Narrative is that President Trump and the ministration looking to get things back to work, even as the coronavirus is now firmly in the white house itself and the administration. We have the likes of Cardinal Health 5. 2 , and some of the other Health Care Stocks like gilead, eli lilly up more than 2. 5 apiece. Under armour continues the guidance story, not giving any indication of what it is expecting, but says the Current Quarter will be the most impacted by the coronavirus. Shares are down about 11 . The yen we getting today. Stronger dollar once again. Food is unchanged crude is unchanged, 24 a barrel. Guy interesting to see that spread between brent and wti widening out. Lets figure out what is happening in the markets and what is going on in terms of portfolio construction. Riserto gallo from algeb investments is joining us on the line. We are trying to figure out how we reopen an economy in the united states. Weve got the u. K. Starting to think about reopening its economy, or at least the english part of the u. K. Economy. France, germany, italy, spain, everyone is trying to figure out how to do this, but they are all trying to do it at different rates. I am just wondering, from a portfolio point of view, the global Asset Allocation point of view, you allocate extra money to economies moving a little quicker in terms of the reopening, or to economies made to playing it safe, and therefore may have a smaller second wave effect . , guy,. hi this is a great question. We are just thinking about this right now. We do not see a difference in the recovery speed of economies which are coming out of lockdown versus economies which are still into a lockdown. That is also true within the united states. Have are some states which loosened lockdown rules and those still enforcing very strict rules, but people are very slowly coming back to normal. We have daily traffic data across the world, and we see a very slow recovery, which looks shaped recovery, maybe a you shop maybe a ushaped recovery. I prefer to call it a bus stop recovery, so a long l that will turn into a u. But lets remember that some sectors are going to be scarred for a long time. I am talking about airlines, tourism, cruise liners, potentially energy as well, where we have a lot of overcapacity. This overcapacity has been accumulating for a long time, so youve got to choose the winners and the survivors, but not the structural losers. There are a lot of structural sectors with overhang in the market. Guy lets do this from a credit perspective. The defensive credits have been strongly bid. You wonder how much value, therefore, there is left in attacking that kind of space. The value from now on, or at least the upside, is to be found in the areas that dont have that a sick characteristic. But as that starts to return, those are the areas you will see maybe the outperformance coming through from. You just listed some places you are avoiding. If you were to look at areas where we could see some upside, some outperformance and some alpha being generated here, where do you see that being . The defensives look highly valued. There are some structural cases out there that are not going to come back quickly. Wheres the no ground where is the middle ground . Alberto the first thing is there is value in credit from a beta point of view. Theres less value in sovereigns because sovereign debt is going to increase and theres going to be risk on privatepublic partnership. So these bailouts and stimulus willyou that maybe credit be prevented from going to the worst case scenario. However, as you said, the safest assets, Investment Grade bonds, the core largest companies, the socgen in europe have rebounded in march. We are looking for a rebound in demand which are not feeding through to the virus itself. For example, lets stink about lets think about automotive. There is still going to be car traffic in the future. People may drive with their windows closed, but the hit is not going to be as hard as for airlines, for example. Gaming is another example. We are looking in those sectors which are still hit, which people are not touching, but can potentially survive. The second message is there is value in beta for credit, but theres a lot of differentiation that needs to be done. The level of dispersion within the market is at record highs. I think this will continue to persist. It is a stock picker, it is a bond picker market. I think it will continue to be like that, and we already saw that last year, even though the market was much more stable. By the way, weve got countries in emerging markets which have articulated overhang, and other ones which are a lot more resilient. Is very selloffs, there little differentiation. A strongt to be in country. Sometimes a week company is better in a Strong Company then a Strong Company in a weak country. Vonnie you mentioned those not directly impacted by coronavirus, but there is still coronavirus risk in those industries, right . What would that be for you . Guy we have alberto we have on average high yield spreads of 7. 