6-8 minutes - Source: CNBC
Brazil President Jair Bolsonaro tests positive for Covid-19
Bolsonaro confirmed he is taking azithromycin and hydroxychloroquine, neither of which are known to be effective against Covid-19, CNBC’s Sam Meredith and Kevin Breuninger report.
In recent months, the right-wing president has described Covid-19 as nothing more than “a little flu,” suggesting that his past as an athlete would make him immune to the most severe symptoms of the virus. Brazil, with more than 1.6 million confirmed cases of Covid-19 and over 65,000 related deaths, has the second-highest number of confirmed cases in the world, according to data compiled by Johns Hopkins University. —Suzanne Blake
Moderna, U.S. government at odds in push for a vaccine
Source: Moderna Therapeutics
The phase three trial for the project was originally supposed to launch July 10, but was pushed back, STAT News reported last week.
One source said Moderna, which has never produced an approved vaccine or run a large trial, “could be on schedule if they were more cooperative,” Reuters first reported Monday. Moderna has denied any missteps but did acknowledge “differences of opinion” between the company and the government experts involved.
The Department of Health and Human Services, which award $483 million to Moderna in April, said in a statement to Reuters that the collaboration has been positive and that Moderna’s vaccine project is the most promising out of all the current options. –Alex Harring
Herd immunity strategies called into question after coronavirus antibody study in Spain
More than 251,700 cases of the coronavirus have been confirmed in Spain to date, and the country has the third-highest number of deaths relative to population in the world, according to Our World in Data.
The prevalence of antibodies in Spain’s general population was “insufficient to provide herd immunity,” scientists argued, despite the nation being one of the worst-hit by the pandemic.
Experts at Johns Hopkins University estimate that at least 70% of the population would need to be immune to Covid-19 for herd immunity to be achieved. —Chloe Taylor
Economic activity fell in all states during first quarter, raising concerns of potential cuts
San Francisco Chronicle | Hearst Newspapers via Getty Images
No state’s economy grew during the quarter, the data showed, while the U.S. gross domestic product — the broadest measure of the nation’s economy — contracted by 5%.
While financial support was created through the CARES Act, estimates from the Tax Policy Center show states could see a $200 billion revenue shortfall in the 2020 fiscal year. States are currently weighing cuts to basic services, including education, health care and public safety as a result, CNBC’s Scott Cohn reports.
Credit agencies have also taken notice of the changing financial situation. In May, Moody’s Investors Service lowered its outlook for the U.S. State sector to “negative” from “stable” for the first time since the 2008 financial crisis. –Alex Harring
Dow falls 200 points as travel stocks slideStocks opened lower, led by stocks that would directly benefit from an economic recovery, reports CNBC’s Fred Imbert and Yun Li. The Dow Jones Industrial Average traded 200 points lower, or 0.8%. The S&P 500 slid 0.6% and the Nasdaq Composite dropped 0.3%. —Melodie Warner
Regeneron signs $450 million contract with U.S. government for its coronavirus therapy
Brazil’s Bolsonaro tested for Covid-19 after feeling unwell
Andressa Anholete | Getty Images
An affiliate to CNN in Brazil had reported that the right-wing leader tested positive for the virus, but this has not been verified by CNBC or officially confirmed.
The results of Bolsonaro’s test for Covid-19 are expected at around 11 a.m. ET. —Sam Meredith
Novavax joins Operation Warp Speed
It is the largest investment made so far through Operation Warp Speed, the Trump administration’s effort to expedite the development and production of drugs and vaccines to help combat the virus. Novavax stock soared more than 35% in premarket trading on the news.
The federal government has also made investments through Operation Warp Speed in Johnson & Johnson’s vaccine candidate as well as Moderna’s. The U.S. has also awarded funds to AstraZeneca’s potential vaccine, which is being developed with Oxford University.
Novavax said the award will help fund its phase three trial, expected to begin in the fall, and help it to ready 100 million doses for distribution as early as the end of the year if the vaccine proves safe and effective in humans. —Will Feuer
Read CNBC’s previous coronavirus live coverage here: Australia closes interstate border; California asks indoor businesses to close