Moody's cuts India's rating to the lowest investment grade

People across the U.S. gathered in mass protests against police brutality after the killing of George Floyd in Minneapolis, raising concerns of further virus spread through the demonstrations. More than 1.8 million people in the U.S. have tested positive for the virus and over 105,000 have died due to Covid-19. Black Americans have made up a disproportionate share of the deaths as underlying conditions, income inequality and disparity in access to health care have exacerbated the outbreak in the community.

Ratings agency Moody's slashed India's credit rating to its lowest investment grade and said it expected South Asia's largest economy to contract for the full fiscal year that ends in March 2021. 

The coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's U.S. team. 

• Global cases: More than 6.27 million
• Global deaths: At least 375,656
• U.S. cases: More than 1.81 million
• U.S. deaths: At least 105,147

The data above was compiled by Johns Hopkins University.

3:08 p.m. (Singapore time) – Indonesia canceled this year's haj pilgrimage to Saudi Arabia, where Islam's two holiest sites – Mecca and Medina – are located, Reuters reported.

Hundreds of thousands of Indonesians go on the haj each year. For many, it is a once-in-a-lifetime event because of a quota system in place that can lead to an average wait time of 20 years, according to the news wire.

For its part, the Saudi authorities have also said the haj and umrah pilgrimages, attracting millions of travelers internationally, will remain suspended until further notice, Reuters said.

Indonesia has just under 27,000 officially reported cases of the coronavirus, according to Johns Hopkins University data. – Saheli Roy Choudhury

2:17 p.m. (Singapore time) — Southeast Asia's e-commerce giant Lazada said its online grocery sales in Singapore increased four times from April when the city-state restricted movements in an attempt to slow down the spread of infection.

Many people turned to online shopping as a result and Lazada's local grocery business, RedMart, saw its unique visitors on a daily basis increase more than 11 times. 

"(RedMart's) sales have increased about four times in this space and we hired about 500 staff here in Singapore over the course of a few weeks to be able to increase our capacity substantially," James Chang, CEO of Lazada Singapore told CNBC's "Squawk Box" on Tuesday. — Saheli Roy Choudhury

1:48 p.m. (Singapore time) — Moody's Investors Service cut India's credit rating from Baa2 to Baa3, which is the lowest investment grade level. The ratings agency said on Monday that the outlook remained negative. 

Moody's said India's "policymaking institutions will be challenged" in their efforts to implement policies to effectively mitigate risks of relatively low growth over an extended period of time, further deterioration of the government's fiscal position and stress in the financial sector. 

Last week, India said its economy grew 3.1% in the three months between January to March. Economists' estimates for growth in the current quarter significantly worsened because of a nationwide lockdown to contain the virus outbreak that began in late March and continued until May. — Saheli Roy Choudhury

6:40 p.m. ET — Multiple states moved forward in their reopening progress on Monday, but some are further along than others.

• All businesses can reopen under certain guidelines in Mississippi after the state's "Safer at Home" order ended.
• Rhode Island, Montana and most of Nebraska entered the second phase of their reopening plans.
• Delaware is now in phase 1 of its reopening progress and has allowed most businesses to resume operations under certain limitations, including retailers, exercise facilities and hair salons.

CNBC is tracking reopening progress across the country and continues to update those developments on this page: Reopening America. —Hannah Miller

5:16 p.m. ET — Some voters and voting rights groups have expressed concern that the ongoing coronavirus pandemic will force Americans to sit out of the November election.

Erica Friedle, a second-grade teacher from Wisconsin, told CNBC she didn't receive her absentee ballot for April's Wisconsin presidential primary and now fears something similar might happen in the upcoming November election.

And Angel Wells, a frequent voter and a self-described human rights activist based in Arizona, said she's worried about whether her state will have ample resources and efficient strategy to safely carry out in-person voting.

Vote-by-mail has become a contentious topic lately, as President Donald Trump and members of the Republican Party are on the attack against widespread mail-in voting while Democrats push for expanded access. —Yelena Dzhanova

5 p.m. ET — New Jersey is slated to reopen for outdoor dining and retail shopping, capped at 50% capacity, on June 15, Gov. Phil Murphy announced Monday.

Hair salons and barbershops will be the next businesses to reopen on June 22, Murphy said, adding that all plans are contingent on health data continuing to move in the desired direction.

He added that gyms and fitness centers will open "very soon," but did not offer a specific timeline. The announcement comes as New Jersey, as well as the entire country, faces record unemployment numbers that are pushing households and municipal budgets to the brink.

