It only takes complacency and a few missteps to trigger a new spike in coronavirus infections. Melbourne, Australia, residents are back under stay-at-home orders, Hong Kong will close schools again, Japan is paying night clubs to shut down and Britons are only now being told to cover their faces in shops. States and companies across the U.S., which has one-quarter of all infections and deaths on the planet, have differing strategies, so Disney is open in Florida but shut in California. The majority of states, many of which reopened far earlier than medical experts advised, are witnessing a monstrous surge in cases. President Donald Trump’s response to the crisis? He may not have one.

What you’ll want to read this weekend

Trump on Friday night commuted the sentence of his ally Roger Stone, who was set to serve more than three years in prison for witness tampering and lying to Congress.

Big cuts at Wells Fargo and United Airlines signal more pain ahead for the U.S. economy. One Fed official says just wearing a mask could spur growth, while presumptive Democratic presidential nominee Joe Biden is planning a major industrial policy plan to revive manufacturing. Believe it or not, the S&P 500 flashed a technical signal that’s marked the end of every bear market in modern history. Copper is surging but it doesn’t mean the economy is booming, while China acted to cool a stock frenzy that had investors believing there’s no way to lose .

Colleges are rushing to rejigger the higher-education experience as the fall semester approaches. Big cities are no longer escalators of opportunity, especially for Black male college graduates. One Bloomberg reporter and her MBA classmates are questioning the value of their $150,000 education.

A heat wave will engulf the U.S. next week, potentially breaking records. Climate economists warn that hotter temperatures could slash global GDP. In the European Alps, the amount of ice has shrunk nearly 20% over the past two decades.

Still no summer plans? The Maldives is reopening, and even Americans are allowed. Consider buying a second passport at a discount from Caribbean nations strapped for cash. But you may want to fly there: your grandpa’s cruise ship is probably rusting away.

What you’ll want to know next week

U.S. banks to report their worst quarter since the financial crisis.
France’s Macron sets out a two-year plan on Bastille Day.
OPEC+ meets to decide whether to extend its production cutback.
China releases second-quarter GDP and other key economic data.
Ghislaine Maxwell will be arraigned on conspiracy, perjury charges.

What you’ll want to read in Bloomberg Green

Car Sharing’s Make-or-Break Moment Is Here

The coronavirus pandemic threatens to decimate the car-sharing market, which was already struggling because too many companies were chasing the same customers—mainly young people. As a business model, it’s a tough one to be profitable. The next few months will be critical.

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People are increasingly wary of shopping in public places thanks to the coronavirus pandemic, a reality that has accelerated the shift toward contactless payment. On July 14, join Bloomberg’s The Future of Data-Driven Digital Commerce, and hear CEOs from companies including Checkout.com, Klarna and The Cambridge Satchel Co. explain why the transaction economy is shifting. Register here.

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