We welcome you in different localities around a beautiful and recovering new york city. You see that on the stock market this morning, with equities up nicely, and yields higher. Safe havens a little bit in retreat. Jon, what is your observation on a tuesday as we move through the week on how this market is doing . Jonathan the focus quite clearly, reopening. Views are still polarized because the near term are so binary. Either reopening is a success, or it fails and we get a second wave. It is one or the other in a nearterm, at least. Tom one of the things that is so important is when i look at the recovery that we are in, it is predicated on the next round of stimulus. Why do i need a round of john norman at j. P. Morgan is telling me we are in some form of recovery . Lisa a lot of people are expecting the federal government p enhanced Unemployment Benefits. There is expectation baked in that that will continue. My question is, how much pressure will they be on washington to continue some of the rescue financing efforts if we do see that kind of recovery in the economy . Tom it is really important. It was a bit off the american radar this weekend, and that is hong kong. [indiscernible] jonathan contained as they can be. I imagine they will ramp up at some point in the next several weeks. Still not clear how this will play out in hong kong. What i am trying to wonder, just trying to figure out, if the United States decides that hong kongs autonomy has diminished in the last several weeks and over the next several months, what is the most effective way to shape beijings behavior . I am not sure that taking away the special trading status of hong kong achieves much. If anything, it could accelerate hong kong move toward the mainland, and maybe beijing would be happy about that. So i think we need alternative policy measures that really establish a proportional response to the Chinese Communist party doing what they are doing. Tom tom you wonder if it is every nation for itself in that proportional response. Right now, mona mahajan joins us consideranz as we not so much investment strategy, but the shock and awe of s p 3000 and dow 25,000. It has been an unloved bull market. How bull market is this, or is this a pause along the way in the struggles of this pandemic . Mona first of all, thanks for having me. This is a great new format. Enjoying it immensely. Certainly thats 3000 level on the s p is not only psychological, but happens to be close to the 200 day moving average, so it does have some technical significance as well. We think if we can get through that and sustain it for a few days, that is meaningful in terms of perhaps moving some opinions over to a more bullish stance. To us, clearly this has been a bifurcated market. The winners in the s p have been tech and health care. Energy, financials, industrials all very much still in bear market territory. Really, we think if the market is a buyer of this reopening story, we should start to see a broadening of performance, and that should include some of the global factors. Certainly we have started to see that last week as well. We think that trend could continue until carious help carry us. Our what kind of reopening traders pricing and . Theres a possibility that you people open up because they dont have measures ce that will help keep from getting sick. Mona one thing that is noticeable to us, places like new york and new jersey, the pressure on their Hospital Systems has alleviated quite a bit. When we think about why we flatten the curve in the first place, it is so we wouldnt pressure the Hospital Systems. Some more Southern States we are seeing a little more uptick in virus cases, their Hospital Systems are generally still underutilized. Beds, etc. Icu for us, you need to see pressure on that hospital system. That is another point we are watching. The other thing i would say briefly is that when we think about investing in the market broadly, sadly, this crisis has really impacted momandpop businesses largely. Restaurants, bars, gyms, etc. Has the best catalyzed the best capitalized, biggest Balance Sheets in the country. So when you think of where to put your money that is relatively safer, it could be a driver of the market we are seeing now. Jonathan i think that is the big topic for so many people. On the one side, weve got this crowding, stretched valuations and growth. On the other side, the potential for the value truck playing out encyclicals. How do you draw a distinction between the two and make sure you are in the right companies . Great point. A i think for a post covid world, you need to be involved with some of the technologies, in particular on the software side. That includes areas like Cyber Security cloud computing, e complex aroundle zoom conferencing and remote learning. It is not going to be a oneyear story. It is a 3, 5, even tenure story down the road. Similarly, on the health care side, still very important in the next two to five years. I think we continue to see opportunities tactically. It is harder to chase at these levels come about when we do get people back come up when we do get the pole back, there have been opportunities to get involved again. On the other hand, we would be more selective when we think about energies and financials. There are still parts of the Energy Complex that are interesting to us. Refiners, for example, or renewable energy. On the industrial side, we are taking a look at airlines. I think the risk reward is interesting as well. Government might be stepping