Governor Andrew Cuomo, pointing to a slowing decline of Covid-19 hospitalizations in New York and the beginnings of a potential second wave in Europe, eviscerated Florida Senator Rick Scott, the latest Republican to say states devastated by the pandemic don’t deserve federal help. Senate Majority Leader Mitch McConnell of Kentucky, joined by President Donald Trump, has said Democratic-leaning states with what he described as poor budgeting shouldn’t be rewarded with U.S. tax dollars. Cuomo erupted at what he called Washington’s politicization of death and suffering. As for state finances, the Democrat responded by saying New York contributes $29 billion more to U.S. coffers than it receives. Kentucky and Florida, he said, take a combined $67 billion more than they put in. Meanwhile, with no additional funds for states and cities, mass layoffs have begun, in blue and red states. —David E. Rovella

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Here are today’s top stories

A Trump administration study of a Gilead Sciences drug seen as a potential treatment for Covid-19 yielded “quite good news,” according to Dr. Anthony Fauci. Wall Street was happy and stocks rallied while the Food and Drug Administration may soon authorize emergency use of the drug. But there have been conflicting reports about its effectiveness and side effects, as well as concern that the drug is being over-hyped.

There are similar issues with the search for a vaccine. Lionel Laurent writes in Bloomberg Opinion that “sacrificing standards for speed” may actually delay the discovery of an effective medicine, assuming one is ever found. The White House meanwhile has a plan to speed up the search, a project for which taxpayers, and not Big Pharma, will foot most of the bill.

Coronavirus infections in the U.S. accelerated, increasing 2.7% compared with Tuesday. The uptick however is below the average daily increase of 3% over the past week. American deaths rose above 60,000. In Europe, Italian cases are stabilizing but the economic toll is mounting. Meanwhile, China and Australia are squaring off over the latter’s call for an investigation into the origin of the virus. Here’s the latest on its continuing spread across the globe.

Fed Chairman Jerome Powell said the coronavirus has brought the U.S. economy to an “abrupt halt,” and that the central bank is uncertain how long the recession will last. “Economic activity will likely drop at an unprecedented rate in the second quarter,” he said. The Federal Open Market Committee said in a unanimous statement that it “will use its tools and act as appropriate to support the economy.”

That economy, by the way, shrank at a 4.8% annualized pace in the first quarter, potentially auguring the deepest downturn since you-know-when.

Coronavirus aid to small businesses has been a cash-cow for states who seem to need it the least. Rural, Republican-leaning states that haven’t been hit hard by the pandemic cashed in while Democratic-leaning states decimated by itdid not. While former Vice President Joe Biden has slammed Trump’s response to the economic crisis, he’s planning to announce a series of policy proposals that go beyond the pandemic.

Apple and Google released the first versions of their Covid-19 contact-tracing tools to public health organizations on Wednesday, so that the agencies can start building applications.

What you’ll need to know tomorrow

Hertz is doing everything it can to avoid filing for bankruptcy.
Don’t worry, though: Facebook is doing just fine with an 18% bump.
And so is Microsoft, thanks to white-collar workers stuck from home.
The world’s richest are waiting for a new stock dip before buying.
Bloomberg Opinion: What would a Covid-19 second wave look like?
Bloomberg Opinion: Democrats are divided, but not how you think.
No kissing, no extras: Making television in the time of pandemic.

Sponsored by the Kellogg School of Management at Northwestern University

Self-reflection makes you a better leader and is especially important in times of crisis. Setting aside 15 minutes each day can help you prioritize and prepare. Here are 8 questions you should ask yourself this evening.

What you’ll want to read tonight

Get Ready for Tar Beach Summer, New Yorkers

New York Mayor Bill de Blasio says the city, crushed by the pandemic like no other place on Earth, can’t afford to open pools this summer even if it were safe to do so. The city would need to find money to pay lifeguards, security officers and crowd-control workers, he said. And that might go for beaches, too. So unless you have a place on Fire Island or in the Hamptons, it looks like cooling off this year will be a rooftop endeavor.

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