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Larry Fink had a stark message for a private audience this week: As bad as things have been for corporate America, they’re likely to get worse. The BlackRock CEO said he expects a cascade of bankruptcies, empty planes, cautious consumers and a corporate tax rate as high as 29%. Fink’s words carry particular clout at the moment: He’s been advising President Donald Trump on how to navigate the effects of the coronavirus pandemic, and BlackRock is playing a key role in the Federal Reserve’s efforts to stabilize markets. Others seem similarly fearful. An analysis of earnings calls show corporate America is more scared now than in 2008. Small businesses are worried as well: 52% expect to be out of business within six months, according to a new survey.—Josh Petri

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Here are today’s top stories

In pandemic news, California reported its largest one-day jump in new coronavirus cases, Trump said he’d keep his virus task force a day after saying he wouldn’t, and then he publicly criticized a nurse on National Nurses Day after she noted a continuing lack of protective equipment. Also, the Supreme Court refused to lift Pennsylvania’s shutdown order. In Russia, more than 10,000 new cases were reported for the fourth straight day and President Vladimir Putin warned against easing restrictions. Germany, the U.K., Denmark and the Netherlands, meanwhile, are making plans to do just that. Globally, there have been more than 3.7 million infections and 260,000 deaths due to Covid-19. Here’s the latest. 

At least 39 U.S. states still fail to meet the White House’s nonbinding guidelines for reopening. In 22 states, rates of infection are still rising. Despite the grim statistics, many are reopening anyway, echoing Trump’s sentiment Tuesday that American lives must be sacrificed for the sake of restarting the U.S. economy. Medical experts warn there may be thousands of avoidable deaths because of premature “reopenings.”

In the maelstrom of coronavirus news, it’s easy to lose sight of the scariest scenario of all, writes Noah Feldman in Bloomberg Opinion. What if there’s simply no magic bullet at all? In this entirely plausible situation, there would be no effective vaccine or transformative therapy; testing and contact tracing wouldn’t suppress the disease; and herd immunity would come, if at all, only after millions died all over the world. 

A worrying trend is emerging from the stacks of layoff notices filed by businesses across the U.S. Many that were labeled “temporary” a month ago are now tagged “indefinite” or “permanent.” Companies cut a record 20.2 million jobs in April, according to ADP data released Wednesday.

Republicans in Congress have introduced several bills that would strip China of its sovereign immunity in U.S. courts, potentially leaving Beijing open to lawsuits seeking billions of dollars in compensation for its handling of the coronavirus outbreak (collecting would be a different matter). Those suits, starting with one filed by Republican officials in Missouri, are multiplying as criticism over Trump’s failure to stem the virus in America intensifies.

America’s meat-processing plants are starting to reopen, but not all workers are showing up. Some still fear they’ll get sick after outbreaks shut more than a dozen facilities last month. Employees are taking leave, paid and unpaid—or just quitting.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the levels of major equity indexes don’t align with the devastation of the real economy. So what’s up with the disconnect? Joe says it’s a combination of factors, ranging from massive Fed intervention, fiscal policy, a roaring tech sector and optimism about a vaccine.

What you’ll need to know tomorrow

What you’ll want to read tonight in Businessweek

Instacart’s Dash From App to Essential Service

Sooner than most, Instacart saw coronavirus anxiety starting to reshape the U.S. The company charges fees for its contract workers, called “shoppers,” to gather and deliver customers’ orders from among a list of hundreds of retail grocers. As the virus spread through the U.S., demand for the company’s services began to skyrocket. The numbers looked too good to be true, and it turns out they were. While the rest of the world was being transported into the past—quarantined at home, venturing no farther than their own neighborhoods—Instacart found itself catapulted into the future. That future is a mess.

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