5 in the u. S. However, a lot of it is due to the energy sector. We dont want to be in areas where we get paid in sovereigns historically. We want to get paid more or have less risk. There are cases, for example, in texas, where you get paid close and you haveits companies which have over a year of cash. Some of them are able to refinance. We need to also look at leadership in the sectors in our strategics that have a lot of employees. Ticks a lot of boxes to the horary actually end up buying one of them, but the idea is that it is not just about that single company. It is about the leadership position in the sector, and also whether the government for multinationals will help the companies with a credit line, like has happened for a lot of strategic sectors in the world. Having said that, for sectors that are very challenged, like airlines, tourism, cruise liners, even though they are getting help, we think it is too early. We think the recovery is too slow. Companies like air france or lufthansa may need more help. We learned from the European Commission that these companies are going to have restrictions on dividends and buybacks, and every company that could get help will have more strings attached, compared to the bailouts of 2008 and 2009. We are a lot more careful going into these sectors. We are not going into energy or tourism where airlines, which already have overhang from the last 10 years. We prefer to go in the middle ground, as guy said. Vonnie it looks like the virus is getting more active in latin america now. Change as theaphy virus moves around the world, in terms of the companies you are looking at for credit . Alberto it does. I think the idea of a beautiful deleveraging is ridiculous. Arent coming from 50 years of leveraging, increases in , as Companies Find lower and lower Interest Rates. There is a discussion about negative Interest Rates at the fed. Negative Interest Rates are, in velocityhey kill money and destroy the banking system. You look at the direction we are going, deleveraging is going to happen through restructuring of debt because you wont have enough inflation, and we see that happening across american markets. Inflation numbers are coming out very low. Is alsol of growth declining fast, and the Southern Hemisphere will have colder temperatures, which favors the virus. Now we are having very rising curves, for example in mexico, so we are pretty bearish on em. We havent deployed capital there, and we are actually negative on ems where governments havent taken the right measures. Guy alberto, its been a pleasure, as ever. Thanks for taking the time to join us today. Alberto gallo from algebras investment from algebris investment. Lets take a look at the markets with taylor riggs. Jason you are seeing ash sonali urc taylor you are seeing a bit of a risk on sentiment. A 15 drop inees equity markets. I want to take a look at crude. The demand side is starting to improve, and the supply side is now getting some relief as saudi says they are going to drop output to the lowest in 18 years by cutting an additional one Million Barrels a day. Flipping up the board again, some of the individual stock movers we are looking at, amazon above 2400 again. Nvidia at a record high after analysts highlighted gaming growth. , movingad as well higher as remdesivir is now starting to hit hospitals to treat covid19 patients. Finally, it is all about the treasury calendar. Get use it. We are issuing debt to fund all of the stimulus congress enacted, so yields are up across the curve, now the steepest going back since march. Vonnie taylor, thank you. Coming up next, the Airline Industry is pushing back against the united kingdoms plans to quarantine people playing into the country for 14 days. We will speak to Robert Briggs of airlines u. K. This is bloomberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is the european close on bloomberg markets. Lets check in on the first word news. Heres mark crumpton. Mark Boris Johnsons government is out with a roadmap to recovery from the coronavirus. It calls for face coverings in enclosed spaces and says they should prepare for the new normal to last a year or more. Plus, people are being urged to continue to work from home. U. S. House Speaker Nancy Pelosi and fellow democrats are expected to complete the next coronavirus stimulus package this week. It is likely to contain more than 700 billion for state and local governments, but white house and Senate Republicans arent in a rush after spending more than 3 trillion so far. They are putting an emphasis on other priorities. One of those is shielding businesses from liability if their employees get sick. U. S. Supreme court is set to hear what could be one of the biggest cases yet involving donald trump as president. Tomorrow there will be back to back arguments, the president trying to keep the house and new york prosecutors from seeing his financial documents. It could determine whether his tax returns are made public. Saudi arabia is Cutting Oil Output to its lowest in 18 years month, cutting just under 7. 5 Million Barrels a day, one Million Barrels less than the official target in the latest opec agreement. The saudis are hoping to prop of a recovery in global oil markets. