Yields have been falling all year. The 10year gilts down five basis point the 10 year yield down five basis points. That tells us bonds are falling. The overall context has a risk off tone. When we bring the again into the picture, the yen is down. We have mixed messages. It will be right down to the wire. Weve been talking about the range for the s p 500. The level a lot of traders are looking at, 2775. That was breached. Both are holding right now. Lets see what the day brings. Vonnie when you talk about david when you talk about beatendown sectors, you have to talk about energy. Energy is getting a break. Abigail that caught my eye. Right now we have two sectors higher, the banks and energy. Energy is the worst sector on the year and a huge bear market. The worst year ever on record, but getting a little bit of a bid. Some are saying the reason we have a bounce overall was an unconfirmed rumor President Trump is open to the idea of a fourth stimulus bill around the coronavirus. That may be confirmed. Reuters headline. I am not sure. That is what some sources are saying. What my sources are saying is behind the rally. Really helping out energy and the banks. The Kbw Bank Index all over the map. At one point down for percent, now it is trading higher. The roller coaster goes on. Sectors, somen folks are taking a look at them for the catch up potential because they been doing so badly on the year. David thank you so much. That is Abigail Doolittle on the markets. As abigail said, President Trump has given some indication he may take action against china. We are joined by professor lisa cook, associate professor of economics and International Relations at Michigan State university. She also served in the council of economic advisors to president obama. Give us a sense of how much it might hurt china if the president took some actions so not list their securities on exchanges or we do not invest our federal Pension Plans in Chinese Security anymore . Prof. Cook this would be awful. Tos would take the trade war a very different level, and it , mutual fratricide suicide pact. We need the influx of investment from china, we need china to buy our debt and sustain many Pension Plans around the United States. This would be mutual selfdestruction. David as far as you can tell, because you do International Relations as well as economics, is this negotiating or is the president serious . Yes made sounds like this before and gotten some support from marco rubio who said maybe we should not be investing in securities in china because we do not know about the accounting system. That is a longstanding concern. I do not think that is new. Anything from china that involves data will be questioned. It is not just the accounting system. I do not know what rubios support means. This is not the time to heighten rhetoric. Positionready in a bad. Americans have paid for it. American consumers have paid for the trade war so far with china. Taxes that are paid are paid by us. If this escalates, that will be even worse. We do not have the money to pay. Ofs could be another version assured mutual destruction. I do not know what it means with respect to negotiations because the pattern has been that something very stark has been announced and it does not come to fruition. I do not know where this sits, honestly. Doannot read his mind and i not know what kind of followup there will be. David erased an important point about whether we can afford you raised an important point about whether we can afford it whether our economy we had new jobless loss, just under 3 million, given this increasing barriers, whether it is capital flow were trade, what it can do to our economy . Turn what it could investors and others thought would be a vshaped recovery many of us thought that would not be the case from the beginning, but still, that could turn a vshaped recovery into something that is much flatter and much more reminiscent of the Great Depression or this last recession we had. That is what we want to avoid. Anything that exacerbates a quick recovery should be avoided. A trade war would certainly do that. This is monumental. Enough aggregates to does there are not enough adjectives to describe what is happening and the speed at which it is happening. It is great that our economy is so flexible in so many different ways. This is one of the negative outcomes to being so flexible. Job displacements what happened job displacements would happen, demand would fall incredibly quickly. What needs to be done, as Jerome Powell was putting out yesterday is there has to be help from congress, there has to be help from the administration. The administration has to support it. It has to come quickly. The speed with which the crisis has happened has to be matched by the speed on the reaction side. You cannot be flatfooted like we were, congress cannot be flatfooted like it was in 2008. It has not been so far but this hesitation is what caused the hesitation in 2008 to 2009 this is what caused the prolonged recovery. Especially with respect to andployment for states local entities. I think that has to be paid attention to. He is not exaggerating. Powell is not exaggerating. The