"We want our economy back up and running," Murphy told reporters at a news briefing. "We want people to get back out to our downtowns and main streets, to our shops and restaurants and to their places of work, but we will not do that at the cost of the reckless disregard for their health and safety.  —William Feuer

4:29 p.m. ET — The Congressional Budget Office estimated the coronavirus outbreak likely will sap about $7.9 trillion of economic activity over the next decade-plus, even with all of the rescue funding being poured in to offset the pandemic's impact.

Through fiscal 2030, the virus will reduce real economic output — nominal GDP adjusted for inflation — by 3% from initial economic estimates in January before the pandemic hit, the CBO said.

"Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector," CBO Director Phillip L. Swagel said in a written response to an inquiry from Sen. Chuck Schumer (D-New York). "Recent legislation will, in CBO's assessment, partially mitigate the deterioration in economic conditions."

Nominal GDP is expected to be $15.7 trillion, or 5.3%, less than originally forecast due to the coronavirus, CNBC's Jeff Cox reported. —Melodie Warner

3:50 p.m. ET — A top scientist has warned that the U.K. is moving too quickly in lifting coronavirus restrictions. David King, who previously served as the U.K. government's chief scientific advisor, said policymakers were putting the country at risk of suffering a second wave of the virus, CNBC's Chloe Taylor reports.

Additional limitations were lifted and people in England can now meet outside in groups of six while social distancing and primary schools can reopen. —Hannah Miller

3:45 p.m. ET — Michigan Gov. Gretchen Whitmer lifted the state's stay-at-home order and will allow restaurants to reopen on-site dining, according to a report from the Associated Press.

Capacity limits will be immediately lifted on outdoor gatherings and retailers can open to customers without an appointment on Thursday. Retailers can resume dine-in service on June 8 and day camps and pools can open on that day as well under social-distancing guidelines. Gyms, hair salons, theaters and amusement parks remain closed.

Michigan had been under a stay-at-home order for almost 10 weeks and has had 57,537 confirmed cases of the virus and 5,516 deaths, according to data from Johns Hopkins University. —Hannah Miller

3:26 p.m. ET — Missouri's governor and gaming regulators allowed casinos to reopen as scheduled, despite protests and civil unrest over the weekend.

Eldorado Resorts will reopen five properties in Missouri and Iowa, including Lumiere Place near the iconic St. Louis arch. Jeffries gaming analyst Jeffrey Katz anticipates fear over violence could keep away some visitors, in some places.

SunTrust gaming analyst Barry Jonas said guests who drive to casinos, rather than fly to their destinations, are typically more risk-tolerant than other kinds of leisure travelers, who aren't traveling anyway because of coronavirus.

Eldorado President and COO Anthony Carano said in a corporate release, "We have been working very hard over the last two months to prepare for these reopenings and we look forward to providing the outstanding service and hospitality experiences our casinos in Missouri and Iowa are known for in a safe manner."

Casinos in Las Vegas and Reno, Nevada are scheduled to reopen Thursday. But this weekend, the Reno mayor declared a citywide emergency, the governor ordered up the National Guard, and police fired rubber bullets and tear gas at protesters on the Las Vegas Strip. —Contessa Brewer

2:45 p.m. ET — World Health Organization officials advised caution about reports that the coronavirus is "losing potency. They said "this is still a killer virus" and thousands of people are still dying daily.

"If we let the virus go, it will transmit. If we let the virus go, it will infect people and it will cause severe illness in about 20% of people," said Dr. Maria Van Kerkhove, head of WHO's emerging diseases and zoonosis unit.

Last week, WHO officials warned that countries with declining coronavirus infections could still face an "immediate second peak" if they let up too soon on measures to halt the outbreak. —Berkeley Lovelace Jr.

2:26 p.m. ET — The George Floyd protests that rocked New York City over the weekend threaten to set back the city's efforts to contain the coronavirus outbreak, Gov. Andrew Cuomo said.

"We spent all this time closed down, locked down, masked, socially distanced and then you turn on the TV and you see these mass gatherings that could potentially be infecting hundreds and hundreds of people after everything that we have done," he said.

Cuomo announced last week that he expected New York City to meet the state requirements for shifting into phase one of the state's reopening plan on June 8. —Will Feuer

2:05 p.m. ET — Enjoying working from home? You're not alone.

Prior to the pandemic, just 14% of employees in the U.S. worked from home five days a week. Now, as offices around the country remain shut down to stop the spread of the coronavirus, that share has swelled to more than 60%. And 3 in 5 workers say they don't want to return to the old days, according to a Gallup survey. 