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. You. Back to. Uy thank you very much u. K. Airlines suffered a blow over the weekend with the willncement that travelers face a 14 day quarantine after entering the u. K. Iags ceo also appearing today before parliament. He told mps that the news was a surprise that the eu would now have to look at again for any plans for ramping up. Period coming into going tois definitely make it worse. Theres nothing positive in anything i hear from the prime minister. We had been planning to resume on a pretty significant basis our plans for july. I think we will have to review that. The ceo of iag, which owns british airways, among other carriers. Lets get a sense of what this means now. We are joined by Robert Briggs, policy and Public Affairs director at airlines u. K. , the industry body for u. K. Airlines. It does seem as if the governments announcement over the last 24 hours is going to have a Significant Impact on any reopening of u. K. Airlines. Does this effectively end the prospect of a summer recovery for those carriers . Robert hi. It is absolutely a blow. I think as we are starting to see other parts of the economy open up, we are seeing restrictions affect the u. K. Airlines. Many think we are now more uncertain about where we are going in the future. I think as long as there is a quarantine in place, there cannot be a restart to aviation in july. Now our priority is to get more detail on what this means, how quickly we can move away from quarantine and start to get on again. Guy do you think this is the death knell for the summer . Summer is the most important period for carriers as they fly people on their holiday. Obviously, Business Travel remains under considerable pressure, but the summer period, especially for lowcost carriers, absolutely critical. A length continue for of time . Is there any prospect of summer recovery . What does that mean for Business Plans as these carriers try to fight for survival . Are, of course, hopeful that there may still be opportunity to start flying. We are absolutely clear this is not going to be a quick recovery. We simply dont know when or how long quarantine will be in place. We understand that any measures will be reviewed. If we can have a relatively short period of time and we see progress on the health situation, we make it up as soon as we can. Carriers are prepared to do that as soon as they are able. It is going to be increasingly clear that it will take several years to recover back to where we were, and we absolutely dont expect we will be back as soon as richardsons are lifted, that we will see as restrictions are lifted, that we will see a level similar to recent months. Period, quarantine makes that more difficult and of course has an impact on the sector. Vonnie there are reports, however, of the flights that are in thebeing oversold, sense that maybe middle seats arent being left empty. There are so few travelers, but they are all being packed into a few number of planes. That . We combat if that goes on for some time, those passengers may not travel the next time on an airplane. Yes, i think at the moment, we are seeing very limited flights for the u. K. , and most of those are repatriation flights. They are people coming home. This really speaks to the big issue. Realistically, social distancing, leaving out middle seats and things like that, is very hard to do on an aircraft. To the point where it is almost impossible, and if you were to do it, it would make the flights commercially not viable. Airlines cannot survive by having such low factors of people on board. We are talking to u. K. Government, and hopefully others as well, on what we can do with face masks, screening, and very other measures and various other matters make sure that by the time you get through prescreening, by the time youve got to the aircraft, it is essentially a safe and clean space. Passengers at the moment are uncertain. They are doing social distancing in their everyday lives. Are really so we keen that our government provides as much guidance as possible as soon as possible because they will need reassurance that aircraft are safe. And of course, we do need to provide that guidance as soon as we can. Guy robert, going to leave it there. Thanks for your time today. Really appreciate it. Robert griggs joining us from airlines u. K. This is bloomberg. Imie live from new york, vonnie quinn along with guy johnson in london. This is the european close on bloomberg markets. It is time for your Bloomberg Business flash. Shares of Amc Entertainment are soaring. Amazon has discussed a takeover of the largest u. S. Movie theater owner. Neither company is commenting. Before today, amc shares were down 43 for the year. Czech has attracted a billionaire to take a 5 stake, making it one of macys top five shareholders. Now it wants to engage in constructivist essence with the struggling constructive discussions with the struggling retailers management. That is your latest Bloomberg Business flash. Guy. Guy lets take look at where we are, five minutes away from the end of regular trading here in europe. We are near session lows, but not quite there. We are seeing defensive names catching a bid today, and as a result, seeing markets are in down as much as they were a little early around. The ftse only down by 0. 