magnitude of this crisis has, in the last few minutes. I saw the fed is contemplating not having a june update in its outlook. That is stark. That means there is so much uncertainty that it might not be useful to do so. Ive never heard an announcement ng made in my lifetime never heard such an announcement being made. That means things are serious. They do not want to alarm the public, they want to get a handle on the data before they announce anything or print anything. David finally, it is alarming and uncertain. We have already appropriated 3 trillion. The democrats are proposing another 3 trillion. How much confidence do we have that would prevent some of the permanent damage to the economy that fed chair powell talked about just yesterday . I think it would go some way. All of this is adding up. It might minimize, not prevent, but minimize his bankruptcies. If we can keep people afloat and keep the economy afloat so people can buy take out, even though they are locked down, we can keep a lot of Small Businesses open. That would prevent the wave of bankruptcies. If we can keep them paying rent, it would prevent a lot of mortgage defaults. If we can keep them paying their mortgages, it could prevent a lot of mortgage defaults. That the economy stays on lifesupport is critical. Stopping right now is a death wish. We are learning much about the virus every day, and we have to keep learning and we have to make sure we react in a way that is appropriate. Appropriate for people to come back and stay alive and for the economy to come back. David ok, professor, we really appreciate you being with us. That is professor lisa cook of Michigan State university. We have breaking news. Mitch mcconnell has set senator burke will step down as chair senator burr will step down as chair of the intelligence committee. The fbi has seized his cell phone. There are allegations as to whether he may have had Insider Trading based on information. He sold some stocks. Mitch mcconnell is saying senator burr will step down as chair of the intelligence committee. Coming up, we will talk about illinois struggle with the coronavirus. We will have Lieutenant GovernorJuliana Stratton to talk about exactly what illinois is doing. That is coming up on balance of power on Bloomberg Television and radio. David welcome back to balance of power on Bloomberg Television and radio. Time for blumberg first word news. We go to mark crumpton. Mark President Trump cannot get a lawsuit accusing him of illegal profiting from his Washington Hotel dismissed. That is the ruling from a federal Appeals Court reversing an earlier win for the president. The attorneys general of maryland and washington at accused President Trump of violating the constitution emoluments clause. The hotel became a hotspot for lobbyist and foreign officials effort reopened in 2016 shortly before president. The European Commission has suspended the delivery of 10 million chinese masks to Member States in britain after countries complained about their poor quality. Officials say the masks did not meet medical standards. The masks were purchased from a chinese provider. The eu had planned to distribute them to Health Care Workers in weekly installments over the next six weeks. In germany, mixed news on the coronavirus outbreak. The country reported the highest number of new cases in five days. The infection rate drops below a key threshold. Angela merkels government has been gradually lifting restrictions on daily life. The International Energy agency sees the oil market improving. The iea says demand is strongerthanexpected. In the meantime, supply has been reined in by a brutal price crash. Oil production is on track to decline this month to the lowest level in nine years. 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. David . Illinois has 85,000 cases of the coronavirus. That is the thirdhighest valley in the nation. We welcome the Lieutenant Governor of illinois, Juliana Stratton. Give us a sense of where the virus is right now in illinois and is the curve starting to taper down . Lt. Gov. Stratton we are certainly making progress in illinois in terms of the governor relying on the experts and following the data and the science, took Decisive Action early to slow the spread of covid19 in an attempt to save as many lives as possible. I can say that just yesterday we had 192 deaths in a 24 hour period, which was the highest number of deaths. That is why when we talk about this phased in plan, which we call restore illinois, this phased in plan is because we are still in the phase of trying to flatten the curve. We have a regional approach we are taking to make sure we can follow the experts, follow the science, and make sure we do this thoughtfully and guided by science and data so we do not bow to the pressure to open too soon, but do so in a way that considers we are still not out of the woods. David following that science and data, in illinois and elsewhere, there is an indication people of color are particularly vulnerable. We have spoken with dick durbin, your senior senator from illinois, who pointed out theres a significant issue with africanamericans, but even more , perhaps, with