in to help bailout companies, and eventually we will probably all have to travel again. So selective parts across both sides of the specter make sense. Jonathan ive got to pick up on that, airlines. I am sure people showed up a little bit when they heard that. That is a difficult decision mix when you look at that sector. Some of these Companies Wont exist, will they . Mona you certainly have to be careful across the spectrum here. One of the things about active management during a crisis, certainly this one, is there will be winners and losers, and fundamental research will really matter. In a sector like airlines, you probably need to look at are they domestic, international, look at the routes, etc. That is one example on how to play the recovery. There are others. You look across hotel, gaming, etc. , larger industrials as well. But there are certainly ways to play. Tom but mona, im not going to buy it. Market the most barbell we have ever had, with five or seven or 10 stocks leading the way. If i am an Institutional Investor and my alpha is so far behind i am not getting paid my bonus, what do i do . Buy more amazon . Buy more apple . [laughter] mona i think you make a good point about performance catchup. Not many people got in on march 23 and have seen that 30 move higher. I think the implications of that are more that now, when you do get dips, are they more likely to be bought or sold . Given the momentum behind the health, the economy, and just a reopening broadly, i think we are going to see a little bit more buying at this point. I think that is important to recognize as well. The opportunities you get, if you can position yourself tactically, it will be important. That being said, this is a longterm game. While weve had a great 30 move now, do we expect another 30 in the next six or eight week period, or the next quarter or two . Probably not. You will not get the easy money again. You will get some sideways movement. We will get pullbacks. You may even get 5 or 10 corrections along the way. Those are your opportunities to get involved. Mona what is the best lisa what is the best hedge right now . Mona we continue to luck some of those divested Asset Classes right now. We are still believers in the gold story. Dollar is interesting, given the u. S. Economy has been a flight to safety asset class broadly. Treasuries are somewhat interesting as well, given the stimulus we have seen from the fed. I people will flock i think people will flock to treasuries as a hedge as well. Certainly the high quality, Investment Grade bond market still makes sense to us as well. Jonathan mona, great to catch up with you. Tom mona, thank you. Jonathan appreciate it. Tom, lisa is similar with this, but your triple leveraged cash fund is the cash country indicator for many contraout there the indicator for many people out there. [laughter] i am wondering when tom keene starts to put money to work. Tom i thought about it over the weekend over my beverage of choice. I was looking at my statement, and i am feeling large right now. I am thinking about going leveraged. Jonathan if we get negative rates, it wont be solid for long. Tom keene with a triple leveraged cash fund. This market up 53 points on the s p 500, 1. 8 . Up next on the program, we will be catching up with eugene scalia, eva secretary of labor, right here on eugene scalia, u. S. Secretary of labor, right here on bloomberg surveillance. Ritika with the first word news, im ritika gupta. In hong kong, chief executive carrie lam has defended new sweeping laws. She promised hong kongs would be preserved. Details of the chinese bill will ban subversion and foreign interference. Democracy groups are planning another major rally tomorrow. A British Government minister has quit over a controversy involving Prime MinisterBoris Johnsons top advisor. Dominic cummings has refused to resign over allegations he broke the governments virus lockdown rules. The junior minister for scotland says many voters in his district dont understand cummings act ions, so he decided to step down. President trump vowing to move the Republican Convention out of North Carolina unless crowds are allowed. That is a shot at the states democratic governor, roy cooper. The president says he wants to be assured that republicans can gather in august whether or not there are coronavirus outbreaks. North carolina has eased some restrictions, but Mass Gatherings of more than 10 people indoors remain prohibited. The u. S. Could now test tube hundred Million People could now test 2 Million People a month, a jump in capacity. 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 ritika gupta. This is bloomberg. , this is from new york bloomberg surveillance. Live on Bloomberg Television and radio. Equities drifting higher on the s p 500, positive 1. 