Bloomberg - Evening Briefing - They have a deal

After weeks of negotiations, there appears to be a U.S. infrastructure deal. President Joe Biden celebrated the tentative, $579 billion agreement with a bipartisan group of senators. The amount however is well below the original $2.2 trillion proposal. If passed, the bill would finance public transit, electric vehicle charging stations, bridge and road repair and broadband internet. One of the larger obstacles facing the scaled down package is linkage: it’s expected to move through Congress alongside another bill that would spend trillions of dollars on what Biden called “human infrastructure,” which Republicans oppose. The Democrat cautioned that he will sign the infrastructure bill only if it’s accompanied by the second package. —Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide. 

Here are today’s top stories  

House Speaker Nancy Pelosi said she will create a select committee to investigate the Jan. 6 insurrection by followers of former President Donald Trump after Republicans blocked naming an independent commission.  

Markets seemed to like Thursday’s economic data, jumping to record highs. Construction giant Caterpillar led gains while major steel, aluminum and farm-equipment makers rose, all helped by news of the bipartisan deal in Washington. Here’s your markets wrap. 

Almost all U.S. Covid-19 deaths are now among people who weren’t vaccinated. Around the world, experts are racing to contain the delta variant. Israel has delayed reopening for tourists after a surge of infections, while the variant accounts for 25% of new cases in Italy. Here’s the latest on the pandemic. 

More than 90% of the western U.S. is covered by some category of drought—the worst levels in the U.S. Drought Monitor’s 21-year history. Experts say conditions are only going to worsen. 

Fallout from the collapse of Archegos Capital Management continues. U.S. Justice Department investigators are examining how global banks handled multibillion-dollar trades that sent stocks into a spiral, burning shareholders. 

Peter Thiel, the billionaire co-founder of Paypal and vocal opponent of higher taxes, has reportedly amassed $5 billion in a tax-free retirement account.

Rudy Giuliani, Trump’s former lawyer, had his New York law license suspended for—as a state court put it—placing the public at risk by spreading lies about the 2020 presidential election. 

What you’ll need to know tomorrow 

• Many are feared dead after a condominium collapsed near Miami.
• The untold story of how one stuck ship broke global trade. 
• The European Union is taking on Hungary over LGBTQ restrictions.
• Carnival Cruises lost $2 billion waiting for the industry to restart.
• U.S. banks easily cleared the Fed’s stress tests.
• The richest Americans can’t give their money away fast enough.
• Canada Goose is making a big change to its popular winter parkas. 

A New Vision for the Birthplace of Urban Renewal

Pittsburgh’s Lower Hill District was razed 65 years ago—the first so-called urban renewal project funded by the federal government. It was one which forced out thousands of Black, Jewish, Italian and Eastern European families. Now, Bloomberg CityLab reports how a new, $230 million redevelopment effort is putting Black people in the driver’s seat.

Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

Sustainable Business Summit Global: On July 13-14, Bloomberg will bring together corporate leaders and investors to discuss innovation and best practices in sustainable business and finance. This global event will span key markets and time zones, leveraging Bloomberg’s unrivaled expertise to focus on the risks and opportunities faced by executives and forward-thinking investors. Sponsored by Principal. Register here.