March witnessed historic declines as the global economy slowed. Retail sales fell 8.7% and factory output dropped the most since 1946. The month was defined by millions of layoffs, which have continued into April, sharply reducing spending power. New York City, ground zero of the U.S. coronavirus outbreak, may lose half a million jobs and $9.7 billion in tax revenue. Other figures hint the worst is yet to come. Surveys show manufacturing in New York state and sentiment among U.S. homebuilders plummeting by once unthinkable amounts. And more, painful jobs numbers are on the way. Meanwhile, the world’s richest man continues to get richer as desperate Americans rely on his company for essentials. Amazon CEO Jeff Bezos, who recently fired employees for complaining about workplace safety during the pandemic, added $24 billion to his coffers this year. —Josh Petri

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Here are today’s top stories

Despite having the most coronavirus cases in the U.S., the Trump administration has given New York state the least amount of money per diagnosed person. Governor Andrew Cuomo has ordered people to start wearing face coverings when in public. Globally, Covid-19 has infected 2 million people and more than 128,000 have died. The European Commission has drawn up plans for a partial lifting of restrictions but warned that some will remain until a vaccine or cure is found. Germany extended its shutdown, but also announced steps to slowly return to normal. Here’s the latest.

Researchers are beginning to understand more about the novel coronavirus. China published a breakdown of people testing positive with no outward signs of being sick, revealing that the majority remain asymptomatic throughout infection, a feature of the virus that’s allowed it to spread wide and fast. And about that malaria drug President Donald Trump continues to praise as a treatment despite a lack of evidence, and in which he and some of his allies have invested? A new study shows that it does nothing to fight the coronavirus.

Perhaps the largest remaining question for researchers: Who has become immune to the disease—and for how long? Understanding the level of viral immunity in survivors of Covid-19 will prove key in making decisions about how and when to lift restrictions.

The $349 billion rescue fund for smaller U.S. businesses will supposedly run dry on Wednesday, according to unidentified officials familiar with it. Data on how much money has actually been handed out (up to $10 million per applicant) isn’t available. Republicans want more money for companies while Democrats are seeking more help for states and cities that have borne the brunt of the pandemic. Some hedge funds, however, have already taken their cut. 

Trump’s plan to create a task force to revive the economy turned into a series of phone calls with company executives who he asked for advice. Trump remains focused on blaming others for the rapid spread of the virus in America, deflecting from his failure to ramp up testing and otherwise prepare the nation for the onslaught. Trump said he would slash funding to the World Health Organization, claiming that the group failed to contain the outbreak at its source. One problem is that—similar to his claims that he can order states to lift Covid-19 restrictions—Trump may not have the power to cut WHO funding, and Democrats plan to challenge him.

U.S. stocks resumed their habit of being seemingly untethered to reality. Up 27% since mid-March, the S&P 500 on Tuesday capped its biggest 15-day run since 1933. So furious has the revival from the fastest bear market been, equity valuations are now back to where they were before it started.

What’s Joe Weisenthal thinking about? The Bloomberg news director says that with unemployment in the U.S. potentially surpassing 20% (up from less than 4% a few weeks ago), it will be worth watching to see if governments target employment directly through programs like job guarantees or wage subsidies.

What you’ll need to know tomorrow

• Wall Street trading desks had their best quarter in eight years.
• Hackers have some of the best ideas to battle the coronavirus.
• Apple unveiled a new cheaper iPhone to boost sales.
• U.S. gas is super cheap, but nobody’s buying it.
• Code words, chaos and sky-high prices in China’s mask market.
• Think you’re burning out? Here’s what to do about it.
• The future of booze is green: Wine and vodka made from CO2.

What you’ll want to read tonight in Businessweek

The Republican War Against Mail Voting Begins

Jarring scenes in Milwaukee—where hundreds of voters lined up patiently despite the risk of coronavirus infection—could repeat nationwide in November, as the Republican Party digs in against a growing Democratic consensus that the presidential election should be held mainly by mail if the outbreak persists. Republicans, as they have in pushing restrictive voter ID laws, warn of voter fraud despite repeated studies showing it to be quite rare. Democrats contend that, as with voter ID laws, Republicans fear that making it easy for more Americans to vote will result in more GOP defeats. Trump even said so himself.

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