After two days of heavy rainfall in Michigan, water from Lake Wixom breached two dams, flooding Dow headquarters and one of its chemical complexes. More than 1,000 people have been evacuated, and the city of Midland expects to evacuate 10,000 more. President Donald Trump said he’s sending emergency workers to the swing state, but also took time to attack its Democratic governor. Gretchen Whitmer, a potential running mate for former Vice President Joe Biden, has been a frequent target of Trump, who has supported far-right wing protestors pressing Whitmer to open businesses despite the risk of more Covid-19 infections and deaths. Michigan has been decimated by the pandemic, ranking seventh in the nation in cases and fourth in lives lost. America’s total dead are approaching 94,000, almost 30% of all fatalities worldwide. —Josh Petri

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

Private equity investors have been buying up doctor’s offices, cutting costs and pressuring physicians in ways that critics say hurt patients. The pandemic could make things even worse. Bloomberg Businessweek reports on how private equity is making a killing as it ruins American health care.

Chinese doctors are seeing the coronavirus manifest differently among patients in a second wave of cases, suggesting that the pathogen may be changing and complicating efforts to slow its spread.

Millions of Americans getting breaks on their loans are about to hear from their banks. Lenders are preparing to take a closer look at consumers who have arranged to delay roughly $150 billion in payments, potentially pushing some out of the programs.

Banks are also laying out plans for returning to work, with Credit Suisse offering employees antibody tests (though it remains unknown whether antibodies confer immunity) and JPMorgan capping offices at 50% capacity. Some Wall Street firms are plotting a move to the suburbs. Down south, Disney, SeaWorld and Universal are expected to submit plans for reopening their Florida parks on Thursday. Here’s the latest on the global pandemic.

Trump threatened to withhold federal coronavirus funding from Michigan and Nevada, two Democratic-led states that are working to increase absentee voting because of the pandemic. Trump incorrectly stated they were mailing out ballots, as opposed to applications, and has publicly worried that increased voter turnout brought by mail-in voting will doom Republicans. Trump himself voted absentee in Florida’s primary.

The U.S. Supreme Court potentially handed Trump an assist on Wednesday, blocking for now lower court orders to unseal evidence from Special Counsel Robert Mueller’s investigation of alleged collusion between Russia and Trump’s 2016 campaign.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the global pandemic threatens the U.S. dollar’s global dominance.

What you’ll need to know tomorrow

• This is where hedge funds invested when the pandemic hit.
• A lack of supply is oddly propping up the U.S. housing market.
• America’s young (and the rich) are fleeing cities for suburbs.
• U.S. meat supplies are recovering from virus-related shutdowns.
• Low-income students are falling behind with virtual learning.
• Escape room owners solve the Covid-19 puzzle.
• To reopen, restaurants double down on becoming grocery stores.

What you’ll want to read tonight

The Jumbo Jet That’s Just Too Big to Survive

Airbus’s A380 superjumbo is proving too big to survive in many airline fleets thanks to the pandemic. Airbus had already opted to discontinue the program, but now airlines are making strategic decisions which could hasten the total demise of the world’s largest commercial jetliner. Air France-KLM said Wednesday it will take a $550 million writedown and phase out its fleet of the monster jets early. Emirates, the world’s largest operator of the A380, wants to cancel five of its last eight deliveries and may retire as many as 65 of the double-decker aircraft.

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