Evening Briefing

A $750 billion industry still struggling to bounce back from the last financial crisis is cracking under the Federal Reserve’s lower-for-longer mantra on U.S. interest rates. Prime money-market funds, a long-time favorite for anyone seeking a cash-like investment with a little extra yield, are facing an existential challenge just four years after a regulatory overhaul. Earlier this year, assets in these vehicles dropped 20% in only six weeks, spurring talk of new reforms. But some of the industry’s leaders are opting for another solution: Shutting them down. —David E. Rovella

Here are today’s top stories

U.S. technology shares tumbled as volatility continued to grip financial markets after a torrid five-month rally. Tesla stock slid after the electric-vehicle maker missed out on being included in the S&P 500 Index, taking investors who had bet on its entry to the benchmark by surprise.

JPMorgan says it’s probing the role of some employees who may have enabled misuse of Covid-relief funds in what it calls potentially illegal activities.

Democratic presidential nominee Joe Biden is launching a new push on economic issues as polls show voters beginning to trust his approach to reversing the job losses and manufacturing contraction brought on by the coronavirus recession.

President Donald Trump said he’d support an investigation of a new set of allegations against his postmaster general, megadonor Louis DeJoy. A report over the weekend said DeJoy may have illegally reimbursed employees of his logistics company for Republican campaign donations. DeJoy is already being sued by more than 20 states and investigated over his efforts to reduce U.S. Postal Service capacity ahead of a November election that may feature millions of mail-in ballots. Some members of Congress have called for a criminal probe of DeJoy for what they allege is a broader effort by the Trump administration to disenfranchise Americans afraid to go to the polls for fear of contracting the coronavirus.

Drugmakers racing to produce Covid-19 vaccines pledged to avoid shortcuts on science as they face pressure from the White House and elsewhere to rush a shot to market. In an unusual public letter, the companies agreed to submit the vaccines for clearance only when they’re shown to be safe and effective in large clinical studies. The chief executive officers of nine frontrunners signed the pledge.

There’s a paradox at work as the coronavirus widens health and financial inequalities and worsens food poverty: many people are eating more, and what they are consuming is far from healthy. If the global rise of unhealthy eating and obesity isn’t tackled, related health costs will exceed $1.3 trillion a year in the next decade. Here is the latest on the global pandemic.

House Speaker Nancy Pelosi labeled Republican Senate Majority Leader Mitch McConnell’s proposal for a second coronavirus rescue package “fraudulent.” Democrats labeled it a “check-the-box” effort to give endangered Republican incumbents cover in the November election. McConnell said the bill is “focused on some of the very most urgent health-care, education and economic issues.”

What you’ll need to know tomorrow

Here are today’s top stories

What you’ll need to know tomorrow

What you’ll want to read tonight

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