The world’s fast-developing coronavirus vaccine programs are moving into the final stage of testing, though any potential drug is at best many months away. Pharmaceutical companies across the globe are nevertheless racing to be first to find effective treatments and vaccines against the pathogen, which has infected more than 9.3 million people and killed 480,000. A Chinese state-owned vaccine developer secured regulatory approval to test its coronavirus shots in the United Arab Emirates, where there’s an ongoing outbreak, making it one of the first to move into the final stage of human trials. The pandemic, meanwhile, is at its worst: In Brazil, a slow-motion catastrophe is unfolding, while Mexico, India and Pakistan are also witnessing widespread infection. In the U.S., infections continue to skyrocket in states across the South and West, where hospitals are filling up and deaths may accelerate. In a bit of turnabout, three northeastern states that lost more than 48,000 people to Covid-19—New York, Connecticut and New Jersey—are requiring some visitors to quarantine. For now, people from Alabama, Arizona, Arkansas, Florida, North and South Carolina, Texas (which is facing a massive outbreak), Utah and Washington are subject to the order. For violators who are caught in New York, the fines will be steep. —David E. Rovella

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Here are today’s top stories

Then there’s Sweden. With one of the world’s highest Covid-19 mortality rates, worse than even the U.S., the country has been attacked for its reluctance to enforce protections against the spread of the virus. Now, the Swedish official behind the policy is doubling down, defending his actions and criticizing lockdowns. He also advises against masks, something most of the rest of the world disagrees with, too.

The International Monetary Fund downgraded its outlook for the world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. Wall Street investors have seemed unfazed by the grim present and (likely) equally grim future, something Goldman Sachs CEO David Solomon took note of in predicting a coming rebalancing. On Wednesday, the stock market agreed, falling 2.6%.

Facebook, which played a starring role in Russia’s effort to throw the 2016 presidential election to Donald Trump, has refused to take down his false statements or allusions to violence against police brutality protestors. CEO Mark Zuckerberg has also repeatedly refused to take down hate speech by white supremacists. Now, Facebook may start paying a price: More and more companies awakened by the nationwide anti-racism movement are pulling advertising from the embattled social media platform, the main way Facebook makes money. 

The U.S. Department of Justice has become tainted under Attorney General William Barr, current and former federal prosecutors told Congress. Barr has pushed investigations and manipulated prosecutions to suit the whims of Trump, they said. In one case, the Justice Department allegedly opened an antitrust probe of car companies (they were looking to make a deal with California over emissions) because Trump tweeted about it. Donald Ayer, who served as deputy attorney general during President George H.W. Bush’s administration, also testified. “William Barr poses the greatest threat in my lifetime to our rule of law and the public trust in it,” Ayer said, as a GOP congressman from Texas tried to drown him out by repeatedly banging on his desk.

Yesterday, we told you about the latest problem with Lockheed Martin’s consistently troubled F-35 fighter, the most expensive defense program in history that feeds hundreds of billions of taxpayer dollars into the company’s coffers. First, it was discovered that spare parts Lockheed provided for the delicate jet didn’t work. Now, a new defect has been revealed, one that could cause the plane to explode. 

Americans remain divided along partisan lines when it comes to climate change, with Republicans often refusing to acknowledge that human activity is causing intensifying global warming. But more of them now agree the government should be doing something about it.

What’s Joe Weisenthal thinking about? The Bloomberg news director is wondering what effect the massive surge in coronavirus cases across the U.S. South and West is having on economic activity, even without a return to lockdowns. Back in March, the economy started collapsing before leaders put in place social-distancing mandates, so it’s extremely important to watch the high frequency data coming out of the states, Joe says. Initial numbers show a new downturn may be starting: Predictions of a V-shaped recovery, in other words, may prove premature.

What you’ll need to know tomorrow

• Joe Biden extends his lead over Trump in Wisconsin.
• Trump and Michael Flynn win an unexpected court victory.
• U.K. firms plan to fire 25% of laid off workers come September.
• Meanwhile, experts warn Britain faces a second Covid-19 wave.
• Bridgewater’s Price predicts up to two years of pandemic fallout. 
• The fall of CrossFit ex-CEO Greg Glassman is complete.
• The Fed’s ability to help lower mortgage rates is at an end.

What you’ll want to read tonight 

The Pandemic Has Triggered a Chocolate Glut

When commodity analyst Judy Ganes spent 36 hours flying home from a business trip to Asia, it was what she didn’t see that struck her. In the four airports she passed through, she found almost no food courts or duty-free shops open for business. No snow globes. No t-shirts. No special liquor bottles. And perhaps most importantly, no Toblerone and other specialty chocolates that are ubiquitous in international terminals.

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