and health care centers will be exempted from closing, it said. — Weizhen Tan

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