The S&P 500 approached market correction territory on Wednesday while the Nasdaq 100 tumbled more than 3%, led by giants Apple and Amazon. As the U.S. stock market’s decline accelerated, a real-time measure of selling pressure registered one of its most extreme readings on record. The Fed is pleading for another bailout, further rattling markets since Congress is deadlocked over how big such a package should be, what should be in it and whether there should be one at all. The Senate, moreover, is otherwise occupied. Citigroup warned that market risks surrounding the coming presidential election could send gold prices to a record by the end of the year. —David E. Rovella

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Here are today’s top stories

Hedge funds are planning to expand their presence in Florida, adding to a migratory trend as wealthy residents of northern states face the threat of higher taxes.

New York City said a recent uptick of coronavirus cases in some Brooklyn neighborhoods requires “urgent action,” as the city that has already lost 24,000 residents to the pathogen fears the combination of colder temperatures, flu season and lax social distancing and mask use could combine into a second wave. All across the country, coronavirus cases are rising, and all over the world, the catastrophe has eliminated at least 500 million jobs. Here is the latest on the pandemic.

Joe Biden’s campaign on Wednesday sought to strike a contrast with President Donald Trump on the economy by highlighting the Democratic nominee’s commitment to helping small businesses weather the coronavirus. Trump made an appeal to Cuban-Americans as polls showed him in a dead heat with Biden in Florida. And despite a flood of lawsuits, investigations and court rulings blocking his cuts to U.S. postal service capacity, there may be another rule postmaster general and Trump megadonor Louis DeJoy has implemented that could endanger mail-in ballot security, postal police told a federal judge.

The head of the Pennsylvania Republican Party suggested that the state’s voters may not end up picking its choice for president in November after all. Having discussed the strategy with the Trump campaign, Lawrence Tabas told The Atlantic the Republican-controlled legislature may choose a winner for them. Here is the latest on the campaign.

Kentucky won’t pursue murder charges against Louisville police who shot dead Breonna Taylor, a Black emergency medical technician killed as she slept in her own home. Instead, prosecutors are bringing lesser counts against only one of the three men involved in her death.

A ground mural depicting Breonna Taylor is painted at Chambers Park in Annapolis, Maryland, on July 5.

Photographer: Patrick Smith/Getty Images

California will phase out sales of new, gasoline-powered cars by 2035, the first state to set an expiration date for the traditional combustion engine automobile.

After years of shifting the Philippines closer to China and away from America, President Rodrigo Duterte now appears to be leaning back toward the U.S. Meanwhile in Africa, Russia has a plan to develop Zimbabwe’s biggest platinum mine, and the African Export-Import Bank just authorized a $500 million program to make it happen.

What you’ll need to know tomorrow

• JPMorgan shifts $230 billion from U.K. to Germany thanks to Brexit.
• In this obscure stock market, a 32-year-old billionaire is king.
• Malaysia is poised for more turmoil as Anwar makes bid for power.
• Tesla slumps as “Battery Day” letdown clouds a $320 billion gain.
• Kamala Harris uses Pete Buttigieg as a Mike Pence debate stand-in.
• Eric Trump must face deposition before Nov. 3 in family fraud probe .
• About that “Amazon” bike that would rival those made by Peleton...

What you’ll want to read in Bloomberg CityLab

How Reykjavik’s Houses Beat Iceland’s Winter

For the first-time visitor, Reykjavik is a surprising place. It’s not just the city’s seasonal extremes of daylight and darkness, the spectacularly changeable weather or the craggy profile of Mount Esja looming over everything. It’s also the city’s buildings.

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