Evening Briefing

Worried that a “devastating” second wave of infections could hit America this summer if states reopen too soon, governors who have been leading the effort to combat the pandemic labeled as “delusional” and “absolutely false” claims by Vice President Mike Pence that enough testing was available to prevent such a disaster. Despite the risks, President Donald Trump, his allies and some far-right groups have demanded states lift restrictions aimed at slowing the spread of Covid-19. Medical experts warn that a flood of Americans leaving their homes without proper testing and tracing in place will trigger a new outbreak, inundating hospitals and likely causing tens of thousands of additional deaths. In response to anti-shutdown demonstrators in Denver, medical professionals staged a silent counter-protest, resulting in this widely viewed video. Critics of Trump’s slow response to the crisis have been placing faux “body bags” outside Trump Organization properties. To date, more than 35,000 Americans have died because of the coronavirus. —David E. Rovella

Here are today’s top stories

The price of oil fell into negative territory. It is an unprecedented moment in an economic crisis that is itself without precedent. There is so much unused oil that American energy companies have run out of room to store it. Stocks tanked, too.

U.S. airlines face a bleak future of depressed traffic and volatile revenue. Still, until Sept. 30, they will be flying empty planes and keeping workers on payrolls. But beginning Oct. 1, 100,000 jobs could be lost.

The Senate plans to meet Tuesday for a potential vote on another bailout package of as much as $500 billion. It would replenish a small business rescue fund that has been attacked for helping large companies while leaving small U.S. businesses with nothing. The new deal would also provide money for coronavirus testing and overwhelmed hospitals, though there is disagreement on how health care aid will be doled out to the states. Some of the hardest hit, including New York and New Jersey, contend they were given far too little compared with some states with relatively few infections.

New York Governor Andrew Cuomo said data suggest his state’s outbreak has begun a slow descent, with daily deaths falling for a sixth straight day, to 478. Meanwhile, Georgia and South Carolina took steps toward reopening their economies.

Earnings season is supposed to be a time of clarity, giving investors a detailed look into the health of corporations and a chance to hear from executives about what’s to come. Not this time around: One week in, and the only thing that’s clear is that no one feels confident making profit or sales forecasts for the coming months.

What’s Joe Weisenthal thinking about? The Bloomberg news director says that as bad as the employment scenario is right now, the reopening of some businesses will be more labor intensive than when they closed. In a column at Bloomberg Opinion, Conor Sen of New River Investments wrote how physical operations will now require an extremely high amount of labor, including cleaning crews, drivers and temperature checkers. There are at least some aspects of the recovery, Joe says, that will require a huge demand for workers.

What you’ll need to know tomorrow

Sponsored by the Kellogg School of Management at Northwestern University

To lead with confidence during the pandemic, you need to internalize two mantras. These simple guiding principles will help you better manage your team, support customers, and deal with the anxiety that comes with working during the coronavirus crisis.

What you’ll want to read in Bloomberg Pursuits

The Quarantine Guide to Points and Miles

Airlines and hotel companies are extending status and, in some cases, making it easier to earn points. Here’s what you should do in order to maintain value from your credit cards and rewards programs.

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