Just as scientists warned of the spread of Covid-19 mutations complicating the vaccination process, Johnson & Johnson reported results on its highly-anticipated shot. The vaccine prevented 85% of severe cases, according to the pharmaceutical company. The single-dose drug could be a global game changer, providing initial protection against serious infections (which could be followed up with a booster). J&J said it will ask for emergency U.S. approval next month. Following a nasty fight, the Covid-19 vaccine made by AstraZeneca and the University of Oxford was finally approved by the European Union. In an attempt to correct missteps in its own vaccination campaign, the EU unveiled a plan requiring any drugmaker producing shots inside the bloc to receive prior approval before exporting. The stance could spark a global battle over supply. 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  

It was only a matter of time, but the U.S. Securities and Exchange Commission said it’s looking into this week’s retail trading fiasco. It will scrutinize brokerage decisions to halt buying that triggered a daytrader revolt, and also warned traders about engaging in illegal schemes to drive up prices. Meanwhile, GameStop and other retail shares resumed their surge after Robinhood and rival platforms loosened restrictions. GameStop recouped much of the $11 billion it lost on Thursday. 

Meanwhile, Robinhood is getting slapped with lawsuit after lawsuit for placing limits on traders. So far, 18 federal complaints have been filed. But customers are likely to wait years for a resolution. 

The GameStop party didn’t extend to the rest of the market on Friday. In fact, stocks had their worst week since October, spooked by Covid variants, vaccine difficulties and yes, the retail trading mania. Hedge funds were also feeling the heat. Here’s your markets wrap after a head-spinning week. 

Senate Majority Leader Chuck Schumer and Representative Tom Suozzi, both New York Democrats, are leading efforts to fully repeal the $10,000 limit on state and local tax deductions. The provision, imposed by Republicans as part of a 2017 tax overhaul, has been criticized as unfairly targeting states that lean Democratic.

A few months ago, General Motors backed the Trump administration’s attempt to block tougher carbon-emission rules in California. Now the carmaker’s done a 180 with its promise to go all green. Here’s the reason behind its sudden shift.

The 2022 GMC Hummer EV

GMC

The slow U.S. economic recovery has a child care problem. President Joe Biden has promised to fix it, but any such effort may come too late for millions of American women who have dropped out of the workforce.  

After missing out, small businesses in Nebraska, Oklahoma and other rural states have suddenly become the most successful at getting federal cash in the latest, $284 billion round of Covid relief. 

What you’ll need to know tomorrow 

• GameStop executives gained $1.3 billion gain during the frenzy.
• Cue the military cash: Climate change is officially a security issue.  
• Wages in New York grew at their slowest pace in years.
• London tried to open its streets. The courts closed them again.
• Just like cable, the video streaming platforms are consolidating.
• The Nobel Prize scientist who warned of the ozone hole has died.  
• Asia’s love for olive oil is creating a market for local producers.

Paid Post Find out why Liquid Lash Extensions Mascara™ has over 11,800 five-star reviews. Look fabulous while getting healthier lashes. Get 15% off today! Thrive Causemetics

What you’ll want to read tonight

Amazon Can’t Seem to Make A Good Game

For a company that dominates countless areas of retail, consumer electronics and enterprise computing, Amazon can’t seem to make a good video game. It’s tried to make them the Amazon way. But as multiple failures have painfully illustrated, it’s just not working.

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.

The Road to Net Zero: Many corporations and investors are seeking to align with the Paris Agreement’s goal of becoming carbon neutral by 2050. Join us Feb. 16 as we examine the major industries taking action, how they will finance the transition and how we can work together to achieve net zero. Sponsored by TD Bank. Register here.

Download the Bloomberg app: It’s available for iOS and Android.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.