| 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 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 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. Bloomberg Green at COP26: Join us Nov. 8-11 as we convene executives and thought leaders including Unilever CEO Alan Jope and U.S. climate envoy John Kerry to focus on local and tactical solutions with global impact. Topics include achieving net-zero, investing in climate tech, cutting greenhouse gas emissions, accelerating the adoption of renewable energy and transition to green transportation. To learn more about the week of events and join virtually or in person, click here. Watch the Bloomberg New Economy Forum live from Singapore Nov. 17-19. At a moment of unprecedented crisis, world leaders are convening to define the challenges that face the global economy and to draft solutions together. Learn more about this year’s agenda and speakers. | 
