Putin’s new warning

Vladimir Putin has already warned Sweden and Finland against joining NATO, a move both nations are moving toward in response to his invasion of Ukraine and the thousands of civilians his soldiers have killed there. Now Putin says Russia’s “response” to them joining NATO would come if the two Nordic nations expand their “military infrastructure.” As Finland and Sweden are preparing to deliver their formal applications to join the military alliance, European Union members continue their struggle to impose sanctions on Russian oil, with Hungary’s Viktor Orban blocking progress. On Monday, there was no sign of a breakthrough as foreign ministers sent the issue back to ambassadors for further negotiations. In the meantime, the EU said gas importers in the bloc could continue paying for Russian fuel without breaking sanctions. —Natasha Solo-Lyons

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

The S&P 500 was dragged lower Monday by a slide in megacaps including Tesla, Amazon and Apple. The Nasdaq 100 dropped more than 1%. Equity markets gave up earlier gains amid data showing China—beset by lockdowns amid its Covid-zero strategy—is seeing industrial output and consumer spending at their worst levels since the pandemic began. Oh, and about Elon Musk’s Twitter buyout? Let’s just say it’s getting complicated. Here’s your markets wrap.

After last week’s market bloodbath: Stocks are approaching a bear market, the crypto selloff wiped away $200 billion in a day, and amateur investors who jumped into the market in 2020 have lost all their gains. So, with a dark horizon ahead, what’s an individual investor to do?

Microsoft plans to “nearly double” its budget for employee salaries and boost the range of stock compensation it gives some workers by at least 25%, in an effort to retain staff and help people cope with inflation.

As America heads into its next Covid-19 infection wave with most precautions jettisoned, New York City is close to a transmission level that would have it reconsidering mask requirements in public places. “If NYC’s alert level is raised to high, the city will consider requiring face masks in all public indoor settings,” the city health department said.

Widely used methods for counting US coronavirus hospitalizations can make vaccines appear less effective than they actually are, according to a group of Boston-based researchers.

The Supreme Court struck down a federal limit on how much candidates who loan money to their own campaign can be paid back with donations made after the election. All six Republican-appointed justices supported the further loosening of campaign finance rules, holding in favor of GOP Senator Ted Cruz and striking down a $250,000 cap. The three Democratic-appointed justices, in a dissent written by Elena Kagan, said “all the money does is enrich the candidate personally at a time when he can return the favor—by a vote, a contract, an appointment. It takes no political genius to see the heightened risk of corruption.”

Canadian home prices fell for the first time in two years as a rapid rise in interest rates looks set to cool one of the world’s hottest housing markets. Benchmark home prices declined 0.6% in April from the month before, the first drop since April 2020. The number of sales plunged 12.6%.

Gucci is arguably one of the most recognizable names in luxury. But how that famous name got that way is a century-long saga. It stretches from the blossoming of a retail empire that eventually spanned the globe to a bitter family battle that almost destroyed it all. However, the real story of Gucci— and the rich Italian family behind it—is much more complicated.

Intelligent Automation-Creating the Workforce of the Future: Join Bloomberg on May 25 in Raleigh, North Carolina, as we discuss how innovative technology can improve team efficiency and boost productivity, particularly as team leaders across industries face a chronic labor shortage. Interactive discussions will include executives from Duke Energy, Syneos Health, DICK’s Sporting Goods and more. Register here.