2 , despite the fact that we are seeing some of the mining stocks come down. The dax and the cac 40 in particular really suffering today. We have seen the irish Banking Sector very much under pressure. The bank today trading lower, as we are going to get more the bank of ireland today trading lower, as we are going to get more numbers that are looking very difficult. We will have it all in a moment. This is bloomberg. End of seconds until the regular trading this monday session. Let look at what is happening in have equity markets on offer. The ftse 100 is down. This is how the stoxx 600 looks off our lows but still down. We are seeing some of the heavyweight sectors adding a little bit of downside weight today. Only the expensive sectors providing upside to the Health Care Sector three some states have done reasonably well. We have seen reckitt trading strongly. Loreal had a pretty good day. Lets show you individual markets to give you an idea of performance around europe. As i say, the French Market is the other performer in some respects. In particular the Steel Company is trading down today, all adding to the downside for the cac 40 today. End of the defensive scale, helping london out but some of the more defensive stable names. Some of the oil stocks are off. Brent is trading lower. Bp under a little bit of weight. Else is a negative territory. The Airline Sector is weak across europe. Even names like airbus adding some weight to the bottom of the cac 40. In terms of the breakdown from a sector point of view, we also have a clear picture emerging and also volatility which is worth paying attention to as we. Ontinue the volatility debate there is the volatility continuing to fall over the last five days and down. Youc resources, i will show some of the travel stocks in just a moment. About the u. K. Restrictions with airlines u. K. Some of the banks as well. Health care, food and beverage, doing well. Let show you some of the single stocks to give you a whip around what is happening. Bank of ireland down sharply today, the markets do not like the numbers that were posted by bank of ireland. The stock down 40 . Look out for that. Easyjet, we were mentioning the. Ffects of the quarantine easyjet down sharply. We are starting to open up the u. K. Economy. Vonnie . The nasdaq has turned positive in the u. S. Tech stocks are doing much better. As you can see, we stop the s p 500 down. 25 in the dow is down. 6 . Those indices doing better than they were earlier this morning. The dow being dragged lower by boeing, down 3. 5 . Some of the drug like pfizer, merck, higher, Johnson Johnson is higher. United health and home depot. Crude is trading at 2439. Well be talking about sally about saudi cutting again. The yen is weaker on a stronger u. S. Dollar. In the s p 500, we are seeing interesting results. It did not give much of an outlook, neither did under. Rmour Mohawk Industries another providing some outlook into how the market is doing things. They make Home Furnishing and home flooring and items of engineering around the house. Down more than 7 and more than 4 . Guy . Midste are still in the of the european earning season, that we are certainly over the peak. Europe disappoints already low expectations. The majority of companies have reported numbers so far this quarter withdrawing guidance. What should we be looking for . One of the ongoing themes we should take over from earning as it develops. Joining us is Bloomberg Intelligence senior European Equity strategist. As i say, we are past the peak. What are we learning . What are the Key Takeaways from the announcement we have had so far . Can we aggregate this together . Tim we can. 80 of the more than report for q1. Expectations were pulled down down 24 o earnings from what was anticipated. As you would expect, the worst of the news is with energy, discretionary, financials, they were all seeing earnings down. The market has been anticipating this and it has been an interesting theme of market impact. The beads were up 2 relative to the market. Were up 2 relative to the market. Investors were clearly looking forward beyond q4. Seem like does different metrics were important this quarter, and almost like the metrics are those that people are looking like in order to see whether company can survive at all or not. Tim i would totally agree. Preservation,ance you still have to be in business. Free cash flow for the quarter down 44 , worse than earnings. Interestingly enough, has not yet been cut. Been able toe not rejigger that element. Quarter capex was flat. In the meantime, we are also seeing increases in permanent cuts of jobs as opposed to just the furlough on a temporary basis. Last but not least, we have seen dividends to help preserve cash. We are running north of 130 billion euros of dividend cuts relative to what we were looking at last. Guy one thing a lot of companies have done is withdrawing guidance. How easy is it to discount what comes next in terms of the European Equity story . Most companies do not have visibility right now. Tim yes, and it makes this difficult. Of doing the process scenario analyses on a couple of court scenarios. One is that the opening up gets progressively pushed out because we have rolling shutdowns with more spikes. It is difficult. If you look at consensus, the with secondr quarter is looking for 30 drop in earnings, worse than the 209i mentioned. It gets a little bit better in q3 and q4. As you look to see what is implied in the market next year, it is about a 30 rebound. It takes it almost back to the level of earnings for 2019 and goes back to