Good morning. It's Wednesday, Sept. 9, and we're covering a vaccine pledge (and one major study paused), a Senate stimulus proposal, and how the wealthy have fared during the pandemic. Have feedback? Let us know at [email protected].

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NEED TO KNOW

Vaccine Pledge

The heads of nine competing biotechnology firms released a joint pledge yesterday vowing to not seek approval for a COVID-19 vaccine until clear results from a Phase 3 clinical study were available. The unprecedented statement appears meant to address rising public anxiety over the accelerated timeframe of a potential vaccine; recent surveys show roughly one in three Americans would decline a free, FDA-approved vaccine if available. The pact also follows news that regulators notified states to have vaccine distribution infrastructure ready for early November—a possibility officials later described as unlikely but possible. 

Absent an agreement, some fear one company may rush to seek emergency use authorization based on preliminary data, forcing all companies to potentially sacrifice safety for speed in a race to the finish line. Four signees—Moderna, Pfizer/BioNTech, and AstraZeneca—currently have candidates in Phase 3 trials. AstraZeneca announced last night it would pause its vaccine study to review a potential adverse reaction in a patient in the United Kingdom. Track all vaccine efforts here.

The US has reported 6.33 million total cases as of this morning, with 189,680 deaths. See rolling averages for both here and here.

Scaled Back Stimulus

Senate Majority Leader Mitch McConnell (R-KY) will likely bring a scaled-down coronavirus stimulus package up for a vote this week. The proposal follows weeks of stalled negotiations and reportedly includes areas of mutual agreement, including an extension of the Payment Protection Program, Postal Service funding, and enhanced unemployment benefits. Democrats—who previously unveiled a $3T package—argue the bill doesn't go far enough and say another opportunity to pass stimulus funding won't arise before the election. President Trump has signaled support for more stimulus, including a second round of direct payments.

A tentative agreement between House Speaker Nancy Pelosi (D, CA-12) and Treasury Secretary Steven Mnuchin on a short-term funding deal—needed by the end of the month to avoid a government shutdown—appeared to throw cold water on the idea that a funding bill would include a stimulus package. 

The legislation is not expected to pass Congress.

Pandemic Be Damned

Forbes released its annual list of the wealthiest people in America, a testament to how well the country's ultra-elite have fared during the pandemic. While much of the value reflects ownership of flagship companies, the combined wealth of the list was a whopping $3.2T. That figure represents an 8% increase from last year, the largest year-over-year increase despite a broader economic crisis that has persisted throughout 2020. A record 233 billionaires failed to make the list, whose minimum threshold was $2.1B.

Topping the list was Jeff Bezos ($179B), whose net worth rose more than 50% since last year and who surpassed $200B following the list's publication, which relied on data from July. Following the Amazon CEO was Bill Gates ($111B), Mark Zuckerberg ($85B), and Warren Buffett ($74B). The rankings reflect the broader dynamics of the economy, which has seen the tech sector dominate growth in recent years.

Women make up 56 of the top 400 spots, with a combined wealth of $452B. You can also see Forbes' ranking of the top 50 impact investors here.

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TIME TO TRANSFER YOUR BALANCE?

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IN THE KNOW

Sports, Entertainment, & Culture

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> “Keeping Up With the Kardashians” ending in 2021 after 14 years  (More) | “Fresh Prince of Bel-Air” drama reboot “Bel-Air” gets picked up for two seasons on Peacock (More)

> Academy Awards change eligibility for Best Picture nominees to include diversity requirements for actors and crew by 2024 (More)

> Miami Heat bounce top-seeded Milwaukee Bucks from the NBA playoffs 4-1 to advance to the Eastern Conference semifinals (More) | Colin Kaepernick, who hasn’t played an NFL game in four years, added to popular video game “Madden NFL 21” (More)

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Science & Technology

> Apple countersues Epic Games, maker of the popular "Fortnite" video game, for breaching its App Store contract (More) | Background on the battle (More)

> India's lunar orbiter detects the presence of rust on the moon; findings suggest oxygen from Earth, protected by the planet's magnetic field, is being driven to the lunar surface (More)

> Researchers pinpoint mechanism that allows plants to close leaf pores, shutting out would-be microorganism invaders (More)

Business & Markets

> US stock markets plunge (S&P 500 -2.8%, Dow -2.3%, Nasdaq -4.1%) as technology sector rout continues (More)

> General Motors takes 11% stake in electric carmaker Nikola via strategic partnership; shares of Nikola surge 45%, GM up 11% (More) | Tesla’s shares fall 21% after being snubbed for S&P 500 inclusion; stock down more than 30% in last week, but still up nearly 300% this year (More) | Rideshare giant Uber pledges 100% electric vehicles by 2030 in US, Europe, and Canada (More)

> Activewear giant Lululemon reports surprise revenue growth as online sales increase 157% (More) | Communication platform Slack growth slows, shares down more than 15% in after-hours trading (More)

Politics & World Affairs

> Senior police officials in Rochester, New York, resign amid criticism of the handling of Daniel Prude case; those stepping down include Chief La’Ron Singletary, Deputy Chief Joseph Morabito (More) | Justice Department to take over President Trump's defense in defamation suit brought by writer E. Jean Carroll (More)

> Myanmar (formerly Burma) Army deserters confess to rapes, killings, and mass burials of the country's Rohingya population; confessions are the first time members of the nation's military have admitted to atrocities against the Muslim minority (More)

> At least three firefighters hospitalized after flames overtake a fire station in California's Los Padres National Forest; helicopters rescue more than 160 hikers stranded in the Sierra Nevadas, following weekend airlift of 200 others (More)

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ETCETERA

Denver hit with winter weather two days after 101-degree heat.

Tired of talking heads? Play around with this interactive election simulator. ($$, NYT)

Read the first-ever op-ed written entirely by AI.

Visualizing the top contenders for life beyond Earth. (via Tableau)

Take a look at the companies that help people vanish.

Get your palms sweaty with these pics of the world's longest glass-bottom bridge.

Mapping the tallest buildings on every continent.

Sunken German World War II submarine found off the Norway coast.

Clickbait: Scientists recreate the face of a medieval monk. 

Historybook: United States of America officially gets its name (1776); HBD actor Hugh Grant (1960); HBD actor Adam Sandler (1966); China founding father Mao Zedong dies (1976); Queen Elizabeth II becomes longest-reigning monarch of the UK at more than 63 years with crown (2015).

"Let us not take ourselves too seriously. None of us has a monopoly on wisdom."

- Queen Elizabeth II

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