8 after a week of gains. In the bond market, treasuries a little bit softer, yields a little bit higher. The curve just a little bit steeper. The yield up by three basis points. The focus is on thursday morning, initial jobless claims, and chairman powell rounding out the week with fed speak. Tom i am so glad you mentioned that. The jobless claims have been terrible. Yes, the vector is improving, but nevertheless, it is a labor economy in america that is absolutely extraordinary. We said, ok, we are going to do a simulcast, and you can get beyonce in on our first show or Something Like that. We said, wait. This is serious. The labor economy is imploding, so let us speak to the secretary of labor. He is from one of the great story conservative families of america. Eugene scalia joins us now. Mr. Secretary, thank you so much for starting your day with us. Thented you to explain how administration, and particularly how your capitan office, will react to 25 your cabinet office, will react to 25 unemployment. What can you do from an institutional basis to protect the millions of americans unemployed . Sec. Scalia well, it is good to join you. Thanks for having me. We have been acting on many to help theonts tens of millions of american who have been put out of work over the last couple of months as we have idled our economy. As you know, the c. A. R. E. S. Act included a substantial benefit for people on unemployment, 600 a week on top of what is paid by the states. We have been working closely with the states to get those payments out, and to help people during this challenging time. We have also been at been a stirring paid leave provisions that congress acted, and a program we dont administer here, but i think is valuable to American Workers right now, has been the paycheck protection program. We estimate about 50 million American Workers have been kept on payroll through that program. That said, we are pivoting now. We are reopening. I was in florida and georgia with the Vice President last week, and it was encouraging to see. We saw more of that over the weekend, too. Jonathan youve done a fantastic job of providing aid to Everyday Americans and companies as well. Down in washington, working with democrats as well. What we are trying to work out is what happens after the reopenings. The help that you offered during the shutdown, will any of that be extended over the next couple of months . What is that stance . Sec. Scalia the paid leave Program Remains in place. The unemployment plus 600 a week is in place through the end of july. As we focus on the reopening, the president is also looking at things to get the economy started again more broadly. Not simply aid, but returning to that incredibly vibrant economy we had through early march. The president and i believe strongly that part of what was key to that economy was burdensng unnecessary on businesses, so you had an executive order looking at further ways we can reduce unnecessary burdens on business so we can get businesses reopened. It is by having that vibrant is the sector that we had the record low unemployment through march. That is something we consider very important. We will also look at what further support may be needed, but the situation has been so. Luid with the virus i would like to see how we progress in the month of june for making decisions about what particular further measures may be needed. Lisa the market has largely priced in an extension of those additional Unemployment Benefits you were talking about. I am wondering what metrics you are looking for that you will see in june that will make you decide they are either needed or not. Sec. Scalia i think the 600 plus op was a very important support to be given to American Workers during a time when state and local governments were shutting down businesses and telling people not to go to work. I dont see continuing that program in its precise form july, as wed from are reopening, and now looking to get people from the sidelines back into the workplace. I think we will be looking at different measures. In terms of the things i will be looking at, of greatest interest will be how quickly he put people back to work as we reopen. We know that millions of people are starting to return to work now, and we will be getting more insights to that in the coming weeks. Wage is minimum delivering my food to my house, and the elites are doing fine, i would say, as a generalization. I drove down columbus avenue in manhattan, and it looked like one of those movies with bruce willis in it. It was so destitute. Armageddon like. What is your administration going to do to get labor to get its fair share back in a spirited, opening American Economy . What is the strategy to stop the 50 year atomization of labor . Sec. Scalia i think before the virus struck, one of the remarkable things about president trumps economy was how well people at the lower end of the pay scale were doing. Generally,es rising but wages were rising more quickly for people in the lowest 10 of the income scale, for people who didnt have a high school degree. We had record low unemployment for minority groups who have been historically disadvantaged in the marketplace. In all seriousness, when i look at what is most important Going Forward, the single most important thing we can do for American Workers, particularly those at the lower end of the pay scale, is to return to the type of vibrant economy we had just two months ago. That was an economy driven in substantial part by a reasonable tax burden and by reducing unnecessary burden. Those will remain in focus as we continue to assess whether we need additional support, for example, for Small Businesses and some workers. Jonathan i think a lot of people are still going to need a lot of help. I look forward to getting you back soon so we can talk about just that because theres some real urgency even as we open this economy. The unitedcalia of states labor. The labor market will take time to heal, and more help will be needed. Tom the date calendar is simple. Thursday, jobless claims, and friday is the man employment rate. I know all those people have told us what those numbers are going to be. The actual observation of a tangible 20 unemployment rate, i have no idea how the nation is going to react to that. 