New U.S. coronavirus cases have started to decline in some hot spots while spiking in others, such as Iowa and South Dakota, signaling a new, “whack-a-mole” phase to the worst-hit country’s fight against the pandemic. Progress in one state is repeatedly offset by infections in others, while America as a whole sees little improvement. Political opposition to safety precautions, ambivalent college students and even motorcycle rally attendees (the first Covid-19 death from the Sturgis rally was confirmed Wednesday) all play a part. Some have chosen to simply take chances with their lives and the lives of others until a vaccine appears. And while most medical experts and pharmaceutical companies say any shot wouldn’t be ready for mass use until 2021 at the earliest, the Trump administration apparently told states that one could arrive just two days before the Nov. 3 election, raising concerns the announcement is a political ploy. America has seen some 6.1 million confirmed infections and 185,000 deaths from the virus. Globally, there have been almost 26 million confirmed infections and 860,000 deaths. In Brazil, second only to America in terms of deaths and infections, the government is distributing so much cash to citizens that poverty and inequality are approaching historic lows. Here is the latest on the pandemic. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Democratic nominee Joe Biden on Wednesday outlined his proposal to reopen American schools safely as he assailed President Donald Trump for pushing students and teachers to return to classrooms despite the threat from the coronavirus. Biden said he would direct FEMA to guarantee full access to disaster relief assistance for K-12 schools.

U.S. equities rose alongside European stocks, but with a twist as tech shares underperformed. The S&P 500 jumped the most in almost two months to an all-time high. Utilities and financial stocks, two of the three worst performing sectors in 2020, each rose more than 1.4%. The Stoxx Europe 600 Index added the most in three weeks. Here’s the market wrap.

Tesla shares had their worst one-day loss since March after this big shareholder reported having cut their holdings by almost half. But Germany’s economy minister promised CEO Elon Musk that his government will help in whatever way needed to get Tesla’s Berlin plant up and running as soon as possible. 

Bill Ackman approached Airbnb about merging with his big new blank-check company. Airbnb told the billionaire investor no thanks. 

Oil tumbled to its lowest level in more than a week with the expectation that refinery demand will weaken in the fall. U.S. production fell below 10 million barrels a day for the first time since 2018. The new data, however, includes the impact from Hurricane Laura last week on Louisiana and Texas. The storm killed at least 16 people and potentially caused as much as $8 billion in insured losses. The storm had been predicted to do three times as much damage. Meanwhile, Tropical Storms Nana and Omar formed Tuesday in the Atlantic Ocean. Omar is 2020’s 15th storm in the Atlantic, the earliest that milestone has been reached in records going back to 1851. 

Los Angeles Sheriff’s department employees shot dead an unarmed Black man who they were chasing for allegedly riding a bicycle illegally, triggering new protests in the latest police killing of an African American. Joe Biden on Wednesday called for the prosecution of Rusten Sheksey, the White Kenosha, Wisconsin, police employee who last month shot Jacob Blake, who is Black, seven times in the back. 

America is often said to be the richest and most powerful country in the world. But these days, hunger is surging in its breadbasket. Even before the pandemic, the U.S. already had the highest number of people among the world’s 63 richest countries who couldn’t afford a basic energy-efficient diet. Now it is getting much worse.

What you’ll need to know tomorrow

• One of the world’s richest petrostates is running out of cash.
• Hong Kong’s wealthiest man has an $11 billion stake in Zoom.
• Trader’s fat finger blamed for accidental sale of 5 million shares.
• U.S. election priced as worst event risk in VIX futures history.
• Businessweek: Rust Belt town divides as Pennsylvania turns purple.
• New York homebuyers are searching everywhere but Manhattan.
• Dating app Bumble is planning a potential $8 billion IPO.

What you’ll want to read in Bloomberg Pursuits

Rolex Releases a Brand New Submariner

Watch news doesn’t get much bigger than this. There isn’t some world-first complication; a record auction price hasn’t been shattered by a celebrity-owned grail; a beloved independent watchmaker hasn’t been acquired by one of the big groups. The news is way bigger than that: Rolex has just released a brand new Rolex Submariner.

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