CNBC spoke to negotiation experts on how to best make the case to your boss that you can be as productive at home.

The first thing you need to do is to find out if your employer has taken a stance on working from home, said Deborah Kolb, author of Negotiating at Work: Turn Small Wins Into Big Gains. —Annie Nova

1:26 p.m. ET — Technology mergers and acquisitions fell 68% in March compared to the same month last year, according to new research from Bain.

However, tech deals could bounce back as mega-cap companies like Apple and Facebook find themselves in a unique position, CNBC's Kate Rooney reports.

These companies had large cash reserves going into the pandemic and can now potentially buy target companies at lower premiums. —Hannah Miller

12:42 p.m. ET — The World Health Organization hopes to continue its relationship with the U.S. despite President Donald Trump's announcement that he plans to cut ties with the agency, CNBC's Berkeley Lovelace Jr. reports. 

WHO Director-General Dr. Tedros Adhanom Ghebreyesus said the world has "long benefited" from the agency's collaboration with the U.S., and that the organization wishes the partnership would continue. 

Trump said Friday that the WHO "failed to make the requested greatly needed reform" and criticized its response to the pandemic. —Hannah Miller

12:27 p.m. ET — Gilead Sciences released data from a phase 3 trial indicating that its antiviral drug remdesivir helped patients suffering from a "moderate" case of the coronavirus.

Those who were on a five-day course of the treatment were 65% more likely to see clinical improvement at day 11 in comparison to standard of care, CNBC's Berkeley Lovelace Jr. reports.

There have yet to be any formally approved treatments for Covid-19. —Hannah Miller

12:09 p.m. ET — Think of it as telemedicine, but for a leaky pipe or broken toilet.

Lowe's has launched a new video tool to make it easier for plumbers, electricians and other home professionals to virtually visit customers' homes during the pandemic. It's offering the video service for free for any professionals who join its new loyalty program.

With the video service, a home professional can consult with a customer and help troubleshoot a problem. The pro can use an on-screen laser pointer or a drawing tool to guide customers or help them make a repair – or capture a serial number and identify parts to order if an in-person visit is needed. —Melissa Repko

11:20 a.m. ET — With over 40 million Americans out of work due to coronavirus pandemic, calls to #CancelRent have proliferated on social media and at demonstrations across the country. Some politicians, including Democratic presidential candidate Joe Biden and Reps. Ilhan Omar (D-MN) and Alexandria Ocasio-Cortez (D-NY), are joining progressive activists and calling for rent cancellation for those unable to pay during the pandemic.

"There should be rent forgiveness and there should be mortgage forgiveness now in the middle of this crisis," Biden said earlier in the month on the Snapchat show "Good Luck America." "Not paid later — forgiveness. It's critically important to people who are in the lower-income strata."

The fallout from the coronavirus pandemic has hit renters especially hard, Tara Raghuveer, director of KC Tenants, a tenants rights group in Kansas City, tells CNBC Make It. Relative to homeowners, tenants typically have lower incomes and savings and less job stability, according to the Urban Institute, making them "more vulnerable than homeowners during this unstable time."

As eviction moratoriums put in place at the beginning of the pandemic begin to lift, Raghuveer says the current situation could play out like 2008 — with landlords losing their properties and tenants facing eviction across the country — if broader relief does not come. "If rental assistance comes in three months, it's too late," says Raghuveer. "You'll see thousands of families displaced with nowhere to go." —Alicia Adamczyk

10:36 a.m. ET — Frontier Airlines became the first major U.S. airline to start checking passengers' temperatures before they board, an attempt at calming concerns about the spread of Covid-19 in air travel.

The ultra-low-cost airline plans to use thermometer guns on travelers. If passengers have a temperature of 100.4 degrees or higher, they will be allowed to rest before getting a second check. If they still have 100.4F reading or higher they will be told "they will not be flying that day for the health and safety of others," the airline said. "Frontier will work with that customer to rebook travel on a later date or otherwise accommodate the traveler's preferences with respect to their reservation."

Major U.S. carriers have said that it should be the government's responsibility to check temperatures while labor unions have pushed for federal mandates, not just guidelines. The Department of Homeland Security, of which the Transportation Security Administration is a part, has said it's considering traveler temperature checks but hasn't yet provided a firm timeline. —Leslie Josephs

10:05 a.m. ET — As protests erupt across the U.S., officials are sounding the alarm that such mass gatherings could allow the coronavirus spread throughout the population.

