Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Companies popular with the day-trader crowd surged once again, with GameStop doubling at one point before ending 19% higher. Here is your markets wrap. —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  

Just a few days ago, equity bulls were saying that they weren’t too worried about rising bond yields. Rates were still low, they explained, and as long as the pace of increases was orderly, stocks would be fine. Thursday’s market turmoil may put an end to that argument.

Plenty on Wall Street expected bets on a post-pandemic world to change markets in 2021. But few could have predicted the ferocity of this reopening trade sweeping across assets.

Cathie Wood says Bitcoin is in “early days” given its new interest from institutions and its diverse use cases. Speaking as part of a panel for the Bloomberg Crypto Summit, the founder of Ark Investment Management said the largest digital currency has trillions of dollars in market capitalization potential.

Cathie Wood

Some 2.5 million people are confirmed to have died from the coronavirus in the past year. Putting aside that the actual figure is widely thought to be much higher, that’s close to the population of Chicago or the entire nation of Qatar. Despite this numbing figure, news of the pandemic in some quarters is brightening. In the U.S., Covid-19 hospital admissions plummeted 72% in just one month as the third infection wave ebbed and botched vaccination efforts slowly righted themselves. Elsewhere, however, developments are still grim. Paris is among 20 French regions potentially facing tougher restrictions from as cases jump there. Infections are also climbing in Italy, Finland and Germany. Here is the latest on the pandemic. 

As India’s economic fortunes stand on the brink of a turnaround, a spike in coronavirus cases in its key business centers risks setting them back.

In October 1999, five months before the internet bubble burst, Joe Nocera reported on how middle-class Americans were embracing the stock market, some even quitting their jobs to become day traders. Given the current Reddit craziness, Joe went back to some of those folks to glean lessons on how living through a stock bubble can affect the rest of your life.

Hasbro is dropping “mister” from the Mr. Potato Head brand to make the popular toy line gender neutral and appeal to more consumers.

Mr. Potato Head

Photographer: Mario Ruiz/ The LIFE Images Collection/Getty Images

What you’ll need to know tomorrow 

• The crypto boom has apparently been kind to Coinbase.
• Bill Gates and Elon Musk spar over whether Bitcoin is worth the risk.
• The pandemic could cost U.S. hospitals $122 billion in revenue.
• Warren Buffett may soon break his long silence on most everything.
• Tesla scales back Model 3 production due to supply chain problems.
• DoorDash beats revenue estimates amid year-end pandemic surge.
• Aching to be in the 1%? This is how much money you need.

What you’ll want to read tonight in Bloomberg Green

Biden Climate Plan Hangs on Fragile Power Grid

The millions of people who struggled to keep warm in Texas during its winter calamity have laid bare the desperate state of U.S. electricity grids. To fix nationwide vulnerabilities, President Joe Biden will have to completely reimagine the American way of producing and transmitting electricity. 

Photographer: Justin Sullivan/Getty Images North America

Photographer: Justin Sullivan/Getty Images North America

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