US bail market may be at risk

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Friday’s gloomy monthly employment report confirmed record numbers of unemployed Americans, but markets took the lead as investors bet the worst of the pandemic and the balance sheet of the economy had passed . The Dow Jones Industrial Average, the Nasdaq Composite Index and the S&P 500 have all posted their first weekly advance in the past three weeks. The Dow and the S&P 500 rose 2.5% and 3.5% for the week, respectively, while the tech-dominated Nasdaq jumped 6%.

However, Covid-19 cases worldwide continue to increase, with the death toll in the United States rapidly approaching 80,000. As states begin to reopen their economies, officials hope it is possible to recover Americans at work while preventing a spike in new cases of the virus.

  • Global cases: more than 3.9 million
  • Deaths worldwide: at least 275,188
  • Cases in the United States: more than 1.2 million
  • Deaths in the United States: at least 77,180

The above data was compiled by Johns Hopkins University.

11:19 a.m .: Alaska fishery to receive $ 50 million in federal aid

Alaska will receive $ 50 million in federal aid to the fishery, said the US Department of Commerce – half what government officials expected, the Associated Press reported. Alaska was responsible for 58% of the country’s seafood by volume in 2018.

Alaska officials expected the state to receive about $ 100 million, or one-third of the $ 300 million allocated to fisheries under the Aid, Relief and Economic Security Act coronaviruses, Anchorage Daily News reported on Friday.

Despite Alaska‚Äôs expectations, Alaska is on par with Washington state for the most money given to any state, according to AP. –Terri Cullen

11:13 a.m .: Experts believe Tesla is in a better position than other American automakers to survive the recession

11:01 a.m .: Coronavirus could kill US $ 2 billion bonding company

2.3 million are incarcerated in the United States, the world’s largest prison population in all countries, with nearly 83% in state and local prisons.

Gary Friedman | Los Angeles Times via Getty Images

One of the most vulnerable populations in the midst of the coronavirus outbreak is the US correctional system. So far, nearly 15,000 prisoners have tested positive for Covid-19, according to The Marshall Project.

In an attempt to curb the spread of the coronavirus, correctional facilities have released more than 16,000 prisoners. And, as Sully Barrett reports, without bail, many bail companies had to fire all of their staff. –Terri Cullen

10:24 a.m .: Mazda Motor would have asked for $ 2.8 billion in loans to overcome the pandemic

Mazda Motor has applied for loans totaling about $ 2.8 billion from the three major Japanese banks and other lenders as the pandemic hits the auto industry, a source with first-hand knowledge told Reuters.

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group – as well as the Business Development Bank of Japan, Sumitomo Mitsui Trust and others – are expected to agree. Some have already made loans, Reuters reported. The loan request was originally reported by the daily Nikkei. –Terri Cullen

9:45 am: FDA approves emergency use of first “antigen” diagnostic test

This 2020 electron microscope made available by the U.S. Centers for Disease Control and Prevention image shows the spherical coronavirus particles from the first American case of COVID-19. On Monday May 4, 2020, New York City health authorities sent an alert to doctors regarding a serious inflammatory disease possibly linked to COVID-19 was found in a group of American children in New York after was reported for the first time in Europe.

C.S. Goldsmith, A. Tamin | CDC | AP

The U.S. Food and Drug Administration on Friday authorized the first emergency use of a Covid-19 antigen test developed by diagnostic manufacturer Quidel Corp. This antigen test quickly detects protein fragments found on or in the virus by testing samples taken from the nasal cavity using buffers, the FDA said in a statement. The Sofia 2 SARS Antigen FIA test was designed for the rapid detection of the virus that causes Covid-19.

As CNBC Sunny Kim reports, antigen tests have a higher risk of false negatives and a negative result may need to be confirmed by an additional test before other treatments. That said, the positive results of the antigen tests are very accurate. –Terri Cullen

9:12 a.m .: Amazon and sellers struggle to keep up with demand in the midst of the epidemic

Frustrated by long delays in receiving your online orders? Amazon is too.

The retail giant has battled coronavirus issues on several fronts since the start of the US coronavirus epidemic in March. The resulting spike in online orders strained the company’s supply chain as Americans rushed to buy essential items such as toilet paper and disinfectants. Meanwhile, Amazon suddenly found itself facing a general pricing problem and its grocery delivery services were soaring under the weight of online orders.

Amazon said it could not predict when things would return to normal for sellers, as many logistical challenges remain, reports Annie Palmer of CNBC. –Terri Cullen

8:56 a.m .: Coronavirus took millions of jobs, but here’s where they’re coming back

While Friday’s monthly employment report highlighted the economic impact of the coronavirus epidemic, some sectors of the labor market are rebounding and new occupations are emerging. An increasing number of positions are needed for non-critical health care. For example, vacancies for temperature collectors and contact tracers in the workplace are needed to help establish guidelines for employees returning to work.

As Jeff Cox of CNBC reports, there is also a growing demand for logistics and supply, finance, pharmacy and telecommunications positions. –Terri Cullen

8:45 a.m .: Egyptian President expands, citing pandemic

Abdel-Fattah el-Sissi

Sefa Karacan | Anadolu Agency | Getty Images

Egyptian President Abdel-Fattah el-Sissi has approved amendments to the country’s state of emergency that grant him and the security agencies additional powers in the context of the coronavirus epidemic.

The new amendments give the president new and broader powers, including the ability to suspend education and quarantine returnees from abroad. The amendment also extends the power to ban public and private meetings, demonstrations, celebrations and other forms of assembly. –Associated press

Read CNBC coverage by CNBC Asia Pacific and Europe teams overnight here: Victory Day celebrations in Russia have declined; The number of deaths from viruses in Spain is decreasing every day

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