latinos. What are you doing about that . Lt. Gov. Stratton we are seeing the disparity in the data, and im grateful that in our Illinois Department of Public Health we are sharing the statistics and the data related to health disparity. Specifically as a relates to covid19. It goes back to your original question about where our week and the path we are on and why it is so important to follow the science and the data. We know that if we open too soon, it will be people of color impacted the most. It will hit our communities first. Percentdies say updated up to 80 of essential workers are of color and are not able to stay home. They are in grocery stores, they are city workers, their Postal Service employees and restaurants and all of these types of facilities that they are putting themselves more at risk, even because a stayathome order exists, not to mention new not to mention due to Structural Racism in the Underlying Health conditions because of barriers put up in communities throughout history. I think it is important to recognize we have to get beyond open too because if we soon people of color will be hit the hardest. That is why we are being careful about this plan, making sure we bring an equity lends to the work we are doing. I am specifically working to bring together Health Professionals of color, both black and latino, to make sure we can think not only about our response to covid, but what should be the action plan as we think about the Recovery Process to make sure these communities meet significant needs that come from the pain of this pandemic. David finally, this is fundamentally an issue of safety and health, but also has fiscal repercussions. We know there are proposals in washington to help the states. The democrats have proposed 1 trillion. At the same time, illinois has become the poster child for the fact that your Pension System means you are paying a lot of money that some people think you should not be paying. I want to give you an opportunity to respond to those who say we should not be giving money to states like illinois because you put too much of a commitment on pensions. Lt. Gov. Stratton i would say a few things. First of all, here in illinois we were on our way to fiscal stability. , we passed a bipartisan balanced budget. We were on track to do the same thing this year. We were making investments we needed to rebuild our hollowed out state government. Like many states around the country, covid19 has set us back. Just like every other state, we need a systems we need assistance, because we know more now than ever before how important these Government Services are. We are looking to the federal government to make sure they can provide assistance to help offset the revenues we have lost due to covid19, to also cover the money states are spending on local programs. That is something that is needed at the state level. Just recognize that is the federal government said, there are households where you have a majority of jobs lost. Today we learned of 36 million over the last eight weeks that have applied for unemployment. Are mostlyy of those from homes making 40,000 or less. These are individuals who are predominantly people of color, and when we think about the needs of our state as a result of this panic of this pain, we will need the federal governments help. The state of illinois contributes to the federal government through the tax structure. We want to make sure our president , just like states all across the nation, that we can get assistant assistance from the federal government to meet the needs of our citizens. David thank you for being with us. That is the Lieutenant Governor of the state of illinois, Juliana Stratton. Coming up, we will talk to steve copperyabout what the what the recovery might look like and also talked to richard trumka, president of the aflcio, about the safety of workers as they returned to work. That is coming up on balance of power on Bloomberg Television and radio. David welcome back to balance of power on Bloomberg Television and radio. It is time to our look at the stock of the hour. We will lose alibaba as a surrogate for the larger issue involving china we talked about earlier with Abigail Doolittle. Abigail,how are the how are the adrs doing . Abigail they are all down. We had some falling on the day, now recovery after President Trump spoke about the idea of looking at those China Companies listing on the nicaea or the nasdaq that are not using u. S. Accounting rules. There could be a delisting situation. He came back just as quickly, saying they could easily go to london so that may not be something they will pursue. It seems like a case of talk rather than walk, but nonetheless we did have a reaction for all of these adrs. Actuallyok at jd. Com, flipping higher. David how have they done on the year . Abigail this is interesting because the chinese adrs on the year and the bloomberg terminal shows they are actually down last than the s p 500 or the china index itself, down 2 . That could have to do with the fact these are some of the stayathome stocks, the big growth stocks. As to why President Trump may not follow through with the little bit of an implied threat about some sort of looking at Big Companies or possibly delisting them, china is the second biggest holder of u. S. Treasuries. That would be something we certainly would not want to unleash. 