Joe Biden will propose a broad immigration overhaul on his first day as president, including a shortened pathway to U.S. citizenship for undocumented migrants. While the legislation may face a difficult road even in a Democratic-controlled Congress, it is just one of many planned efforts by the incoming administration to quickly and methodically undo much of his predecessor’s legacy. Biden will be inaugurated Wednesday as the 46th president of the United States. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories  

One the eve of Biden’s swearing in, the U.S. surpassed 400,000 confirmed dead due to the coronavirus. Daily deaths and hospitalizations during this latest wave, however, have begun to inch lower. The declines are unlikely to be tied to America’s vaccine rollout, in which only 14.7 million people have received shots, and could easily prove temporary. In Ireland, hospitalizations fell for the first time since Dec. 22 and France is seeing benefits from an earlier curfew. But Portugal and the U.K. reported record deaths. In Asia, Indonesia had its deadliest day of the pandemic while Hong Kong will extend social-distancing measures, expand mandatory testing and introduce restrictions in certain neighborhoods as cases surge. Here is the latest on the pandemic.

In China, retail investors are jettisoning the do-it-yourself investment boom that’s taken over the world and instead channeling stock trading through professionally-managed funds, accelerating a trend that saw a record $242 billion of equity funds launched last year.

Dealmakers at Goldman Sachs capped their record year with a fourth-quarter revenue jump that helped the bank double its profit. 

Almost every day for the past 144 years, traders engaged in shouting matches at the London Metal Exchange to set the global price of copper and other vital commodities. Now, just as the metals industry gears up for a global boom, one of its most iconic scenes may never return.

The open outcry pit at the London Metal Exchange in 2019. 

Photographer: Jason Alden/Bloomberg

Rivian Automotive, the electric-truck startup backed by Amazon.com and Ford, raised $2.65 billion in new funding from a group of investors led by T. Rowe Price.

General Motors and Microsoft are leading a $2 billion investment round in self-driving car startup Cruise. Shares of GM surged on the news.

The world spent a record $501.3 billion on renewable power, electric vehicles and other technologies last year to further cut the global energy system’s reliance on fossil fuels. 

What you’ll need to know tomorrow 

• Janet Yellen could be confirmed as Treasury Secretary by Thursday.
• Thanks to pandemic, the U.S. fitness industry will never be the same.
• Site popular with U.S. Capitol attackers rebooted by Russian firm.
• Boeing’s rocket to the moon and beyond has hydraulic issues.
• The U.K.’s unexpected housing boom is about to hit a wall.
• Bitcoin turbulence is fueling interest in this cryptocurrency rival.
• Bed, Bath & Beyond ditches Trump associate’s pillow company.

What you’ll want to see in Bloomberg Graphics

Economy Grinds to Halt Just as Biden Arrives

Biden will inherit an economy stalled by a raging pandemic and hobbled by massive unemployment. The latest data show how the out-of-control coronavirus has effectively blocked what had been a halting rebound from last year’s lockdowns. 

Photographer: Frederic. J. Brown/AFP

Photographer: Frederic. J. Brown/AFP

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