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. Jonathan from new york city, this is bloomberg surveillance. Radio live on bloomberg and tv alongside tom keene. I am Jonathan Ferro together with lisa abramowicz. We are one week out from the opening bell. We had some weight on the s p 500. Up 57 points on the session. Positive 1. 9 . In foreign exchange, a weaker dollar against g10. A stronger euro. In the bond market, treasuries a bit softer. Yields up three basis points to 0. 69 ahead of a ton of fed speak through the week. The monetary speak will be there. There is a real lift to the market which Everybody Knows helps the elite. What we know on a four Day Work Week is we are days away from the unemployment claims, and then onto a truly historic labor report on june 5. We spoke to the secretary of labor, mr. Scalia. We thought we would speak to a gentleman who at the fed more stood onne steadfastly regulation and operation of business. , a formerniel tarullo governor of the Federal Reserve system. Wonderful to have you with us, professor. I was talking to the secretary atomizationut the of the labor economy. 23 to 25 atomize unemployment rate. What will be the societal reaction . Daniel i do not know what the reaction will be, but i think that is a Macro Economic matter and as a human matter, taking measures now to ensure there is income support for the millions of people who will remain unemployed for quite some time to come has to be the countrys highest priority right now. That soit concerned many people are taking what they see as a late as a wait and see attitude. Unemployment is likely to be reported in the vicinity of 20 . 11 years ago during the great financial crisis, people were scrambling to do something about 10 unemployment. Even if you postulate half the current rate, we would still be in a serious position. This notion of delaying and seeing whether we need to do more is a bad mistake. Jonathan you touched on the other flaw. It is not just the timing, it is the composition of the response. You are talking about a demandside effort. The administration are talking about a supplyside response to this economy reopening and getting people back to work. What are the limitations of that . Thatl we all recognize this problem has been driven by epidemiology. It has not been driven by the fed stepping on the brakes too hard. It is driven by the epidemiology. Getting people back to work is dependent upon medical developments, not economic developments. We can provide income support, but we cannot make it safe for people to go out. We cannot make people comfortable about going out. What that means is we have in anonymous amount of uncertainty that will be with us for some time. Bloomberg have been reporting on the norm is volatility in markets over the last couple of months. Frontsws on the medical and everything goes up, bad news and everything goes down. That reflects the fact that we do not know. We ought to prepare for the possibility that things will be quite difficult for quite some time. Isa into this point, the volatility we saw in markets has gone away, in part due to what the Federal Reserve has done in terms of monetizing the debt of the united dates. What is the risk for Financial StabilityGoing Forward given how much debt the u. S. Is incurring, given how much the fed is interfering in pushing investors further into risk . Daniel we do need to acknowledge there are going to when everyone takes the range of fiscal and monetary measures they can take. We need to qualify that observation by saying it is absolutely necessary to do what is we can to stop a serious situation from being a highly depressed situation. We have to take some risk with respect to debt levels, with respect to Financial Stability, in order to stop this from getting worse and staying at a low level. That, we do need to recognize that there was vulnerability, there were vulnerabilities in the commercial paper market, there were vulnerabilities in the repo market, and to return to the theme jonathan was asking about, if we are in a situation where the fed will provide assistance to large Asset Managers as they have Exchange Traded funds and relatively illiquid assets, why are we hesitating to provide assistance to middle and lower income people who will probably be out of work for a long time to come . , but i do nots think we should be paralyzed by the risks. We have to act to keep a floor under income, floor under the economy. As the medical developments permit to start taking measures actively to build it up again. Tom one final question. I remember the day you joined the fed and the entire Market Community stood up and said who is this guy, why is he on the fed . They said the same thing about chairman powell. How is the chairman doing . Powell has confronted a challenge only ben bernanke has confronted. Two different kinds of challenges. Bens challenge was originating in financial markets, and everything was imploding because of the vulnerabilities in markets. Chair powell is facing a situation in which an external shock has created an unprecedented situation. He moved quickly to push the fed to get in place a set of emergency programs. He has made it clear the fed will do what they believe needs to be done. I am sure he will be the first to say he has a lot of work ahead of him. Jonathan i do not want to cause any trouble between you and your i wonder whenut he first got the job and there was a sign of thing there was a side of