The stocks-only-go-up philosophy isn’t bulletproof after all, certainly not in the face of mounting evidence that the coronavirus pandemic is set for a predicted second wave in America. Johnson & Johnson is accelerating trials of its Covid-19 vaccine in what its chief scientific officer calls “a race against time,” but few expect one soon. The White House says the U.S. can’t shut down the economy again no matter what happens, but that’s up to the states to decide. In Houston, the mayor is weighing a return to stay-at-home. And in Brazil, the first wave never ended, and it’s a tsunami.

What you’ll want to read this weekend

Robinhood retail investors got burned and thousands swarmed into insolvency stocks, even Hertz—which filed for bankruptcy protection just weeks ago. For a cautionary tale of how boom can turn into bust, day traders should look no further than Chesapeake.

California is considering upending its property tax structure to address a looming budget disaster, while the health crisis is punishing Europe’s small businesses who were late to go digital. In Germany, Covid-19 is becoming an excuse to embrace state capitalism, Bloomberg Opinion writes.

From TV to music, businesses are rebranding and ditching symbols linked to slavery and racism. Britain is developing a full-blown identity crisis, while advertisers are deserting Fox News’s Tucker Carlson. In New York City, black-owned businesses are getting a much-needed boost from calls to “Buy Black.”

Here’s another reason to be fearful of flying: planes have lighter loads these days, and that’s bad for safety. Bloomberg Businessweek tells the grim tale of life aboard the pariah cruise ship that no one wanted. Maybe it’s no surprise that hotels are betting they’re the future of vacations, or should we say staycations.

Sickness in the seafood industry is the latest threat to America’s food supply, and the food-delivery market has a new, deal-hungry Dutch player to shake things up. Be warned: the post-pandemic future of food may belong to the robots.

What you’ll need to know next week

• The world’s biggest trade fair begins in China, and it’s going online.
• U.K. Prime Minister Boris Johnson will try to rescue Brexit talks.
• More bailout money is coming to Britain after a record plunge.
• President Donald Trump holds a rally; lawsuits not included.
• On Juneteenth, Nike is giving its employees a day’s paid holiday.

What you’ll want to read tonight in Bloomberg Green

Disney’s Jungle Cruise Hasn’t Gone as Planned

Walt Disney Co. has honed a reputation as an environmental champion by setting ambitious emissions goals and meeting them time and again, mainly by buying a kind of ethereal token known as a carbon credit. About half of those credits have come from a forest in the jungle highlands of northern Peru. And as the company adds more huge ships to its cruise fleet, Disney may have to lean even harder on tree projects in pursuit of its dream of carbon neutrality. But not everyone is happy with that.

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