More than two million homes and businesses lost power on the U.S. East Coast, from North Carolina to New York City, as Tropical Storm Isaias triggered tornadoes, knocked down trees and snapped power lines. The storm is continuing to churn northward, part of the fastest start to the U.S. hurricane season since before the Civil War. —David E. Rovella

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Here are today’s top stories

Investors are so concerned about the global economy that worldwide holdings in gold-backed exchange-traded funds are second only to the U.S. government’s reserves of bullion.

U.S. equities rose as investors tried to gauge the outlook for a second recession rescue package from Congress. But others are focused on Covid-19 trends to justify their bullish bent, studying traffic congestion and restaurant bookings.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin headed into a fresh round of negotiations over a new bailout after talks yielded some progress. Republican senators are making some small business proposals they hope will help break the deadlock.

The World Health Organization’s top epidemiologist on Covid-19 said several studies now estimate that the mortality rate of the novel coronavirus “is quite high.” Here is the latest on the pandemic.

Italy and Sweden may be taming the second wave of the coronavirus, Lionel Laurent writes in Bloomberg Opinion. While their policies for slowing the outbreak couldn’t be more different, their current success in avoiding a resurgence should be heeded.

Parents and pediatricians should be on alert for a rare neurological condition afflicting children that can lead to long-term paralysis and, infrequently, death, the U.S. Centers for Disease Control and Prevention warned Tuesday.

One hedge fund manager is getting some inspiration from an unlikely source: the Robinhood crowd. Adam Sender’s volatility hedge fund has climbed 30% this year, in part by betting on (and against) stocks that have been popular on the retail trading app.

What you’ll need to know tomorrow

• China: Trump’s demand for TikTok sale is a “smash and grab.”
• Massive blasts in Beirut’s port kill and injure hundreds of people.
• Turkish Lira rates blow out to 1000% after currency intervention.
• Another regional airline has fallen victim to the Covid-19 recession.
• Blizzard Workers share salaries in revolt over wage disparities.
• London traders hit a $500 million jackpot when oil went negative.
• India is “flying blind” on virus data as Modi’s No. 2 gets infected.

What you’ll want to read tonight in Businessweek

The Pepsi Contest That Became a Deadly Fiasco

Decades ago, a marketing stunt promised Philippine soda drinkers a chance at one million pesos. But an error at a bottling plant led to 600,000 winners—and to lawsuits, rioting, and even deaths.

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