him where he wanted to play the hard guy with financial markets, the god was going to run the fed cannot respond to where the s p 500 was on any given day. Is there a part of you that feels the Federal Reserve has completely capitulated to financial conditions, that is the exclusive channel which Monetary Policy throws flu flows through and that is the only thing that matters . Daniel i do not think it is the only thing that matters. I think over a long period of time there has been more focused on markets by all people at the fed, and perhaps oversensitivity to markets. Degreesaid that, to the that what happens in markets then has an impact on the real economy, it would be unwise to ignore what is going on in markets. I think what you are seeing in the last week or so is a little bit of pushback by the fed against that. And their clara president of the new york fed were out making clear that despite requests or demands for explicit Forward Guidance that the fed was going to hold back and think longer about what it will say about Monetary PolicyGoing Forward. That is directly in response to market related concerns, but it is consistent with trying to push back. Lisa how concerned are you about the Federal Reserve putting a backstop to companies that otherwise would be going bankrupt . They are offering a liquidity solution but increasingly the problem is becoming a solvency one and the fed is being willing to step in. You think that is realistic and you think they should . Daniel two things. Agency that is trying to respond in an emergency situation is faced with a problem that on the one hand there is an imperative to get money out the door quickly. Knowe other hand, they they will be secondguessed in retrospect if any of that money has landed in a place where upon consideration i think you have to expect a certain amount of undershooting and overshooting with any program like this. Programto shape the quickly to direct it where you want to directed. You have to understand you will not have 100 accuracy when youre trying to do things on the fly. Two, after the economy has improved, i think Everybody Needs to step back and once again ask the question, what is the nature of the Financial System . What have we done well and wouldve we not done well . The performance of the banks over the last couple of months has suggested the dodd frank act and the reforms made thereafter did indeed strengthen the banks. The banks have been a source of strength, not vulnerability this time around. I hope they remain that way and that is a good thing. It is in shadow banking, other parts of financial markets, hedge funds, the repo market, that is where we are seeing vulnerabilities and that is where the fed action, in an effort to stabilize the economy, needs to be looked at after the fed, not to criticize the for asking to put a floor under the financial markets, to ask the question, just as we did for the banks in 2009 and 2010, what we need to do now another markets to make sure financial instability does not grow outside the regulatory perimeter. Jonathan always thoughtful, always appreciate your time. For fed governor daniel tarullo. Speaking of banks, lets talk about deutsche bank. The ceo speaking now. Momentum continuing during april and may. Momentum continuing through tough months. Interesting. I saw in the stocks. Im not sure where it is right now. What is interesting on the cover of the ft, they are talking about hsbc going the other way and looking at even further cost cutting off of the ounce meant a number of weeks ago. Is several bank it is every bank trying to get the plan Going Forward. Jonathan i read the same thing. Deutsche bank stopped up 6 . Stock up 6 . From new york, this is bloomberg. Of Chinas Center coronavirus outbreak is afraid there could be a second wave. The city of wuhan says it tested nearly 7 Million People in 12 days. 206 cases were reported. Wuhans cases were down in april, but new cases were reported this month. In canada, chinese tech executive gets a chance at release this week. The case has created unprecedented diplomatic fight between china, the u. S. , and canada. The huawei ceo was detained in vancouver on allegations. 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. Am ritika gupta this is bloomberg. Jonathan from new york city for our audience worldwide, we are live on Bloomberg Radio and tv. This is bloomberg surveillance. Equity futures with the lift. Up 60 points in the s p 500. Higher by 2 to start off this week. A nice move higher. Treasuries lower. Treasuries softer, yields higher. For basis points on the 10 year. In foreign exchange, a weaker dollar. Eurodollar up. 7 . Tom, i will step away and get prepared for the run down into the opening bout. Starts inat the open 12 minutes. Front and center is mike wilson of morgan stanley. Mike swell of goldman, priya misra, and will be catching up with ubs as well to get you to the opening bell and start the trading week. Tom sounds good. Mike wilson has had the market with him with a more optimistic call on american equity. Right now we want to speak on oil. It has been remarkable. We make a joke about it that lisa has three oil drums in her living room. Bought it at 25. They paid her to take the oil. I think we have lost tom. He was so overwhelmed by the idea of the oil. At myf it is your shock prescience to have drums of oil in my house. A little bit skeptical of the fumes. It did seem to be up pet that is paying off. Tom we will see. Lisa, why dont you bring in julian lee good lisa julian lee of Bloomberg Opinion. We are seeing that left to oil markets. A dramatic recovery. 