It turns out that wild fluctuations in polar airflow that many experts blame on climate change are bad for the industry most responsible for causing it. U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years wreaks havoc on key producing states that rarely have to deal with frigid Arctic blasts. Indeed, the unforgiving weather has pushed natural gas prices at one trading hub up 24,000% from just a week ago, halting fracking and even Amazon. Renewable sources also are in trouble, as are power companies. Don’t understand how a hotter planet can be responsible for bone-chilling cold? This is how the science works. —David E. Rovella

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

Here are today’s top stories

U.S. bond yields surged to their highest in a year while American stocks climbed to records, perhaps over brighter hopes for a speedier recovery. Here is your markets wrap.

Ken Moelis, founder of investment bank Moelis & Co., is sounding the alarm over investors who borrow money to take risks in a stock market that hits new records regularly. “It’ll all come down to leverage,” he said. “It always does.”

Ken Moelis

Photographer: Michael Nagle/Bloomberg

Goldman Sachs just took another step toward going mainstream, launching an investing app for customers that want to put at least $1,000 to work.

Vaccination drives have begun delivering results, with a report in the U.K. suggesting people over age 80 were the most likely to have Covid antibodies. That followed an Israeli study showing a 94% drop in symptomatic cases among the vaccinated. In Hong Kong, a panel recommended approval of Chinese developer Sinovac Biotech’s vaccine, and Johnson & Johnson sought regulatory clearance for its shot in the European Union. In the U.S., the Biden administration said it’s boosting vaccine shipments by 23% and doubling the number of shots distributed through pharmacies. U.S. cases and hospitalizations continue to fall after the latest wave, but more easily transmitted variants might change that. Here’s the latest on the pandemic.

Bitcoin blew through another milestone, surging past $50,000 for the first time as the blistering rally in the largest cryptocurrency continues to captivate investors worldwide.

Citigroup lost a legal battle to recover $500 million that it sent Revlon lenders by accident.

The largest U.S. banks just increased their holdings of federally-backed mortgage securities to a record total stake of 15.8% of their combined assets.

What you’ll need to know tomorrow

Janet Yellen is about to give Fed Chair Jerome Powell a headache.
Warren Buffett cut his stake in Apple while revealing three new buys.
Clubhouse takes shape as the anti-Reddit for market buffs.
What will happen to the housing market when Covid is done?
This Swiss wealth tax is raking in the cash.
Joe Biden’s $1.9 trillion bailout package is now on a fast track.
Arne Sorenson, Marriott’s first non-family CEO, is dead.

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What you’ll want to read in Bloomberg Pursuits

Fashion Capitals Lose $600 Million to Covid

Each year over four weeks in February and March, thousands of fashion executives, celebrities, influencers and models hopscotch between the world’s style capitals to fill the seats at runway shows. Attached to them is a multimillion-dollar economy that pumps investment and tourist spending into New York, London, Paris and Milan. This year is very different.

Photographer: Tristan Fewings/BFC/Getty Images Europe

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