1 trillion. So much so it is hard to know whether or not there would be a buyer if they would try to sell. Certainly not worth investigating. David one thing for sure, we need people buying our treasuries. Thanks to Abigail Doolittle for the stock of the hour. Coming up, we will talk with steven rattner. He was the u. S. Treasury advisory on the auto restructuring. He will talk to us about a possible recovery. Coming up on balance of power on Bloomberg Television and bloomberg radio. David welcome back to balance of power on Bloomberg Television and radio. Im david westin. Its time for first word news, and for that we go to mark crumpton. North Carolina Republican richard burr is stepping down as chairman of the Senate Intelligence committee. Senator byrd is under investigation for stock trades of the at the head market downturn sparked by the coronavirus pandemic. Senate Majority Leader Mitch Mcconnell announced the move in a statement, saying he agreed it was in the best interests of a committee. The fbi served senator per with the search warrant and seized his cell phone. We will follow this story and bring you more developed sense developments as we get them. They present and a azevedo has faced intense pressure from President Trump, who infused the genevabased trade body of having an antiu. S. Bias. The president says he doesnt want to talk to pride as. Resident xi jinping right now mr. Trump he could cut it off. The president also rejected the idea of negotiating a phase one trade deal he signed with china in january, but a chinese publication reported that beijing might renegotiate or canceled the agreement. Global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton, this is bloomberg. David . Thanks, mark. In the midst of this gloomy economic news, some people are finding may be some hope in of all places the Auto Industry. U. S. Automakers are slated to go back to work in the United States as early as next monday, and in europe, we are hearing people are returning to using their cars rather than mass transit so they can have social distancing. We welcome a veteran of washington and new york, steve ratner, who served as president obamas chief of reorganizing the Auto Industry, and is the chairman and ceo of will and. Dvisors willard advisors steve, thank you for being with us. You were an investor, you followed these things. Do you find any real indication of a recovery coming in the Auto Industry that might affect the economy overall . Steve david, i think we have to be careful not to be misled by early signs of what we see, like spring. We are going to see, there is a tiny bit of evidence of a pickup in car sales from an abysmally low level in the month of april. This is all going to be relatively small potatoes compared to the distance we have to go to get back to where we were before all this started. Pessimistic about our ability to get back to that point at any time in the immediate or imaginable future. We heard some of the pessimism, or at least realism, perhaps from fed chair jay powell yesterday, where he warned about things like math bankruptcy and unemployment mass bankruptcy and unemployment if we do not do more on the fiscal and monetary side. Is there more that can and should be done to bring that recovery sooner . Steven yes, absolutely. I am completely in agreement with chairman powell, not that he needs my support for his thoughts. Think the notion that we are facing a vshaped recovery, where it is all going to bounce back, car sales are going to go back to 17 million, people are going to travel and spend and go to disney world and all those things is going to be a fantasy. This is in a norm is shocked to the economic system. This is in a norm as job loss, factories that are never going to reopen, restaurants that are never going to reopen, companies that are not going to rehire back in the foreseeable future all the people they have laid off. We do need to do more. Noteeds to just be not just be providing income support to americans that have lost their jobs and businesses in danger of failing, but we need to rebuild america. We need to finally do something on infrastructure. We need to do something about retraining and finding jobs for people who are not going back to therell jobs, because this whole economy is going to shift into a somewhat different focus. Yeah, there is an enormous Amount Congress can do. The question is whether they have the will to do it. David in the meantime, we have big investors trying to decide we have heard some say they are very concerned that the equity market is being overly optimistic about the future. As an investor, what do you do in that environment, where equities have bounced back a long way from the trough and might not be justified by the Economic Data . Steven many of us have been scratching our heads about the resurgence of the equity market, and we can debate the reasons i think the most important reason is probably all the liquidity the fed has pumped into