President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, choosing the first woman for the nation’s top economic policy job as the coronavirus pandemic threatens to reverse the already-stalled U.S. recovery. The selection follows Biden’s choice of Antony Blinken for Secretary of State, part of a growing list of cabinet members and advisers. —David E. Rovella 

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Here are today’s top stories

U.S. stocks climbed as investors piled into companies that would benefit most from any return to normal economic activity. Tech shares lagged behind, while gold slumped.

Once pursued by federal prosecutors as the man behind a notorious hedge fund that was eventually convicted of insider trading, Steve Cohen was always a bit of a recluse. Now that he owns the New York Mets, that may be changing. Cue the Twitter dad jokes.

President Donald Trump’s effort to have Republican legislatures or the courts allow him to stay in power despite Biden’s victory was dealt another blow Monday when the Michigan election board certified Biden’s win in that state. Trump has forced another recount in Georgia, which he lost, and is challenging another court defeat in Pennsylvania, where he also lost. But his options for voiding Biden’s victory are growing thin.

Trump is facing rising pressure from business leaders and prominent Republicans to begin the transition or concede defeat. Even Trump friend and Blackstone CEO Stephen Schwarzman said Monday he considers President-elect Biden to be, well, the president-elect, while a group of business leaders and several former national security officials released separate open letters urging the start of a transition.

Blackstone CEO Stephen Schwarzman (right) with President Donald Trump in 2017.

Photographer: Olivier Douliery/Abaca

U.S. General Services Administration chief Emily Murphy rejected calls that she meet this week with Democrats, who say the agency administrator is threatening U.S. national security with her unprecedented refusal—like that of her boss—to allow the transition to move forward.

The University of Oxford and AstraZeneca said their Covid-19 vaccine candidate prevented a majority of people from getting the disease in a large trial, making it the third potential medicine deemed a preliminary success in preventing infection. This one, however, is much more easily stored and transported than those developed by Moderna and BioNTech/Pfizer. Here is what this latest vaccine offering can do. Meanwhile, America’s most infected county is about to shut down again, and another 30,000 Americans could be dead by Christmas, bringing the death toll to 290,000. Here is the latest on the pandemic.

Ethereum, the most-actively used blockchain in the world, is approaching its deadline to convince users to pledge enough digital currency to enable a massive network upgrade.

What you’ll need to know tomorrow

• Millions of Americans expect to lose their home by year’s end.
• New Jersey governor shrugs off woman’s verbal attack on him.
• Want to fly international? Vaccination may become a requirement.
• Some 8% of early U.S. Covid cases are tied to meatpacking plants.
• Ex-pat hubs that once courted skilled workers have turned on them.
• CityLab: A U.S. desert city tries to save itself by saving rain.
• Iceland wants you to visit, but only if you’e rich.

What you’ll want to read in Bloomberg Screentime

The $300 Million Battle Over Taylor Swift’s Music

When Scooter Braun agreed to sell Taylor Swift’s first six albums for $300 million, it wasn’t just a good deal. It was the end of a year-long headache that started with his purchase of Swift’s old label. Braun, the manager of Ariana Grande and Justin Bieber, had purchased the label, Big Machine, to accelerate his efforts to become a mogul.  But moments after the deal was announced, Swift assailed Braun as a duplicitous bully.

Taylor Swift  

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