Evening Briefing

Dr. Anthony Fauci, the Trump administration scientist who’s leading the U.S. response to the pandemic, said it would be “extremely unusual” if patients did not develop antibodies, which often bestow immunity on those who’ve been infected with a virus. Other experts, however, have cast doubt on whether this happens in everyone with the new coronavirus. If it didn’t, Fauci contends, “It would be almost unprecedented.” The dependable appearance of antibodies may reassure governments moving to restart economies. President Donald Trump has pushed for states to lift lockdowns, while many state officials are wary, given the continuing inadequacy of testing and the threat of a second wave. —David E. Rovella

Here are today’s top stories

Gilead’s antiviral drug remdesivir was cleared by U.S. regulators for emergency use as a treatment for Covid-19 patients, Trump said. This is good news, since the pandemic may last as long as two years, and won’t be controlled until about two-thirds of the world’s population is immune, a group of experts said. Because of its ability to spread from people who don’t appear to be ill, the virus may be harder to control than influenza. Here is the latest news on the pandemic.

For rich Americans, the pandemic has a cash lining, one that allows them to transfer money to their children and grandchildren tax-free.

American Airlines received a big blow from Wall Street, as an Evercore ISI analyst slashed his price target on the carrier to $1.

Tesla plunged after CEO Elon Musk, already under scrutiny for attacking Covid-19 shutdowns, said the electric-car maker’s stock is too high in a stream of tweets like the ones that got him sued by the SEC.

Lionel Laurent writes in Bloomberg Opinion that Sweden hasn’t cracked some secret code on how to defeat the coronavirus. Sure, its shutdown model is being lauded by the World Health Organization, but it is a unique case whose death rate is much worse than those of its neighbors.

What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter is mulling a recent moves by European Central Bank President Christine Lagarde. Six weeks ago, she was saying the ECB wouldn’t close the spread between core European yields and those on the periphery. Now, Luke says, she’s giving banks money to help make that spread disappear.

What you’ll need to know tomorrow

Sponsored by the Kellogg School of Management at Northwestern University

Self-reflection makes you a better leader and is especially important in times of crisis. Setting aside 15 minutes each day can help you prioritize and prepare. Here are 8 questions you should ask yourself this evening.

What you’ll want to read tonight in Bloomberg Green

Fake-Meat Startups Win as Real Meat Loses

With meat-processing workers falling victim to the coronavirus, shuttering plants and slowing supply, Americans are starting to see poorly stocked aisles where once beef and pork were plentiful. At the same time, the link between industrial meat production and deadly human viruses has become more widely understood. The global crisis, in other words, is turning into a big opportunity for the plant-based protein sector.

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