the system, but nonetheless, i think what others have been saying makes a lot of sense in terms of being concerned about the level of the equity market. How do you hedge it . The simplest thing to do is simply sell. Or whatever reason, if you want something more esoteric, you can options, with there are more sophisticated ways. The bottom line is, if you do not have a more positive view about the equity market, you need to reduce your exposure to the equity market, give up the possible upside and protect yourself against the downside. Bullets oro silver magic ways to take out the downside but keep the upside. So i guess david so i guess it was Margaret Thatcher who said there is no alternative. Here is an alternative you have to put your money somewhere, is it better off under the mattress or are there some Asset Classes that offer at least some solace . Steven again, there are no magic bullets or simple solutions. Part of the reason equity markets have been so robust has been people look around and see relative Interest Rates near zero, and decide that is not a relatively attractive place to put their money. If you can make your dividend yield on the s p, that seems interesting, but you are taking all this risk on your actual capital value. No, there are unfortunately no secret places you can put your money. I dont think any of us deal credit, corporate bonds, things like that are particularly attractive at these levels either. The best advice i would give would be a mix of some equity exposure, so that if it turns out these levels in the stock market make some sense, you can participate in it with good companies. Combined with maintaining a very low leverage, low level of if any at all, and a high level of cash balance on which you should not expect to learn earn any interest, but you will not lose any money. David what about crossborder exposure . There is a lot of talk about how supply chains may never be the same. There is a lot of focus on china, with the president certainly rattling a sabr about a sabre about china. Does that indicate you are better off not exposed to globalization . Steven we have to see how that unfolds. There are certainly a lot of talk by the president , but with the president it is mostly talk. There is some talk among ceos, and that we should pay close attention to, but we have learned a lesson here about long supply chains. As we look around the world as investors, we find europe exceedingly uninteresting. They have huge structural problems, their companies are not likely to do well in a postcovid environment. A lot of old economy industrial companies. China has done and is continuing to do amazingly well both in terms of keeping the virus under control and getting people back to work, and in getting their economy going again. China is oneisk in that you identified, which is essentially, will they have customers . Either because the economy elsewhere is not in great shape or the supply lines are too long. See how thatto unfold. But we continue to be, as an economic matter not as a political matter, not as any other matter of that sort, but matter, we economic continue to find china very interesting as investors and are disproportionately invested there. Big issue right now for the United States and maybe the globe demand . We hear things about demand destruction and more a doom loop demand destruction or a doom loop. Are we in danger of permanently destroying demand . Steven i think we have a problem on the supply and the demand side. We clearly have a problem on the demand side when you have what is effectively, when you make the right adjustments of things, probably 25 of americans out of work, getting their unemployment but not their real wages, and with huge uncertainty, because the Unemployment Insurance does expire, the extra 600, after eight weeks. People are going to spend less, and when they are essentially trapped in their houses they are going to spend less. We see that in the Consumer Spending data. We also have a problem on the other side, which we are seeing factories closing for good. When i talk to ceos, they tell me almost universally, we are not going to bring back everybody who used to work here. We are not sure we are going to have the demande for that. We are cutting our capex budgets for what the economy has for the future. I do not think we are in a doom loop where we are going to go it is some kind of depression, but i think the climb out of this is going to be much slower, much more difficult than people might have thought even a few weeks ago, or even some people think today. I think there is a norm is scope for the government to help if it in the mood to, but maybe it will be different this time. David thank you for joining us today. Ner, chairman and ceo of willard advisors. Tomorrow at 6 00 p. M. Eastern time we will have wall street week, where we go over many of the issues we talked about with steve rattner. That starts at 6 00 p. M. Friday eastern time. Coming up, we will talk with the president of the aflcio richard trumka. This is bloomberg balance of power. David welcome back to balance of power on Bloomberg Television and radio. Im david westin. Represents 