"GDP is now at the same level as late 2009, at the height of the global financial crisis," the Brazilian Institute of Geography and Statistics (IBGE) said in a statement.

As far as COVID news goes, Argentina's coronavirus crisis is only getting worse, as almost 47% of people tested get a positive result back.

Meanwhile, Arizona on Tuesday reported 507 new cases, a 0.3% increase to 202,342 that was just above the 0.2% rise of the prior seven-day period. The state Department of Health Services recorded 15 deaths from COVID-19, bringing the toll to 5,044. The testing positivity rate jumped to 11.1% from 3.5% a day earlier.

Update (1035ET): NYC Mayor Bill de Blasio has finally struck a deal with NYC's teachers to delay the start of in-person education until Sept. 21, after the city's teachers unions threatened to go on strike if the city didn't ensure that "adequate health and safety measures were in place" to protect them against the coronavirus.

De Blasio said he reached agreement with the teachers' unions to delay the start of the new semester until Sept. 21, instead of Sept. 10.