the idea this is a throwaway year. All of the focuses on next year and all we can do now is play a couple of scenarios in terms of what can recover, what will change structurally, and what is the downside if it gets pushed out . Bounced offe have the march bottom. How do you analyze the rally . Is there anything to this rally . What is it based on . Tim it is interesting. Listening to what guy and you were saying about the market today was telling. Euro stock has bounced 22 since march 18, having dropped almost 40. You think this is kind of a vshaped rally. Forhe u. S. We have seen a v the s p. Here, it is a part of the rally. You had the plunge, and then you had a three to five day bounce. The u. K. Was three days, europe was more like five days. After that initial bounce in late march, we have done nothing. Up 3 , theock is ftse is up 1. 5 to 2 . If you lookbottoms, back after the financial crisis, the euro crisis, bottoms tend to be sloppy. Multiple big swings before earnings recovery is definitive. Seeing period of, we are defensives outperform cyclicals since the bounce. Higherquality companies favor discretionary industrials that are more serviceoriented materials. It is the Specialty Chemicals that feel more Like Health Care oriented applications, and clearly health care is leading the market. We focus on higherquality, growth, and as we look for cyclicals, the key is when do we see the inflection and we have not seen that yet. Vonnie thanks as always for your great intelligence. Tim craighead, Bloomberg Intelligence senior European Equity strategist. Lets check in with bloomberg first word news. Mark President Trump has a tough job this week. He will try to convince americans it is safe to return to work and social life. At the same time, he is fighting a coronavirus care close to his own office. After i slitting himself over se weekend following an aid positive test for coronavirus, mike pence is working on the white house grounds. According to a person familiar with the matter, the Vice President is working at the Eisenhower Executive Office which is a short walk from the west wing. The Vice President is going to have a videoconference with the nations governors and it is not clear if he will meet with President Trump wearing the day. Gilead Sciences Says the coronavirus drug will be in short supply for americans. The u. S. Will get less than half of the 1. 5 million vials that gilead is donating worldwide. Federal Health Officials say there is enough to treat a 8000 patients, but many more would qualify for it if the drug were available. The chinese city where the coronavirus pandemic started has reported its first new infection since april 8. That is when wuhan ended at 76 day lockdown. New cases were found and people were already under quarantine. China is slowly reopening its economy. The European Central bank up. The European Commission threatened twice to sue germany. The issue, a ruling by the German Constitutional Court that challenge the ecbs monetary authority. The European Commission says the final word come from luxembourg. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Guy . Guy thanks very much, indeed. We are getting details from new york. 160 one new virus debts being reported. That is the lowest number since march 26, but it looks like the lockdown will remain in place into next month. European stocks have settled. Lets look at final numbers. A more defensive bias to the market. A little bit of action. The ftse 100 in positive territory, but only just as the cac 40 and the dax and negative territory. If youre in the u. K. And listening on dab Digital Radio bloomberg radio, it will be the cable show. Jonathan ferro will be in new york. Ill be joining him in london. A lot analyze from the u. K. Point of view as the english start to reopen the economy in the u. K. Not so much in the united kingdom, the welsh and the scots are taking a different attitude and they will be maintaining the lockdown while the english will start to return to work. A difficult message to manage in the u. K. We will talk about that at the top of the hour. This is bloomberg. Guy welcome back. You are watching the european close on bloomberg markets. Lets talk about what is happening with the spanish economy. Spains economic minister says the country is pushing for european wide response to shore up the Airline Sector. We heard from iag saying the carriers have a level Playing Field. Bloombergs matt miller and anna edwards spoke to her earlier on today. Broke, wethe crisis see some airlines were in a sinking financial situation. Others had a more robust Balance Sheets and they may require different kinds of support. There is an european response. All of the large carriers are not one nationality, they are european carriers. That is why we are saying we would provide a level Playing Field and different support. It provides a similar level of funding and credibility and strength so we do not create problems. Areuropean countries different in terms of fiscal responsibility. Havecountries like germany been historically better at dealing with finances then countries like italy and spain. B, countries like germany do not have the kind of social safety net. There it is closer to 80 of your salary. Shown at money that germany is lending to spain and italy be attached with some conditions . As far as that is concerned, im afraid germany has a much stronger stake than we do. Every year we get accommodations from the european institutions saying we should reinforce unfortunately they are not the strongest youre right. In previous years we have made a huge effort to reduce our debt to gdp level. That weite satisfied had to go down significantly a 95. 