A panel of U.S. vaccine advisers reaffirmed the use of the Johnson & Johnson Covid-19 vaccine. The experts at the Centers for Disease Control and Prevention made the decision after pausing use of the J&J shot earlier this month. They identified 15 people who suffered rare and serious blood clots out of 8 million who received the single-dose shot. Three died. The decision to pause vaccinations has been a controversial one, as it slowed the vaccination campaign and fueled vaccine skepticism in some quarters. Meanwhile, in India, the pandemic continues to spiral out of control: on Friday, the nation reported 332,730 new infections, yet another global record. Hospitals are overwhelmed and turning patients away, with the country turning to mass cremations for the thousands dying each day. Here’s the latest on the pandemic. —Margaret Sutherlin

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

Here are today’s top stories   

U.S. President Joe Biden’s climate change summit wrapped up Friday with a focus on enlisting the business community in the fight. The event, meant to demonstrate America’s return to the stage as a climate leader, garnered only modest pledges from attendees despite Biden’s promise of a monumental 50% U.S. emissions cut. Special envoy for climate John Kerry told Bloomberg TV on Friday that the administration was also focused on commitments from banks and private business to help fight the accelerating climate crisis, something U.S. Treasury Secretary Yellen and European Central Bank President Christine Lagarde also stressed. 

U.S. President Joe Biden at the virtual Leaders Summit on Climate.

Photographer: Al Drago/The New York Times/Bloomberg

Four of the biggest banks on Wall Street—Morgan Stanley, Bank of America, JPMorgan and Citigroup—have pledged $6 trillion in sustainable finance. The billions of dollars they’ll save in taxes is just one of the benefits. 

Bitcoin had its worst week in months. The notoriously volatile cryptocurrency hit a high of $64,870 on April 14, but a fresh bout of selling on Friday drove it down as much as 7.9% to $47,525. The largest Bitcoin fund has lost roughly one-fifth of its value and Wall Street analysts warn of further losses from the unexplained swoon.

In a move sure to inflame tensions, Biden told Turkish President Recep Tayyip Erdogan that he intends to recognize the early-20th century massacre of Armenians by Ottoman Empire forces as a genocide. It makes him the first U.S. president in 40 years to publicly recognize the 1915 mass killings as such.

U.S. markets bounced back after sliding Thursday on a report that Biden was looking to raise capital gains taxes. Stocks whipsawed this week with rising coronavirus cases and mixed economic data and corporate earnings. U.S. new-home sales rebounded in March to their highest since 2006, and output at manufacturers and service providers reached a record high in April. Here’s your markets wrap. 

For the millions of people around the world who don’t have access to hard-to-get Covid-19 vaccines, a group of Boston-area scientists has a potential solution. And it’s literally a solution, one you can snort.

Preston Estep administers the eighth iteration of a peptide vaccine to himself.

Photographer: Kayana Szymczak/The New York Times/Redux

Ghislaine Maxwell made her first public appearance in almost a year to plead not guilty to additional sex crimes charges stemming from her time with Jeffrey Epstein. The 59-year-old British socialite could face four decades in prison if convicted on the most serious charge. Her trial is set for July 12.

What you’ll need to know tomorrow 

What you’ll want to read in Bloomberg Green

New Tier of Organic Food Slows Global Warming

The pandemic turbocharged many trends that were already underway when the coronavirus struck the U.S. One was consumer demand for food labeled “organic.” As lucrative as the sector has become, there’s now a more rarefied label to which the food industry can aspire. “Regenerative” organic encompasses organic while also limiting CO2 emissions from farms. And it’s about to become the next big thing at the grocery. 

Regenerative organic sunflowers with Park Organic Farming in Meridian, California, last September

Photographer: Max Whittaker/Park Organics

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