Slow to develop Covid-19 tests that worked, slow to distribute them, slow to recommend social distancing, or masks, or stay-at-home orders, followed by half-hearted lockdowns that ended too soon. These are just some of the mistakes that fueled the pandemic’s wrath in America, and elsewhere. Now, with a possible second wave coming, the country finds itself at the mercy of the pharmaceutical industry. Among the potential saviors is Moderna, which said a final-stage clinical trial of its vaccine should begin in July. Regeneron said it’s begun human trials of a new antibody cocktail that could be a viable treatment. These are the other potential drugs that might just end the nightmare. —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

The U.S. Army’s “Old Guard,” otherwise known as the 3rd Infantry Regiment located just outside Washington, is known for providing a 24-hour guard at the Tomb of the Unknown Soldier at Arlington National Cemetery. Now, it will also be known as the unit issued bayonets and live ammunition that could have been used against U.S. citizens protesting police killings of unarmed African Americans.

With a stunning 20 million Americans out of work, layoffs turning into firings and families lining up at food pantries, Wall Street saw only green as markets continued skyward in recent weeks. That ended Thursday, following the one-two punch of a grim assessment by the Fed and stirrings of a second coronavirus wave long predicted but largely ignored in some quarters. The S&P 500 cratered, falling 6%. 

The point of lockdowns was to avoid a tsunami of infection and death, to at least flatten the curve so hospitals weren’t overwhelmed. We now know that had America started lockdowns a few weeks earlier, most of its 113,000 dead could have been spared. Medical experts repeatedly warned that reopening too soon would cause new spikes, and force a second shutdown. With the U.S. now surpassing 2 million confirmed Covid-19 infections, Treasury Secretary Steve Mnuchin said there shouldn’t be a second shutdown even if there is a second wave. That decision, of course, is up to governors, not the White House. Texas, like Florida, is one of the states that reopened earlier than advised, and it’s in trouble. Houston is considering doing what Mnuchin said shouldn’t be done, since its mayor said the city is “approaching the precipice of a disaster.” The U.S. has witnessed almost one-quarter of all coronavirus deaths on Earth, and more than one-quarter of all confirmed infections.

Virginia Postrel writes in Bloomberg Opinion that police killings like that of George Floyd, and subsequent police exonerations, often stem from how cops, despite their guns, batons and tasers, are afraid, and how their fear is used to judge whether deadly force was appropriate. Postrel says there’s another way: “We shouldn’t treat them like snowflakes with badges and guns.” 

Climate change is expected to cause stronger storm winds that trigger more extreme waves and increase coastal damage in Australia, the Pacific and South America by the end of the century.

Try some new office layouts for the post-pandemic age. Bloomberg Businessweek reports on how Cushman & Wakefield is experimenting with distant desks, one-way aisles, restricted conference rooms, and lots of signage.

What you’ll need to know tomorrow

• This is the only stock in the S&P 500 that finished higher today.
• Elon Musk is causing trouble again.
• Oil is starting to tank all over again.
• Lululemon is taking a hit from the pandemic.
• The rainmaker behind Mukesh Ambani’s $13 billion deal spree.
• Businessweek: Life and death on a Covid-19 cruise ship.
• Sony has revealed its new PlayStation 5 games.

What you’ll want to read in Bloomberg Checkout

Tofu Goes Mainstream Thanks to Covid-19

The coronavirus made American meatpacking plants even more dangerous than usual, with outbreaks forcing shutdowns that in turn led to producers euthanizing livestock. Consumers suddenly found themselves in empty meat aisles, searching for protein. This conundrum has opened the door to soy-based products like tofu. In the U.S., tofu has historically been a niche product, frowned upon by some for a lack of taste and strange texture. Now, some of those shoppers are giving the white, chewy bean curd a second look.

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