25 million workers, and its president , richard trumka, has been campaigning for a federal standard, safety standard, tied to coronavirus as people start to come back to work. We welcome mr. Trump kobach with backberg mr. Trumka to bloomberg. Did you get that standard in there . Richard we are still fighting under msha, which would be the mining side. There is a number of things in there for personal protective equipment and things to protect workers. We were successful in getting that in the bill so far. Youd so give us a sense know washington so well, what are the chances that something reasonably soon would be passed along the lines of what the democrats are proposing . The republicans are saying it is time to slow down. Slowrd it is not time to down. If you look, there were another 3 million americans that fouled jobless claims this week fouled jobless claims this week. 30 fouled jobless filed jobless claims this week. Filed, so had already we are at 46 million. We are looking at nearly 50 Million People out of work. The economy is hurting. Figures came out today that there was a 40 decrease in household credit card spending in march alone. All of those things indicate Something Big needed to be done and bold needed to be done. This bill is big and bold and it will get us back on track. It should be passed immediately. Most of the things in this bill have already been agreed to in the past. This is an extension of them. David so richard, give us a sense of how your members are doing. One thing that stunned a lot of this was jay powell saying ple earning 40,000 or less, 40 percent of those people are out of work. How many of those people do you represent . Richard a significant number of the people we represent. This attack, unlike previous recessions, went straight to the inple at the bottom first, hospitality and leisure and in a number of other things. The lower wage people got hit first and it is going up the chain. It is now affecting every wage group and every educational group, but mostly those people at the bottom. And they are struggling. And the people that are still at work are struggling in another way. Those that are essential employers are struggling because they fear for their health and wellbeing because they dont have proper protective equipment. The Labor Movement has donated proper protective equipment to nurses, doctors, transport workers, everybody along the line, because they could not get it furnished properly. That is another problem. There is the issue of testing. We have a problem with not enough testing going on, so that workers that are on the job still fear for their health and safety. On the subject of personal protective equipment and getting back to work generally, we have a patchwork across the country with different states taking different approaches. Are there some things you see and you think boy, that is a different approach. That will protect workers along the lines we need. Know, its a combination of approaches. I think most people, most governors, most even Business People i have talked to agree on the approach. One, you have to go back slowly. Two, you have to do all the social distancing, give personal protective equipment to everyone that is out there so that you are not getting sick and spreading it everywhere. And you have to do proper testing. Those are the things that we call a standard at the federal level, so every employer knows exactly what is required of them. This standard would do that. It would help everybody, the employers would know what to do. They would have to educate their employees and then have to provide them with proper protective equipment. All of those things put together can help us get the economy back and running. If you take any of those out of the mix, then the economy will false start. People will go back, more infections will occur, and you will have to close it down again. That is what we saw happen in some of the slaughterhouses that were out there. Finally, the 3 trillion proposal right now includes payment. 1200 are you in favor of that, the universal guaranteed income for a period of time, six months or something . Richard i do favor that, because i think it would help the economy stay in place at least. 50 Million People out of work is devastating to any economy. So it would help buffer that that people could stay in the consuming market, they could help create demand. The 1200 david sorry, we are going to go to President Trump now at the white house. Welldent trump doing very in the numbers, and im going to have haley say a couple of works. Words. Our am going to outline pandemic preparedness. The obamabiden plan that has been referenced was insufficient, was not going to pandemicwe did a 2018 preparedness report. Beyond that, we did a whole exercise on pandemic lastredness in august of year and had an entire interactive report put together. In other words, the obamabiden paper packet was superseded by a President Trump style pandemic preparedness response. President trump it was much more complete and was a lot tougher. We were given very little when we came in to this administration, and theyve done a fantastic job. I think we are going to