Bloomberg - Evening Briefing - Covid game changer

The S&P 500 has notched a new record every day as a certain type of trader snaps up tech bets like it’s GameStop all over again. Yet in the world of equity options, there’s evidence professionals are keeping their eye on the ball—and any clouds on the horizon. Big institutions are keeping calm and carrying on, paying a decent premium to hedge the S&P 500 Index. One thing that is unsettling them, however, is the Fed—as in who will be running it. Just yesterday, President Joe Biden met with two frontrunners at the White House. —David E. Rovella 

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Pfizer said its Covid-19 pill reduced hospitalizations and deaths in high-risk patients by 89%, a result with the potential to upend how the disease caused by the coronavirus is treated. The company plans to seek U.S. authorization this month. Its shares surged as news of the game-changing pill spread. Meanwhile, Republican-controlled states sued to block the White House vaccination mandate. Here’s the latest on the pandemic. 

The October jobs report showed a better-than-expected pick-up in U.S. hiring, but one key indicator points to a tougher time ahead for employers.

Peloton founder John Foley’s stint as a billionaire has ended—at least for now. His net worth fell to about $850 million Friday as shares of the fitness-equipment maker tumbled as much as 34%. Why? The company cut its annual revenue forecast by as much as $1 billion.

John Foley  Photographer: Christopher Goodney/Bloomberg

In a first-of-its-kind survey from the U.S. Census Bureau, almost one-quarter of LGBTQ people reported losing income during the pandemic, a higher share than non-LGTBQ respondents. 

China’s property developers are struggling to pay bills that many of their bond investors didn’t know were there in the first place. Missed payments on off-balance sheet IOUs such as high-yield consumer products, secretive loans and private bond guarantees have rocked China’s credit market. 

A company owned by the Chinese government is looking to take over Hong Kong’s influential South China Morning Post. At the same time, half of the city’s journalists are considering leaving following Beijing’s crackdown on free speech, press and assembly there. 

After ignoring calls from the U.S. to expand output, Saudi Arabia went even further in the other direction, sharply raising the price of crude.

Saudi Crown Prince Mohammed bin Salman  Photographer: Abaca Press/AP

• Covid has killed 5 million, but only hundreds have been autopsied.
• Scientists want to find out how much carbon the oceans can absorb.
• Democratic centrists may be winning fight on infrastructure linkage.
• The power grid is just another casino for energy traders.
• Bloomberg Opinion: From $200,000 and $500,000, you’re golden.
• Cryptocurrency tied to dog memes spurs demand for real dogs.
• One of the world’s top Fabergé collections is up for sale.

This is the second holiday season darkened by the pandemic, so this year’s mission at Bloomberg Pursuits is to bring some extra joy to the tokens we give our loved ones. How? Well, by picking presents that come with a bright, happy hue. Here’s a shopping guide that highlights 96 vibrant ways to lighten these dark times.

The Dior Caro Micro Bag

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