75 in crude prices this month. A lot of it comes as shale producers and marginal producers shut down oil wells and do not drill more. How much more upside to people think there is right now in crude . Toian people are starting see crude prices have run a little bit ahead of where they ought to be. We certainly seem to have seen the low point of oil demand, certainly in terms of comparisons with last year. That appears to have passed some time in early to mid april. There are signs demand is picking up in some areas, particularly in asia, and particularly in gasoline as more people are driving their cars. There does seem to have been quite significant shift away from public transport to private transport. That means more cars on the roads in chinese city. We are seeing the same in europe. I have no doubt the same in the u. S. As well. That provides some support. Part of the problem is we have had not just a month, but we have had six months during which Oil Stockpiles have been growing. If you look the International Energy agencies latest figures, they are currently estimating that over the first half of this year, the world will have added 1. 5 Million Barrels to crude oil , order oil inventories. That is enough to meet have a month worth of Global Consumption with zero production. This has been a continual theme. My question is how much of the oil price is determined by supply versus demand . For a long time it was a demand story. The idea that the shutdowns were torpedoing flying, driving, any motion whatsoever. Now we are getting a reopening. How much would it have to be seen to be effective for oil prices to go meaningfully higher given the huge amount of oil sloshing around . Julian i think it is a timing issue. This oil has to work its way through a transportation Processing System to get to users. We have seen in the last couple of weeks of u. S. Data that while crude stockpiles have started to edge lower, product stockpiles have been building up. What we are seeing is the oil is starting to move through the refining system and into product tanks. Almost make the argument that even if demand were to recover suddenly to last years levels overnight, you still have this huge inventory to run down. That is probably going to take, under any reasonable scenario, well into 2021. There will be a recovery in prices during that period, as long as the output cuts we have seen hold. That is from the opecplus countries saudi arabia, russia, and others, but also from the big nonopec producers like the United States and like canada and many of the other countries in the u. K. Included where we have seen production come down. If that comes back too quickly, that delays the recovery. Tom what did you learn about demand . Youve been a wonderful student of this for decades. What has surprised you about the demand dynamics of the last 12 weeks . Julian one of the biggest surprises is how quickly some of this demand has come back. Jumpve seen a tremendous in gasoline demand. In china for example, where we are seeing congestion on roads is even worse than it was before the pandemic. If youve ever been to any of the large chinese cities, you know the congestion on chinas roads is horrendous anyway. We are seeing that surpassing last years levels. The speed at which that has come back is one thing. That isthe other thing perhaps less of a surprise, but will have to be something need to street deals with is what has happened to the aviation sector. Wary of getting back on trains and underground systems, they are equally wary of getting back on airplanes. That will take time to see any Real Recovery in jet fuel demand. Lisa julian, thank you so much for being with us and all of your great columns. Julian lee, Bloomberg Opinion columnist as well as Oil Strategist for us. My question is how high do prices have to go in crude to stave off the bankruptcies that are expected . There are some analysts expecting 250 bankruptcies in the shale patch given where we are seeing oil prices, even though theyve increased so much from earlier in the month. Tom the other way that cuts is i talk to someone in my building here there is a Huge Consumer benefit away from the finance of hydrocarbons. Lisa . Lisa i think were having some issues with the audio. We are seeing oil prices continuing to gain, up more than 3 in the market, adding to the cyclical trait with Energy Stocks gaining steam in tandem with financials, bleeding through to the morning as we look towards another week here for bed stimulus. From new york, this is bloomberg surveillance on Bloomberg Radio and Bloomberg Television. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. 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. From new york city for our audience worldwide, good morning, good morning. The countdown to the opening bell starts right now. 30 minutes away from the opening bell, we have some way to the s p 500. We start the trading week with a nice rally. A sizable move higher. 500res higher 62 on the s p , up more than 2 . In the bond market, it means treasuries go lower. Yields go higher. The curve pushing steeper. Yields up on the 10 year to. 7 . The dollar is where you would expect the dollar to be. Weaker against e. M. And g10. The euro advancing 0. 66 . A stronger euro, weaker dollar. Lets get up to speed on the big issue. Reopening and increasing optimism around a reopening economy. Will get back to our normal cases. With businesses