have a vaccine by the end of the year, and i think distribution will take place almost simultaneously, because we have geared up the military, and you will see that tomorrow. Anything else . Haley . We will have a full update for you tomorrow at the briefing, line by line, on how cap paired we were on how prepared we work for the pandemic thanks to President Trump. [inaudible] know, dr. Bright is up there testifying today. Everything he is complaining. Bout was achieved everything he talked about was done. He talked about, he says he talked about the need for procuredrs, we respirators under the president s directive. He said we need a Manhattan Project for a vaccine . This president initiates a vaccine Manhattan Project, a diagnostic Manhattan Project. Whose job was it to actually lead the development of the vaccine . Dr. Bright. So while we are want to launching operation work speed, he is not showing up for work to be part of that. This is like somebody who was in a choir and is now trying to say he was a soloist back then. Everye was saying is what Single Member of this administration and the president was saying. We need more personal protective equipment. We need more ventilators, therapeutics, we need vaccines. Every single thing this president was on, this president achieved, dr. Bright was part of a team and was simply saying what everybody else at the white house and that hhs was saying. Not one bit of difference. Ydroxychloroquine, dr. Right signed the form for the fda authorization of it. He is literally the sponsor of it. Do not holdons water. They do not hold water. President trump we have had doctorsat response, writing letters and people calling on the hydroxychloroquine, and there is no reason to fight it. More than that, we have had tremendous response to hydroxychloroquine. We have had tremendous response to think along with it to it. Along with a lot of people were warned by us, and we will see. I will tell you what i watch these guys for a little while this morning. To me, he is nothing more than a disgruntled, unhappy person. I am not just talking about alix, but there are a lot of people who do not like the job he did. Him,t know him, never met dont want to meet him, but he looks like angry, disgruntled employee who according to some people did not do a very good job. Any other questions . [inaudible] he announced used stepping down . He announced he is stepping down . I did not know that. No. When did he announce he is stepping down . [inaudible] President Trump nothing about it. I didnt discuss it with anybody. Thats too bad. [inaudible] sident trump will well see. The ink was not dry on a great trade deal and all of a sudden the plate comes in the plague comes in from china. We are not happy about it. [inaudible] im ok with it. If you look at the world trade not only the world health, and we will be making an announcement on the World Health Organization shortly, probably next week sometime, but the wto is horrible. We have been treated very badly. I have been saying it for a long time, and we act on it. When i talk, we act on it. The world trade, they cheat aina treat china as developing nation. That is why china does not get a lot of benefits that the u. S. Does not get. And the people sitting in the oval office should never have let that happen. Im going to pennsylvania, yes. [inaudible] President Trump i do not know how they are counting. I never discussed it with them. Death is death, we do not want people dying in our country, and we have done a great job. I tell you what what we have done on ventilators and testing except the press does not write it that way because you have all this fake news what we have done on testing, we have tested more than the entire world put together. The entire world put together, we have many more tests than they do, and better tests. The reason we have more cases is because we have more tests. We have done a great job. The men and women who have done this great job should be a knowledge by the press. Acknowledged by the press. I can hear a word youre saying can hear a word youre saying cannot hear a word you are saying. Heard from President Trump at the white house, a dressing dr. Rick. Right, that does it for bloomberg balance of power on Bloomberg Television, we will continue our second hour on radio. Im david westin, this is bloomberg. Omberg. Shery it is 1 00 on wall street. Markets. Loomberg im vonnie quinn. Here are the stories were following here and around the world. Stocks rebounding after session lows, the s p higher now after indices thank in early trading. The s p looking to break a true day losing streak a twoday losing streak that broke all of last weeks gains. This on the heels of brutal Economic Data in the United States. Initial jobless claims totaling 2. 9 8 million last week, bringing the total to 36. 5 Million People in the last eight weeks. And one of the big banks poised for a rebound. We get the outlook for financials from mike mayo, Wells Fargo Securities head of largecap bank research. Lets get a quick look at the markets. We are seeing a bit of a turnaround. It has been the story of the session and we are firmly in the green for the s p 500