So what happens to markets when, suddenly, a coronavirus vaccine is deemed successful or even approved? And what happens if that comes a lot sooner than Wall Street thinks? Goldman Sachs warns that the possibility is being underpriced in equity markets, and that such a development could mean a bond sell-off and perhaps the end of tech stock hegemony. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

New York is seeking to dissolve the National Rifle Association. The state attorney general accused the gun industry lobby of engaging in a massive fraud against its donors.

Better job news: Applications for U.S. unemployment benefits fell last week to the lowest since March. Initial claims fell by 249,000 to 1.19 million, according to the Trump administration. The total number of Americans claiming ongoing unemployment benefits, however, is a sobering 16.1 million.

Democrats want to throw a lifeline to the struggling U.S. Postal Service amid concern mail delays and its new management, a Trump megadonor who has limited worker hours, could lead to hundreds of thousands of legitimate votes being thrown out, skewing the election. The issue, tied up with mail-in voting and suspicions of voter suppression, has become a key sticking point in negotiations over a new recession bailout bill.

Germany, France, Italy and Ireland see coronavirus infections picking up again while a new model shows U.S. deaths, the highest worldwide at 160,000, may double by December if the pandemic’s pace doesn’t change. On Thursday, American cases rose 1.3%, more than the average daily increase over the past week. Ohio Governor Mike DeWine tested positive for the pathogen as part of the standard protocol to greet President Donald Trump. Here is the latest on the pandemic.

Saudi Arabia reveled in Trump’s decision to make the kingdom his first overseas destination as president. It will have to decide how welcoming to be to Joe Biden if he wins in November. The former U.S. vice president is hardly a fan.

Millions of Americans are unemployed while millions more are working from home. Add to that kids learning remotely, and the number of hours people are glued to a phone, tablet, computer or television screen has soared. Come fall, it is only going to get worse, and that is bad news.

What you’ll need to know tomorrow

• Deutsche Bank gave up Trump’s files to the Manhattan D.A.
• Global stocks erase 2020 losses on hope of second U.S. bailout.
• The Robinhood craze is now moving markets all over the world.
• The curious history of steam heat and pandemics.
• U.S. weapons maker wants to ban a gunsight made in China.
• How a DNA test machine mutated to find Covid-19 in 90 minutes.
• Uber is making more money delivering food instead of you.

What you’ll want to read tonight in Businessweek

The Airport of the Future Will Have No Check-In

Navigating an international airport is likely the one thing travelers aren’t missing during the pandemic. Now that forecasts predict tourism won’t fully recover until 2023, these transit centers are getting a rare chance to make changes flyers have long wanted—along with upgrades they probably never imagined.

Stay on your game. Subscribe to Bloomberg.comtoday and get complimentary access to The Athletic, covering professional and college teams in more than 20 North American cities, as well as national stories on football, basketball, baseball, hockey, and soccer presented through a mix of long-form journalism and podcasts.

Join a Bloomberg Prognosis live virtual event on Thursday, Aug. 13: How Covid-19 Is Reshaping the Global Healthcare Ecosystem. Gain insights into the pandemic and its effects with speakers from the World Health Organization, MRC Centre for Global Infectious Disease and more. Register here.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.