5 , and we expect the ratios to go up to around 115 . A temporary registration of a downward trend , which we hope we will be able to resume as soon as recovery is stronger. We cannot put a health and the economy on different plates. We need to get health we need to get out of the health crisis. Anna to do that, will you borrow from the esm . Changes have been made to make it more favorable to borrow. Will you borrow from the esm . It is good we have been able to reach an agreement on three different Funding Solutions based on loans. These are not grants or transfers. These are loans to the country. One is a precautionary line. The second is a new instrument to ensure we reinforce shortterm work increases like the ones we have enacted in spain, and third the eib to provide common guards. We are strongly supporting these three instruments. We think it is good all Member States could have access to additional funding sources. At the moment our countries positions are favorable. Deals have got into the negative area again. Therefore we do not have any problems with capital markets. There is a safety net for citizens, for companies, and for government at the european level , which provides an additional reinforcement element for us to face the pandemic. Vonnie spains economy minister there. It is tiger latest Bloomberg Business flash. A look at some of the biggest business stories in the move. Is stepping up efforts to bring german buyers back to showrooms. It includes leasing and financing terms. Bible buyers can also get payment protection insurance. Richard branson may sell more than a quarter of his stake in Virgin Galactic space travel firm to support the rest of his empire. The sale would raise half 1 billion. Branson is trying to save Virgin Atlantic airways. The airline has struggled to qualify for a loan program supported by the british government. Shanghai disneyland has reopened after an almost four month coronavirus shutdown. Visitors have to wear masks and have their temperatures stand good have their temperatures stand. They have to show their Health Status using a smartphone app. It is disneys first theme park to reopen. That is your latest Bloomberg Business flash. This is bloomberg. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Swithout even on yoleaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need saving you up to 400 a year. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Guy live from london, i am guy johnson with vonnie in new york. This is european close on bloomberg markets. Time for our stock of the hour. Autonation shares are up more than 4 after the biggest car dealership in america said that while the recovery is well underway, people want to travel but they want to do so in their personal cars and personal space. Want to flip up the board and take a look at sales, because as shelterinplace order things started to get better as the months progressed. Revenue growth was only down 19 . It was down 52 in the first 10 days. We want to talk about Revenue Growth because the ceo did say there is a drumbeat around personal safety and personal space. This is what customers are telling us as they come to look at vehicles. Still, it does look like the Second Quarter will be bad, which is the case with most companies. A 50 drop in revenue in a small improvement in the Third Quarter , only down 24 or so. On the board is outperforming uber. We hear similar comments from a lot of companies. There are some struggles going on in the ridesharing business. But you takeo out your personal cars. Some of the concerns and hesitations comes with riding in a Ridesharing Company where it is not your own car, you do not know who was in the vehicle before you. This could be some of the reasons why you are seeing autonation outperform. Vonnie taylor, thank you. Coming up in the u. S. , balance of power with david westin. Republican commerce men Patrick Mchenry joins the program to talk about congressman joins the program to talk about hurdles facing the next round of stimulus. Checking u. S. Markets, where at session highs for the s p 500, still down. 25 . This is bloomberg. York to ournew bluebird television and radio audiences worldwide, welcome to balance of power, brother world of politics meets the world of business. We start once again with the markets. Abigail doolittle will explain it to us. It does not feel like they are convinced at the moment. Abigail i would agree with you. We are looking at a neutral risk appetite. The premarket was risk off. Stock futures down, bonds higher. The nasdaq is trading higher. The s p 500 and the dow lower. Helping out the nasdaq is the faang stocks declining on the s p 500. This could be worrisome. Down 1. 8 even though you have bonds lower, which tells you yields are higher. Typically higher yields would help financials. Financials more than 10 of the s p 500. It has been a tugofwar between the bears and the bulls