The death of Justice Ruth Bader Ginsburg and President Trump's vow to name her replacement to the Supreme Court before November's election are amplifying Wall Street worries about major volatility and market losses ahead of and even after the election.

The big picture: The 2020 election is the most expensive event risk on record, per Bloomberg — with insurance bets on implied volatility six times their normal level, according to JPMorgan analysts. And it could take days or even weeks to count the record number of mail-in ballots and declare a winner.

What we're hearing: "Not getting the election results in a timely manner will be destabilizing," Lou Brien, rates strategist at DRW Trading, tells Axios. "Especially in light of how divided the country appears to be now."

• "I think stock market moves will be violent intraday and the prevailing trend will likely be down, maybe sharply so."

The Supreme Court nomination will compound the partisanship and division in the event of a contested election, analysts at TD Securities say in a recent note to clients.

• That not only will increase volatility but also "reduces the likelihood of Congress passing a phase 4 stimulus" package, Priya Misra, TD's head of global rates strategy, tells Axios.
• It also means "we should be putting in a greater probability of a Blue Wave," wherein Democrats control the presidency and both chambers of Congress, she adds.

Flashback: The delay in deciding the winner of the 2000 presidential election caused great uncertainty and market volatility, with the S&P 500 falling 10% in the month following the election.

Watch this space: "Where we could get in a scenario that’s quite challenging is where we don’t actually know the makeup of Congress, primarily the Senate, or even worse the president," says Stephen Dover, head of equities for Franklin Templeton.

• "It would be very hard to pass stimulus until that’s cleared up."

Be smart: Whether or not we get that stimulus is paramount, says Bill Callahan, an investment strategist at Schroders, as 30 million Americans remain on unemployment insurance and U.S. companies have filed for bankruptcy at the fastest pace since 2010.

• "People are willing to say as long as this package is coming in the next three to four months we’re going to be OK."
• "But if you say 'We’re going to let everyone fend for themselves for the next 24 months,' that’s not going to work out."

The last word: Many analysts remain bullish on the market's outlook after the election is settled — whenever that is.

• "Any selloff that is caused mainly by some sort of an election or a political outcome often represents a great buying opportunity," Callahan says.
• "Generally after elections, your worst fears or greatest aspirations don’t happen."

The coronavirus has now killed 200,000 Americans, according to Johns Hopkins data — a catastrophe of historic proportions and yet another reminder of America's horrific failure to contain the virus. (Axios)

The FDA is expected to outline stricter standards for an emergency use authorization (EUA) of a coronavirus vaccine as soon as this week. (Washington Post)

The House on Tuesday passed legislation to fund the government through Dec. 11, averting a government shutdown when funding expires in eight days. (Politico)

JPMorgan plans to move $230 billion from the U.K. to Germany as a result of Brexit by the end of the year, in a shift that will make it one of the largest banks in the country. (Bloomberg)

The dollar and U.S. stock prices have moved in opposite directions for much of this year, with the dollar sliding as equities made their historic march higher starting March 23.

• But that correlation could be unraveling, as the greenback has pushed higher on back-to-back days — gaining when stocks sold off Monday and when they jumped on Tuesday.

Driving the news: The eurozone may be facing a much-feared second wave of coronavirus cases after a lull in new infections over the summer and negotiations have broken down between U.K. and EU negotiators, adding to worry about a hard Brexit.

• Both the euro and British pound fell to nearly two-month lows against the dollar.
• “The picture in Europe has completely changed, because the economic recovery is stalling and there is a second wave of the virus, but I’m also worried about U.S. politics,” Masafumi Yamamoto, chief currency strategist at Mizuho Securities, told Reuters.

The big picture: The dollar is gaining ground against most of the world's currencies, despite worries about the U.S. election and a lack of control over the coronavirus.

• The consistency — and the fact that the dollar is hitting monthslong highs against multiple currencies with very different fundamental drivers — suggests traders are buying the dollar rather than selling other currencies.

Axios' Erica Pandey writes: The pandemic has caught up with high-wage jobs.

The big picture: Early on, the pandemic walloped hiring across the wage spectrum and in every sector. Now, states have opened up, and the lower-wage retail and restaurant jobs have slowly come back — but higher-paying jobs are lagging behind.

• Postings for the highest-paying jobs on the site Indeed are down 24% year over year, even though most of the work in this wage bracket can be done from home.
• Compare that with low-wage jobs (down just 12%) and middle-wage jobs (down 18%).

What they're saying: The decline in postings for high-paying work is likely due to the fact that tech and finance companies are adjusting their hiring plans to cut costs amid the recession, says Jed Kolko, chief economist at Indeed.

• "High-wage sectors often think differently about hiring," he says. "It costs them more to fire and hire than it does low-wage sectors."
• "There's also less churn," Kolko says. People are less likely to leave their jobs in the middle of a pandemic, and so companies don't have to look for new talent to replace employees who have left.

Go deeper: Companies are leaving jobs behind to cut costs

The housing market continued its boom in August and U.S. existing home sales surged to their highest level in nearly 14 years, setting a new record for average home price.

What happened: Following July's record-shattering 24.7% gain, sales increased 2.4% to a seasonally adjusted annual rate of 6 million, according to the National Association of Realtors.

• Sales rose 10.5% from August 2019, the biggest increase since December 2006.
• The boom was fueled largely by demand for luxury homes.

By the numbers: The median price of an existing home sold in August rose to a record high of $310,600, up 11.4% year over year.

• There were 1.5 million homes for sale at the end of August, down 18.6% annually to a three-month supply, NAR said.
• The number of homes for sale when sales were last this high, in 2006, was more than double the current supply.