‘The anxiety is high’: Going back to school won’t be the same this year. Here’s what that means for retailers
The retail industry is grappling with what the back-to-school and back-to-college shopping season might look like in 2020.
For many companies, this can be the second-largest selling opportunity annually, behind the winter holidays. But the coronavirus crisis has entirely disrupted that. Now, 66% of parents are anxious about sending their kids to crowded classrooms again this fall due to the pandemic, according to an annual back-to-school survey by Deloitte, which surveyed 1,200 parents online from May 29 to June 5. Meanwhile, only 43% of parents polled felt the recent at-home education their children received during the crisis prepared them for the next grade level.
Total back-to-school spending in the U.S. is expected to amount to $28.1 billion, or $529 per household, according to Deloitte. That would be relatively flat from 2019. Parents are expected to spend more on tech, like computers, and less on apparel and traditional school supplies.
Many parents, teachers and students still don’t know what going back to school is going to look like themselves, and so they could be holding off on any big purchases, analysts say. New York City Mayor Bill de Blasio said Wednesday that the system’s public schools — which educate more than 1.1 million kids — in September will welcome most students back just two or three days a week, to ensure social distancing. —Lauren Thomas
U.S. stocks open slightly higher
Stocks opened slightly higher as investors weighed the latest U.S. coronavirus data and its impact on the economic recovery. The Dow Jones Industrial Average gained 66 points, or 0.2%. The S&P 500 climbed 0.4% while the Nasdaq Composite advanced 0.6%, reports CNBC’s Fred Imbert and Maggie Fitzgerald. —Melodie Warner
Brazilian president uses hydroxychloroquine after testing positive for coronavirus
Brazil’s President Jair Bolsonaro gestures before a national flag hoisting ceremony in front of Alvorada Palace, amid the coronavirus disease (COVID-19) outbreak in Brasilia, Brazil June 9, 2020.
Adriano Machado | Reuters
Brazilian President Jair Bolsonaro has said he tested positive for coronavirus but expressed optimism he will recover by using hydroxychloroquine, the anti-malaria drug previously promoted by President Donald Trump that has not been proven effective against Covid-19.
Bolsonaro said in a press conference that his fever subsided, which he attributed to the hydroxychloroquine, the Associated Press reported. Brazil has had more than 1.5 million infections and 65,000 deaths from the virus, and Bolsonaro has been criticized for his approach to the virus as he has been seen shaking hands and at times without a mask. —Alex Harring
Walgreens to open doctor offices in hundreds of drugstores
Walgreens and VillageMD
Hundreds of Walgreens stores will soon have a doctor office, along with a pharmacist. The pandemic has inspired the drugstore chain to focus on another feature of the expanded health-care offering: Telemedicine.
Walgreens and primary-care company VillageMD struck a deal to open doctor offices in 500 to 700 stores over the next five years. Patients can visit the clinics in person — or they can request a virtual visit around the clock. The two companies are integrating their technology.
Even before the pandemic, Walgreens was experimenting with new business models. For example, it’s testing a small-format pharmacy. It piloted the new primary-care model in the Houston area. VillageMD CEO Tim Barry said use of telehealth surged from single-digits to more than 80% because of the pandemic. He said it’s now about 50%. —Melissa Repko
Total number of confirmed cases in Africa now over 500,000
The continent of Africa has recorded more than 500,000 coronavirus cases, according to data compiled by Africa Centers for Disease Control and Prevention, with nearly 12,000 related deaths.
Across the continent of approximately 1.2 billion people, South Africa has recorded by far the highest number of Covid-19 infections, accounting for over 215,000 cases, while Egypt has confirmed more than 77,000 cases.
The World Health Organization has previously expressed concern that Africa has seen a rising number of coronavirus cases and fatalities as a result of the pandemic. The global health body has since urged governments across the continent to take effective measures to contain the spread of the virus as countries resume commercial flight operations. —Sam Meredith
U.S. reports another record single-day spike
The U.S. reported about 60,021 new coronavirus cases on Tuesday, an all-time high single-day increase, according to data compiled by Johns Hopkins University.
Daily new cases fell below 50,000 in recent days, though some public health officials have warned there could be a backlog of reporting due to the July Fourth holiday weekend. The U.S. has reported about 51,383 new cases on average over the past seven days, up nearly 24.5% compared with a week ago, according to a CNBC analysis of data collected by Hopkins.
The country is now nearing 3 million cases and has passed 131,000 deaths since the first U.S. case was reported in January. Outbreaks continue to accelerate in a number of states, especially Texas, Florida, California and Arizona, which collectively reported nearly half of all U.S. cases on Tuesday. —Will Feuer
Read CNBC’s previous coronavirus live coverage here: San Francisco delays reopening of indoor dining as U.S. nears 3 million cases