President Donald Trump, back from the hospital, instructed White House negotiators to forget about a second bailout of America’s gutted economy before the Nov. 3 election, leaving millions more unemployed Americans with no hope of additional benefits anytime soon. The move by Trump came hours after the latest warning from Federal Reserve Chair Jerome Powell that without more funding, the economy will be in deep trouble. Trump’s decision sent markets reeling. Trump and Senate Republicans however remain very keen on pushing through the unprecedented, last-minute Supreme Court nomination of Amy Coney Barrett, a favorite of the religious right who Democrats warn will help roll back women’s rights and the Affordable Care Act. —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

Invesco’s senior strategist says look beyond U.S. election-related volatility, and instead plan on an eventual global recovery by betting on risky asset classes. That recent stock market sell-off? That was a “risk-shedding event” that now equals opportunity. 

The potential breakup of U.S. technology giants including Facebook, Amazon and Google is becoming a possibility after a House panel proposed a series of far-reaching reforms following an antitrust investigation that found the companies are abusing their dominance.

Eric Trump was questioned under oath by the New York attorney general’s office, which is probing whether the Trump family’s real-estate company falsely reported property values to get loans or tax benefits.

The U.S. Food and Drug Administration plans to have an expert panel review any Covid-19 vaccine application for emergency use, and wants to see at least two months of safety data. The added steps will likely lengthen the process and make impossible the rollout of a vaccine anytime soon, let alone before the election. Meanwhile, General Mark Milley, the top U.S. military officer, is among members of the Joint Chiefs of Staff who are in self-quarantine after the Coast Guard’s vice commandant tested positive for the coronavirus. Nationally, a so-called second wave may already be underway: Covid-19 cases are reaching three-month highs in New York, New Jersey and Connecticut, marking the return of the virus to a region that has suffered America’s heaviest toll. Here is the latest on the pandemic.

Viktor Orban 

Hungary’s crackdown on foreign-funded colleges, such as the George Soros-linked Central European University, was overturned by the European Union’s top court in a ruling that refocused attention on the erosion of the rule of law under Prime Minister Viktor Orban.

Microsoft said the Trump administration is questioning whether its commitment to promote more Black managers and executives violates civil rights laws. 

What’s Joe Weisenthal thinking about? The Bloomberg news director says that while there is a lot of debate about the shape of the U.S. economic recovery, it’s worth asking whether it has even started at all. From the beginning of the pandemic, it’s been important to separate out two distinct phenomenon: the cessation and the recession. The cessation was simply the temporary halting of business activity in order to avoid the virus. The recession is the economic damage sustained from the lost income and disruption caused by the cessation. The cessation caused an extraordinary surge in layoffs, which have fortunately come down faster than expected. However, the recession has led to layoffs becoming terminations, which unfortunately continue to climb.

What you’ll need to know tomorrow

• The world’s biggest oil trader wants to buy your used car.
• Singapore, fearing for its future, races to open its borders.
• U.S. election, pandemic are set to crush holiday shopping season.
• The EU is ready to call Boris Johnson’s bluff over Brexit.
• Toronto condo listings surge 215% as real estate market weakens.
• Apple is cutting off sales of rival earphones ahead of new launch.
• Once elusive, corporate racial data is finally starting to trickle out.

What you’ll want to read tonight

Guitar Rock Legend Eddie Van Halen Is Dead

Eddie Van Halen, the guitar virtuoso whose blinding speed, control and innovation propelled his band Van Halen into one of hard rock’s biggest groups, has died. He was 65.

Eddie Van Halen performs in Inglewood, California in 2012.

Photographer: Kevin Winter/Getty Images

Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close.

Bloomberg Sustainable Business Briefing: Accelerating Climate Action. Join us virtually on Oct. 7 at 10 a.m. EDT as we examine what top companies are doing to transition to a green economy. Hear from The Climate Group CEO Helen Clarkson, We Mean Business Coalition CFO Maria Mendiluce and EY Global Vice-Chair, Sustainability Steve Varley about how business, finance, government and nonprofits can work together to create meaningful progress and an effective response to the threats of climate change. Register here.

Download the Bloomberg app: It’s available for iOS and Android.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.