"I think there's going to be a lot of challenges coming out of the events of the past week," former Food and Drug Administration Commissioner Dr. Scott Gottlieb said in an interview on "Squawk Box" on Monday. "One of them's going to be that probably chains of transmission will have gotten lit by large gatherings. I don't think there's really a question about that."

States have eased restrictions meant to curb the spread of the virus in recent weeks, particularly as some studies indicate the virus doesn't spread as easily outdoors. However, the protests present a significantly larger risk to increasing spread of the virus, Gottlieb said.

"This isn't a day at the beach or going out to a picnic where you're outside and you might be in larger groups but there's some social distancing and you're able to take some precautions," he said. "In these kinds of gatherings, in these kinds of crowds, many of which lost control of the crowds, you're not going to be able to take those kinds of precautions." —Will Feuer

Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.

9:47 a.m. ET — Southwest Airlines is the latest carrier to offer employees voluntary separation and partially paid leaves, an effort to reduce headcount and to avoid layoffs or furloughs.

While airlines are suffering from a plunge in demand because of the pandemic, they are prohibited from laying off or cutting the pay rates of their employees through Sept. 30 under the conditions of $25 billion in federal coronavirus relief dedicated to supporting payroll.

Southwest told employees they can take a minimum of six months off and receive partial pay, and all benefits and travel privileges. Another option is a voluntary separation that includes travel privileges for four years and a severance package.

"The voluntary programs are the most generous packages ever offered in Southwest's history and will assist with matching staffing levels to the current decline in demand due to COVID-19," the airline said. The low-cost airline, which employed just over 60,000 people as of the end of 2019, boasts that it has avoided laying off or furloughing workers and that it wants to keep its streak going.

American, United and Delta also rolled out voluntary leave, separation and early retirement programs last week to front-line workers as well as management and administrative employees. —Leslie Josephs

9:40 a.m. ET — The Dow Jones Industrial Average dropped 130 points just after the opening bell while the S&P 500 lost 0.35% and the Nasdaq Composite shed nearly 0.2%. As June trading began on Wall Street, investors looked to extend gains seen since April.

Read updates on stock market activity from CNBC's Fred Imbert. —Melodie Warner

9:35 a.m. ET — Photos of crowded bars and packed beaches have made Dr. Anthony Fauci, the director of the National Institute for Allergy and Infectious Diseases, concerned about a potential resurgence in coronavirus cases.

"If people want to get out, they've really got to gauge it with the level of the outbreak in their particular area," Fauci said in an interview with STAT.

Fauci also spoke about vaccine development and said initial data from the first phase of the Moderna vaccine trial "looked very promising from the neutralizing antibody standpoint." However, he said Moderna should have waited until it had all the data from the first phase before discussing it with the public. —Hannah Miller

7:07 a.m. ET — Eli Lilly said it has begun dosing the first patients in a study of its potential antibody treatment for Covid-19.

The trial started ahead of that of rival Regeneron, which is also developing a potential antibody treatment. Eli Lilly said it expects results from the phase one study by the end of June. Phase one trials of the potential treatment, which uses antibodies from recovered patients to limit the virus' ability to reproduce, aims to determine whether the treatment is safe for humans. A phase two trial would determine its efficacy in fighting the virus.

Antibody therapies could be used to prevent and treat Covid-19, said Dr. Daniel Skovronsky, Eli Lilly's chief scientific officer. He added that the potential treatment was developed in partnership with AbCellera and researchers at the National Institute of Allergy and Infectious Diseases.

"We are privileged to help usher in this new era of drug development with the first potential new medicine specifically designed to attack the virus," Skovronsky said in a statement. —Will Feuer

6:46 a.m. ET — Seafood processing company American Seafoods has confirmed that a further 85 crew members of one of its vessels have tested positive for Covid-19.

The testing of the entire crew of the American Dynasty followed a positive test of one crew member while the vessel was in port at Bellingham, Washington.

Results are pending for nine outstanding tests, the company said in a statement Sunday. It operates six fish processing vessels

"The American Dynasty has returned to our home port of Seattle. All crew is being quarantined," American Seafoods said. "American Seafoods is cooperating with the U.S. Coast Guard, the CDC, the Seattle/King County Health Department, Whatcom County Health Department, and the Port of Seattle." —Holly Ellyatt

Read CNBC's previous coronavirus live coverage here: Global cases top 6.1 million; China says U.S. 'addicted to quitting' after WHO withdrawal