| Need to Know |
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| Coronavirus Fallout Escalates |
Editor's Note: We typically run three top stories but the breadth of the new coronavirus impact overwhelmed the news. Below is our summary of the key events.
Significant fallout from the new coronavirus pandemic continued unabated yesterday, touching multiple aspects of daily life across the US and world.
US markets plunged again, driven by uncertainty around the extent of the virus's economic impact, with the Dow Jones Industrial Average (-10%) notching its worst day since 1987. The S&P 500 (-9.5%) and Nasdaq (-9.4%) also fell, despite the Federal Reserve employing a number of tools to stabilize markets. A temporary 15-minute pause was triggered for the second time this week after stocks tumbled in early trading. Here's a more detailed look at how disease outbreaks affect the economy.
President Trump is considering declaring a national emergency, while House Democrats negotiated a coronavirus aid package with Treasury Secretary Steven Mnuchin, said to include three weeks of paid sick leave for those affected by the outbreak. Officials closed the US Capitol and its offices to visitors, and news broke that a staff member of Sen. Maria Cantwell (D-WA) had tested positive. The average age in Congress is 61 years old, a point where the virus's mortality rate rises past 5%.
Reports also surfaced that a Brazilian government official who met with President Trump over the weekend has tested positive; Trump said he does not plan to be tested. In Canada, Prime Minister Justin Trudeau said he will self-quarantine after his wife Sophie Grégoire tested positive.
The NCAA canceled March Madness, its popular men's and women's postseason basketball tournaments, and 15 conferences canceled their end-of-season tournaments. Atlanta, the host of this year's men's Final Four, will likely lose out on an estimated $106M, while the NCAA will forgo a whopping $867M in television revenue. The National Hockey League and Major League Soccer suspended their seasons, while Major League Baseball said it would push back opening day to at least April 9.
Neither last nor least, Disneyland and Universal Studios Hollywood will close for the rest of March, New York is banning gatherings more than 500 people including Broadway shows, and The Church of Jesus Christ of Latter-day Saints is suspending all church services around the world.
There are 1,663 confirmed cases in the US as of this morning, with 41 deaths (real-time map).
We'll put a pin in the long list there, and end with nine charts on the pandemic everyone should see. |
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| In the Know |
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| Sports, Entertainment & Culture |
| > Michel Roux, legendary chef of Britain’s first restaurant to receive three Michelin stars, dies at 78; Roux's cookbooks sold more than 2.5 million copies worldwide (More) |
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| > Tokyo 2020 Olympic torch is lit without spectators despite coronavirus fears; games currently still scheduled to begin July 24 (More) |
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| > US Soccer Federation president resigns following backlash over legal argument in equal pay case that said men’s team required “higher level of speed and strength” than women’s team (More) |
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| Science & Technology |
| > Astronomers discover planet located 640 light-years away that rains liquid iron; daytime temperatures on the planet WASP-76b exceed 4,350 degrees (More) |
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| > Study finds groups of gorillas are territorial, recognizing "ownership" of regions by other groups; challenges prevailing thought that, unlike chimps, gorillas were nonterritorial (More) |
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| > European Space Agency delays ExoMars mission by two years to 2022 for more testing; planned as Europe's first Martian rover, mission will search for chemical signatures of previous life on the red planet (More) |
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| Business & Markets |
| > Airline industry calls for government financial support as carriers cut flights to Europe (More) |
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| > Carol Tomé, former Home Depot CFO, to become CEO of UPS (More) |
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| > Amazon to purchase NYC’s Lord & Taylor building from WeWork for $1.15B (More) | Workplace communication platform Slack forecasts reduced Q1 outlook, shares dive near 20% in after-hours trading (More) |
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| Politics & World Affairs |
| > Joe Biden enters Sunday evening debate (8pm ET, CNN) with Bernie Sanders (I-VT) with widening lead; eleventh Democratic primary debate is the first with just two candidates onstage (More) |
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| > Judge orders whistleblower Chelsea Manning released, saying her testimony in case against WikiLeaks founder Julian Assange is no longer needed; Manning was jailed for withholding grand jury testimony (More) |
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| > Reauthorization of Foreign Intelligence Surveillance Act in jeopardy as Trump, key Senate Republicans oppose bill; Senate leaders considering a 45-day extension with Sunday deadline looming (More) |
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| Weekend Reads |
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| Anatomy of a Pandemic |
| The Walrus | Kevin Patterson. A look at the spread of the new coronavirus compared to other major outbreaks throughout history, from the fifth-century Justinian Plague to the Spanish Flu of 1918. (Read) |
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| How the Coronavirus Hijacks Your Cells |
| NYT | Jonathan Corum, Carl Zimmer. A simple, illustrated, and scientific look at precisely how the coronavirus moves through your body, giving rise to a range of symptoms. (Read, $$) |
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| The Traffic Merchant |
| BuzzFeed | Craig Silverman. A behind-the-scenes look at the world of fraudulent digital advertising, where malicious extensions can deliver millions of dubious page views per day. (Read) |
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| The Okanagan Lake Monster |
| BBC | Lisa Kadane. Stories of a serpent-like lake monster have long captivated residents in southern British Columbia, and while there may be a scientific explanation for the sightings, many still hold on to what the monster symbolizes. (Read) |
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