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Stocks across Europe and America dropped sharply as the reality of new national lockdowns, skyrocketing infection rates and the grim winter to come in the northern hemisphere became apparent to investors. The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in U.S. hospitalizations while energy shares sank with oil prices. Technology stocks were also among the worst performers. —David E. Rovella

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Here are today’s top stories

Volatility is coursing through financial markets as the coronavirus spreads unchecked across America just days ahead of the presidential election. Stringent closures in Europe, a stalling U.S. labor-market recovery and fear of a deeper recession aren’t helping.

French President Emmanuel Macron imposed a new nationwide lockdown for the next month, clamping down on movement as the rapid spread of the coronavirus overwhelms health services. Boris Johnson may be forced to do the same thing in the U.K. German Chancellor Angela Merkel is contemplating a partial shutdown. Here is the latest on the pandemic.

Brett Kavanaugh

Photographer: Andrew Harrer/Bloomberg

The conservative majority of the U.S. Supreme Court has been carving out a path by which President Donald Trump could win with a little help from Republican-controlled state legislatures. A key signal came from Justice Brett Kavanaugh, whose confirmation battle riveted the nation just a few years ago. He seems to be taking over as the fulcrum upon which the court will turn.

Record-setting levels of U.S. coronavirus cases are coming at the worst possible time for Trump. If polls are to be believed, the Republican needs a dramatic turnout on Election Day to overcome the Democratic advantage with mail-in voting. 

The U.S. Postal Service, run by Trump megadonor Louis DeJoy, reported a steep drop in on-time service in Philadelphia, a key city for Democrats in the battleground state of Pennsylvania. Critics of administration cuts to mail service allege the White House is trying to disenfranchise likely voters for former Vice President Joe Biden who wish to mail ballots rather than risk venturing out during a pandemic. Both candidates are focusing on senior citizens in the final days of the campaign.

Toyota added 1.52 million vehicles to a recall due to potentially defective fuel pumps that may cause stalling, bringing the total number of recalled Toyota and Lexus brand vehicles sold in the U.S. to 3.34 million.

What’s Joe Weisenthal thinking about? The Bloomberg news director says everyone is being too pessimistic. Tuesday’s durable goods orders report from the Trump administration showed orders coming in way ahead of expectations (1.9% vs. 0.5%), and home price growth was more robust than foreseen (5.18% vs. 4.2%). While the Consumer Confidence numbers came in at a bit of a miss, Joe says assessments of the situation right now show a nice jump from last month. Finally the Richmond Fed Manufacturing Index also came in well ahead of where economists had pegged it (29 vs. 18).

What you’ll need to know tomorrow

What you’ll want to read tonight

New Orleans Faces Biggest Storm Since Katrina

Zeta rapidly strengthened to a near-Category 3 hurricane with winds of 110 miles (177 kilometers) per hour as it began to lash Louisiana. It may be the worst storm to hit New Orleans since Katrina devastated the city in 2005.

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